The challenges of breakthrough innovation
By identifying potential growth opportunities off the beaten path, companies can create new markets and acquire lasting leadership. But how to surmount the obstacles?
In today’s fiercely competitive mature markets, companies naturally dream of one day launching a truly ingenious product or service that would enable them to acquire sustainable market leadership. Unfortunately, such feats are exceedingly rare, and breakthrough innovations are generally thought to be the preserve of a few exceptional companies with uncommon vision and creativity.
Yet, alongside media icons like Dell or Southwest Airlines, lesser-known companies, such as Jet Blue, NetJets, Capital One and Novo Nordisk have also experienced exceptional growth after developing truly innovative offerings.
The publications that we have selected show how these companies managed to get off the beaten path to invent completely new products and services that subsequently became runaway successes. Two key principles can be drawn from their example:
– Focus innovation efforts on challenging the tacit rules of the market.
– Rigorously analyze the risks inherent to breakthrough innovation.
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