When to Innovate and When to Imitate

When to Innovate and When to Imitate

Innovation is often the gold standard for firms looking to grow profits and become leaders in their industries. But given the steep cost of failure, is a relentless pursuit of innovation always advisable? Or might there be some instances when imitation may be a better strategy to drive performance gains? This research-backed framework helps companies make more informed decisions about their innovation or imitation strategy: First, companies need…