Did you know that 97.8% of the value of innovations goes to
imitators? (“Imitation is More Valuable Than Innovation,”
Harvard Business Review, April 2010.) White Castle led to McDonald’s;
Diners Club lead to Visa, MasterCard and American Express. Walmart’s
founder admitted to borrowing most of its practices from others and
improving on them.
In the financial services industry there are many product companies that never are the innovators but have profited from taking an initial innovative idea and making it more appealing (for instance the riders on variable annuities). That means that the hard work in designing a concept, breaking ground, and taking it to market first are on the shoulders of the initial creator. Their many attempts to create something that is just right finally pay off…until someone else swoops in and makes it that much better. The truth is, making the innovation better or taking it to market in a more effective way is often what brings greater success.
To read the full, original article click on this link: Imitating Innovators is Smart Business | Red Zone Marketing's Blog
Author: Red Zone Marketing
