In the previous post, we explained why dynamic corporations win. By the term dynamism, we mostly referred to the ability to innovate. In part II, we will introduce a little contradiction!
In fact, being innovative is not enough. Ask yourself – when was the technology of optical disk (compact disk) available? Surprisingly, it was invented in the 50’s, and was technically available at the same time cassette tapes and VHS videos were available. But it could not be popularized because of its higher cost as compared to cassette tapes. Question two: when was the first prototype of solar power car invented? Now choose the correct answer: (a) 1958 (b) 1985 (c) 2001. We will give you the answer at the end of this write-up. Please keep reading!
Soon you will find that being innovative is not enough. The commercial applicability of innovation to turn it into a source of profit is the key. Are there customers who will value my innovation? Or, am I just infatuated with my innovation so much that I forget to figure out if there is any market for it? Alright, failure would be there, but am I continuously innovating so that some of these will ultimately tick in the market? Continuity, persistence, and commercial applicability are the key factors here. Many innovations at Du Pont’s lab died in the dungeon because nobody could find a viable market for it. On the other hand, some of the impractical innovations came back in the market later, because someone found a viable application at a later time. The bottom line: innovation is not enough to win, rather the market feasibility of innovation that what makes you a winner.
Note: the correct answer to the question is choice (a). The first solar car that a person could actually ride in was built by the International Rectifier Company in 1958. But it could not be popularized during that time. Most probably the Earth was not choked up enough with exhausts from fossil fuels at that time!