Can you believe it is August already? We can’t – especially with the 2017 Summit slated to be held a short 5 months from now! This week’s reading was a bit light, but we still managed to come across an interesting post in hbr.org.
In a piece titled “The Best Companies Aren’t Afraid to Replace Their Most Profitable Products” by Howard Yu and Thomas Malnight, we are introduced to the idea of self-cannibalization as a journey in innovation. As they put it, “Self-cannibalization occurs when a company chooses to proactively replace one product or process with another that is potentially worth less. Forward-looking incumbents recognize the need to cannibalize their own products, rather than leaving it to other startups, who are more than happy to take on the challenge.”
An interesting approach, no doubt. Competitors are constantly innovating in order to either enter your market, or to grow its market share – why not join them, thereby maybe staying one step ahead?
To read the full article (we recommend it) and to see some tips on this approach, simply click here.