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.

View

More Innovation Resources:

The Future of Database Technology

Disruptive database technologies are pushing retailers to innovate to stay relevant, with real-time data being crucial to enhanced user experience.

View
4 inspiring ways the most innovative organisations use co-creation -

4 inspiring ways the most innovative organisations use co-creation -

Co-creation and collaboration are becoming embedded in the business strategies of leading global companies, with 61% working with suppliers and 58% directly with customers, according to a survey by Innovation Leader. Successful collaboration offers huge benefits and is key to staying relevant in today's market.

View

Fun Strategic Planning Exercises - 6 Last-Minute Ideas

Bored with your strategic planning exercises? Spice things up with these 6 fun and creative ideas to add some excitement to your next session.

View