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Above all we know that an entrepreneurial strategy has more chance of success the more it starts with the users -- their utilities their values their realities the test of an innovation is always what it does for the userit is by no means hunch or gamble But it is also not precisely science Rather it is judgment -- Peter Drucker Innovation and Entrepreneurship Just because a company is spending money on research such as markets customers or new technologies and development doesnt mean they will get innovation Innovation as with advertising training or many other organization investments depends on the quality of the investment as much as the quantity of resources put in it A high proportion of innovative new products services and companies flop Thats often because managers build better mousetraps without first making sure there are any mice out there Or that people still want to catch them Many innovations come from a deeper level of customer and market understanding They go beyond what current customers say they need They solve problems that customers either dont realize they have or didnt know could be solved These innovations create needs and performance gaps only once customers start using them and get turned on to the possibilities Every product and service we now take for granted was once silly interesting or just an odd curiosity What would we have said to a market researcher asking about a video machine for our TV when there were few movies to rent How about CD players when there were no CDs to buy What about a bankcard to withdraw cash from an ATM How about a personal computer In the fifties how highly would we have rated the need for jet planes when our business was conducted within a few hundred-mile radius of our office These are a few examples of the thousands of innovations that customer or market research and competitive
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