In Blue Ocean Strategy, authors W Chan Kim and Renee Mauborgne researched the effect of creating groundbreaking, creative new products, rather than variations of already existing products.
Their conclusion:
- 86% of new product launches were variants of existing products and accounted for 39% of total profit.
- 14% of new products were real new products and accounted for 61% of total profit.
Key Finding: Real innovation = Real profit
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