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There is a shiny, new toy available. It isn’t your toy. What do you do?
You need your own strategy framework for product innovation. It is probably a losers game to always be reacting to someone else. It is imperative that you and your leadership know where you are going, how you are going to get there and have a rigorous continuous improvement process in place.
And whilst we use these to identify specific trends, there’s also one overriding meta-trend that we’re continually struck by: on an absolutely global scale, the quality and quantity of innovation is relentless, fuelled by – and at the same time fuelling – consumers’ insatiable NEWISM.
The “shiny, new toy” isn’t going away. Here are 5 strategies to consider.
- Focus on and Invest in the Traditional Business
- Ignore the Innovation — It’s Not Your Business
- Attack Back — Disrupt the Disruption
- Adopt the Innovation by Playing Both Games at Once
- Embrace the Innovation Completely and Scale It Up
Which one is right for you? Consider MIT’s suggested approach based on your motivation to respond and your ability to respond.
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