“An innovation strategy is only good for a finite amount of time. One of the worst mistakes an organization can make is to assume that because an innovation strategy has been successful it will always be successful. In reality, the environment shifts – customers’ needs change, competition gets smarter, technologies improve and the organization itself evolves – and over time the strategy becomes obsolete.” writes Donna Prestwood and Paul Schumann in an article in the latest edition of The Innovation Road Map Magazine (Vol. 1 No. 2).
The article goes on to trace the innovation history of the automobile industry to make their point. In doing so, they introduce and describe the concept of the innovation profile to characterize the pattern of innovation within and industry or company. They identify the following time periods of innovation in the industry:
1. Experimenters and hobbyists – the earlier days
2. Search and learn – the development of the model T
3. A car for everyone – exploiting the model T
4. From rural utility vehicle to living room on wheels – GM’s response
5. Synthesizing market demands – development of Toyota
6. Life style on wheels
To read the complete article, visit The Innovation Road Map Magazine and request free access to the magazine.