One ‘revolutionary’ product alone won’t keep you at the top of the list of the most successful companies in the world.
A major key to Apple’s continued success is its ability to keep pushing the boundaries of innovation.
Scott Anthony, Managing Director of Innosight Ventures, lays out a few lessons in innovation that everyone should take away from Apple’s decade of success, in a post for the Harvard Business Review:
1. Don’t just focus on building beautiful products. Build beautiful business models, new ways to create, deliver, and capture value. The iPod and iPhone would not have had nearly as much impact if they hadn’t been matched with iTunes and the AppExchange respectively.
2. Think in terms of platforms and pipelines. Competitors that chase Apple’s latest release find themselves behind when six months later Apple introduces its latest and greatest offering.
3. Take a portfolio approach. While Apple has been on a phenomenal run, not everything it has introduced has been a home run. For example, Apple TV hasn’t had the “revolutionary” impact that Jobs predicted upon its launch in 2007.
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