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:

The Evolution of the Corporate Innovation Function (And What That Means For Your Career)

The Evolution of the Corporate Innovation Function (And What That Means For Your Career)

The article discusses whether innovation should be a separate function or be integrated in other functions and core business operations. The importance of defining innovation, commitment narratives, and the impact of innovation on different roles within an organization are also explored.

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Innovate on Purpose: Innovation Portfolio Gymnastics

Companies should not blindly follow the 70/20/10 innovation rule, but instead create a diversified innovation portfolio with a mix of incremental, transformative, and disruptive innovation.

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4 Steps for Enhancing Innovation in a Small Organization

Enhancing innovation in small organizations can be a challenge. These 4 steps can help you counteract innovation barriers and yield better results.

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