A while back, I took notice of the idea that only two kinds of innovation really matter.
You should innovate in ways that neutralize what your competitors are doing. If they are on the way with new offerings that can bring them sustainable advantages you need to act fast.
You should innovate in ways that get you a premium and bring you sustainable advantages. Your competitors will then have to play catch up with you.
This is still valid, but I got to ponder on how difficult this has become because of the fast pace of change in business and innovation.
Just consider the competitive landscape. Who are your competitors today?
Many companies have difficulties answering this question as industries and categories overlap more than ever before. If you ask the natural follow-up question, it just get even more complicated. That question is:
Who are your competitors in the near future? I don’t think it has never been more challenging to innovate than today…