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Keeping up with innovation in today’s global market is like competing in a marathon against runners from all over the world. Similar to preparing for a marathon, innovation takes a lot of motivation, time and practice.
A major difference, however, is that timing is not as critical for a marathon as it is for innovation. You can run a marathon any time you decide, but innovation has to be timed just right.
Is there a right time for innovation? There is no one answer to that question because so many factors are involved. Here are some:
Innovation can extend the life span of a product. Nylon is a classic example of product life cycle extension. In the 1930s, it appeared on the market as a substitute for the silk in women’s stockings. During World War II, it was used for parachutes. After the war, it was used to produce tires. New uses were found for nylon each time its life cycle was about to run out. The innovation timing has given nylon the nearest thing to product immortality.
In today’s fast-paced markets, product life cycles are becoming alarmingly short. It seems as though products go directly from birth to commodity, the equivalent of decline, in no time at all.