When speaking with clients throughout industries, one of the most common hesitations we encounter is some version of “what are the drawbacks of innovation?” Or, “is this innovation right for me”?
‘Innovation’ sounds great as a buzzword or as a philosophical ideal, but the execution and implementation of it are really hard! If you innovate in the wrong direction, or the execution is lacking, it can not only set you back but cripple your very business. On the flip side, if your competitors see the competitively advantageous innovation and beat you to it, it could equally hamstring your company. So how should you be thinking about innovation in your industry?
The first-mover disadvantage
Everyone knows it’s better to be a first-mover than a later mover when it comes to transformational technologies. I mean, duh — that’s obvious. If you’re first to market with a great technology or service, you can corner the market before any competitors arise. But what most people don’t realize, or at least don’t think about, is that if you’re too innovative, no one will follow. Or worse yet, no one will use your innovation, rendering it moot.
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