there is little incentive to innovate in the absence of competition: it's just an added cost, and not only that, the innovation is often difficult to sell. the emergence (or discovery) of new markets also helps innovation: in the example above, it's catering to other sized companies.
Christiansen's book, the innovator's dilemma, makes that point. IBM's engineers developed smaller disk drives: IBM went to their customers and said, we have a new dd form factor, what do you think, and their customers said, no, thanks, we want more storage on the form factor we have now. it was the emergence of the minicomputer market (for 8 inch drives) and the PC market (for 5.25 inch drives) and laptops (for 3.5 inch drives) that fueled those innovations, and the succession of companies that made them.
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Re: good point
you are so right
there is little incentive to innovate in the absence of competition: it's just an added cost, and not only that, the innovation is often difficult to sell. the emergence (or discovery) of new markets also helps innovation: in the example above, it's catering to other sized companies.
Christiansen's book, the innovator's dilemma, makes that point. IBM's engineers developed smaller disk drives: IBM went to their customers and said, we have a new dd form factor, what do you think, and their customers said, no, thanks, we want more storage on the form factor we have now. it was the emergence of the minicomputer market (for 8 inch drives) and the PC market (for 5.25 inch drives) and laptops (for 3.5 inch drives) that fueled those innovations, and the succession of companies that made them.