Ipsos in SiMa Ipsos | Curiosity October 2016 | Page 15

Innovation Is Always Positive Innovation is always positive to the business as it improves brand image and expands business “If you don't cannibalize yourself, someone else will” - Steve Jobs Truth is, innovation can sometimes be a double edged sword. While it often leads to new markets, it can cannibalize your current market – which might not be a bad thing. Steve Jobs was aware that the release of iPhone will lead to iPod’s obsolescence. But this did not stop him from foregoing the existing market to reach a larger market. Better Late Than Never Play safe and see how innovative product turns out before adopting into our business Truth is, playing safe is never safe. Blackberry is a recent example of what happens when a giant fails to innovate on time. Blackberry failed to recognize the emergence of mobile entertainment and touch screen, and instead focused on their differentiating strength - QWERTY keypad. When they eventually did launch their touch screen, they were not well received in the market as it was seen as a mere imitation of the pioneers. Work On What’s Working Build on your strengths rather than following competitor’s innovation Truth is, sometimes you have to let go of your strength. Kodak is a classic example of a once successful company that failed to respond to the rise of digital era. Being a market leader, they didn’t see digital camera and increasing connectivity as a threat as it used to be a niche market. With their confidence in ‘capturing the moment’, their success has become another moment well captured in history.