TIP OF THE DAY: FORCED INNOVATION
Whilst there is a lot of lip service given to innovation, the reality is that it often results from competitors making significant gains – competitors who themselves have had to be innovative to challenge existing market leaders. Good examples include:
a) New Coke, forced into action when it lost market share to Pepsi
b) IBM forced to change as a result of Microsoft.
An irony is that once innovative companies become less so when they have found their Golden Fleece.
Finding a killer product forces a firm to concentrate on marketing and improving that product and results in a degree of parochialism and path dependency.
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