The Orientation of Innovation

Often, a medicine developed to treat one disease gains fame by proving effective for another condition. Frequently, a new venture achieves success not in the market it initially intended to serve, offering products and services quite different from those for which it was created. These products and services are purchased by consumers who were not considered at the outset of the business and are used for numerous purposes beyond those they were originally designed for. If the venture is not ready to capitalize on unexpected advantages and lacks market awareness, it will merely be "pouring water on the opponent's mill." Thus, management must assume that products or services will be sold in markets initially not considered, acquired by customers about whom little was known, and used for purposes not envisioned during development. ADVICE OF THE DAY: When implementing innovation, guide your actions by market reactions rather than your own beliefs. Do not cling to your personal ideas of the new product.