This work offers a summary of the book “FAST SECOND: How Smart Companies Bypass Radical Innovation to Enter and Dominate New Markets” by Constantinos Markides and Paul Geroski.
“Henry Ford did not create the car market but the Ford company ended up capturing a lot of the value in that market in its first hundred years of existence; (…) General Electric did not create the CAT scanner market, yet it was GE that made most of the money out of this market. It turns out that when it comes to radical, newtotheworld markets, the pioneers almost always lose out to latecomers.” (Constantinos Markides and Paul Geroski)
Strategy experts Constantinos Markides and Paul Geroski point out that the firms which develop and pioneer radical innovations are rarely the ones which ultimately end up dominating the markets they create. Instead, the major profits in any market tend to accrue to the established corporations which have the skills, resources and mindset to take niche products and scale them up into mass markets. Drawing on examples of successful fastsecond companies, this book offers concrete advice on how to conquer the new markets in today's competitive environment.
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