So You Think You Know Your Competitors? Think Again.

So You Think You Know Your Competitors? Think Again.

The pace of technological change has enabled corporations to enter new fields and shake up markets without the traditional method of mergers and acquisitions. Companies that think they know their competitors well may be surprised by new competitors entering the market. Corporations must stay on the forefront of technology, innovate, enter new markets, and collaborate with startups and other entities to maintain their status, and even reinvent themselves before new competitors arrive. Key tips include knowing your competition and customers, being innovative, looking toward the future, and investing in technologies.

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More Innovation Resources:

8 things that could derail innovation at your company — and how to avoid them

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Innovation vs. Ethics: The road to hell is paved with good intentions

Innovators must consider the long-term consequences of their work, as good intentions can lead to unforeseen issues. Ethical considerations must be made, especially in the fields of healthcare and the Internet of Things (IoT).

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The Innovator’s Challenge: Fighting Back

The Innovator’s Challenge: Fighting Back

Overcoming resistance to innovation is crucial. By embracing resistance and continuously generating new ideas, you can earn your share of the budget and become a leader in innovation.

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