Supply-pushed innovation
Supply-pushed innovation is a type of innovation that is driven by the capabilities and resources of a company, rather than by market demand. In this approach, companies focus on developing products or services based on their existing strengths and expertise, rather than responding to customer needs or preferences.
One example of supply-pushed innovation is Apple’s release of the iPhone. Apple was able to develop the iPhone by leveraging its expertise in hardware design and software development, rather than waiting for customer demand for a new type of smartphone.
Another example is Tesla’s development of electric vehicles. Tesla focused on developing electric cars based on its expertise in battery technology and electric motors, rather than waiting for consumer demand for electric vehicles.
Supply-pushed innovation can be risky, as companies may invest resources in developing products that do not meet market needs. However, it can also lead to breakthrough innovations that create new markets and drive growth.
- Benefits of supply-pushed innovation:
- Allows companies to leverage their existing capabilities and resources
- Can lead to breakthrough innovations
- Creates new markets and opportunities for growth
In conclusion, supply-pushed innovation is a valuable approach for companies looking to drive innovation and growth. By focusing on their strengths and expertise, companies can develop products and services that meet market needs and create new opportunities for success.
For more information on supply-pushed innovation, visit Wikipedia.