First-Mover or Fast-Follower: Which is the right innovation strategy for you?

First-Mover or Fast-Follower: Which is the right innovation strategy for you?

The decision of being a first mover or a fast follower in innovation strategy has pros and cons. The first mover advantage is not always real, as demonstrated by a study of 500 companies which found that 47% of pioneer entrants in new categories failed to build a successful business. Fast followers may benefit from being in markets with short product life cycles. The ideal strategy depends on the risk profile and innovation strategy of a company. It is important to assess readiness for launch, the innovation and the market, and allocate the appropriate timeframe and risk investment to make an innovation a success.

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More Innovation Resources:

Breakthrough Innovation – What Are They, and How Do You Create One?

Breakthrough innovation is an umbrella term for innovations that lead to a dramatic impact, fundamentally changing the dynamics of a given industry or market. Creating one involves identifying the right opportunity, building a key innovation, and scaling it to achieve breakthrough impact.

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8 Tips to Help Design Your Customer Journey Map

8 Tips to Help Design Your Customer Journey Map

Customer Journey Mapping helps organizations develop ecosystems where customers can co-create value with them. It allows for a holistic view of the ecosystem and identifies opportunities for improvement and innovation.

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Innovate on Purpose: Innovation Failure: Ignorance or Arrogance?

Good innovators are humble people. Losing your arrogance and embracing your ignorance can open the door to new discoveries and possible innovation opportunities.

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