Business Models for an Era of Innovation Glut
Ivey Business Journal
The largest predictor of new product success is a differentiated high-value product or service, while the best predictor of new product failure is inadequate market research and customer knowledge. With the growth of microprocessor-based products, a proliferation of usage and form factors has led to a shift between embedded devices, appliances, and platforms. Failure to navigate the generational shifts has been a major cause of failure or market share loss. Most businesses must either move from a proprietary embedded system to a more platform-oriented solution, or else package a platform-based solution in such a way as to make it more like an appliance. There are many choices on how to innovate, including product innovation, process innovation, customer innovation, and business model innovation. The digitization of content has had a profound impact on many businesses, and bundling or unbundling legal rights is the new frontier in product differentiation for content. Types of rights include level of quality, number of devices on which content can be used, and resale and inheritance rights. What constitutes a product versus a service will continue to evolve, as the migration occurs from product to service to solution to experience.
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