Here’s an interesting way to think about the issue of high-velocity product innovation.
I was keynoting a conference at the Bellagio in Las Vegas, last September, and was playing into the theme of how product innovation occurs today at a faster pace than ever before.
I told the story of a ‘dive-in movie’ that I held at home for my sons, and how a simple blog posting got picked up by a huge number of consumer technology companies — with an obvious result.
This particular story was a followup to a trend I was speaking about at an event in New York City in 2005 – that involving the rapid emergence of “outdoor living rooms.”
The key point? No matter what industry you are in — consumer products, financial services, technology — product innovation continues to speed up. New markets and products emerge faster than ever before. New brands, potential challengers, and innovative new ideas emerge at a higher velocity.