Effective Innovation: The Development of Winning Technologies
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New technologies attract customers. Holding fast to the tried-and-true technologies is represented today by buggy whips, steam engines, the mechanical typewriter, and horse-watering troughs. These were all fine products and services in their time. However, companies that held fast to these are out of business today.
New technology development is represented today by a myriad of products such as the internet, CDs, the jet airplane, and electric trains that go in excess of 180 miles per hour. The planned systematic high-rate introduction of new products produces high corporate growth rates of 7% or greater, a doubling of revenue in 10 years or less. Mere polishing of existing products leads to growth rates of less than 3%, or all too often to a downward spiral that leads to business extinction. New technologies lead to new products that lead to sustained high rates of business growth.