In the development arena, these days we hear a lot about “innovation” but not as much about adaption and how this can be a key to success. According to an article in Monday’s (25Jan) Wall Street Journal, the authors report that with innovations in the area of IT –on-line auctions, book sellers, word processing, –being a follower has its advantages.
According to the article it’s “easier to imitate” and followers can develop a long-term vision, for example using a “staircase” strategy to ensure a market niche. (The staircase strategy apparently involves an analysis of how to link existing products as well as planning for future scenarios –e.g. making it easy to “upgrade” to newer versions.) It seems that few “first-movers” are able to sustain and capitalize on their initial successes.
Thanks to “The Intangible Economy” blog, where I first saw the link to the WSJ item.
Post written by Victoria Henson-Apollonio, Manager of CAS-IP