Debunking 4 Myths of Innovation

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Fast Co Design features an excerpt from “Relentless Innovation: What Works, What Doesn’t–and What That Means for Your Business by Jeffrey Phillips.”. What are the four myths of innovation about how great companies innovate, are they talking about?

  1. Individual, innovative leadership accounts for the majority of a firm’s success. 
  2. The level of industry competition dictates the amount of innovation
  3. It is possible for firms to copy the product or service offerings of market leaders while retaining competitive advantage through low costs or higher service. 
  4. Due to changes in a globalizing world, no firm can sustain innovation leadership over the long term

Read more to find out how they debunked these myths, or not and just keep believing in them…..
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