But, as noted in The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail (Harvard Business School Press, 1997), firms innovate faster than our lives change to adopt those innovations, creating opportunities for disruptive innovations.
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Raynor,Ĭompanies march along a performance trajectory by introducing successive sustaining innovations-first to remain competitive in the short term. Examples: a microprocessor that enables personal computers to operate faster and a battery that lets laptop computers operate longer.Īll Innovative ideas start out as half-baked propositions. Sustaining innovations, whether they involve incremental refinements or radical breakthroughs, improve the performance of established products and services along the dimensions that mainstream customers in major markets historically have valued. Our research overwhelmingly suggests that companies should seek out growth based on disruption. Or they can try to take on a competitor with disruptive innovations that either create new markets or take root among an incumbent’s worst customers. They can try to take an existing market from an entrenched competitor with sustaining innovations.
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Specifically, these six lessons will help managers make the right decisions to successfully build new-growth businesses.Ĭompanies have two basic options when they seek to build new-growth businesses. Strategies that worked so wonderfully in the past no longer suffice.ĭrawing on the work of a number of thoughtful researchers as well as our own work, we are exploring a set of theories that can help managers respond to the ever-changing circumstances in which they find themselves. But the ground beneath them inevitably shifts. The problem is, managers all too frequently use a one-size-fits-all theory. Every plan a manager makes, every action a manager takes, is based on some implicit understanding of what causes what and why. Managers are the world’s most voracious consumers of theory. That sounds like impractical.” But theory is eminently practical. Managers typically grow impatient when we tell them this. How can managers increase the probability that their decisions will lead to success? Now more than ever, managers need robust theories-statements of what causes what, why, and in what situation-to guide their decision making around innovation. Companies need a way to unlock the process of innovation and create innovation-driven growth businesses again and again. Of those that succeed, most cannot sustain robust growth for more than a few years.
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Recent research indicates these problems are systemic. Success seems fleeting and unpredictable. Established companies historically have struggled when trying to create new markets. When companies keep improving their existing products and services to meet their best customers’ needs, they eventually run into the “innovator’s dilemma.” By doing everything right, they create opportunities for new companies to take their markets away. But they just can’t seem to get innovation right. Managers know innovation is the ticket to successful growth. But growth is hard, especially given today’s economic environment where investment capital is difficult to come by and firms are reluctant to take risks.