Each of these tech giants follows a different path when developing new products.
When people think of the most innovative companies, they think of ones that are coming out with new and amazing technology. The push for self-driving cars or augmented reality glasses can be a more compelling story than, say, a smaller iPad.
But one thing highlighted in the Booz & Co. Innovation 1000 study and our conversation with co-author Barry Jaruzelski is that pushing technological boundaries is just one of the three successful paths to innovation. Each is as difficult to execute, requires as much innovation in the research and development (R&D) process, and has as much potential as the next. Here’s how Jaruzelski describes them:
1. Need seekers (think Apple)
“…these are companies who’s innovation strategy is essentially around knowing customers better than themselves, identifying unarticulated needs, and then being the first to market with a product that addresses those needs.”
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