The curse of innovation
a theory of why innovative new products fail in the marketplace
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Publication
2005 - Division of Research, Harvard Business School, Boston, Massachusetts
Language
English
Word Count
8,500 words, Guess
Page Count
34 pages
Identifiers
- Open LibraryOL57679634M
- OCLC Control Number64280632
Description
Highly innovative products fail in the marketplace at significant rates. In this paper, we offer a behavioral framework to explain this failure. We begin with the behavior change inherent in most innovations. We then add reference dependence and loss aversion, arguing that the typical consumer is endowed with the entrenched alternative and the typical developer is entrenched with their innovation. As a direct result, consumers tend to undervalue and developers tend to overvalue such an innovation relative to the existing option. This is the "curse of innovation" and it systematically increases the likelihood of failure for a highly innovative new product.
Subjects
Series Statement
- Working paper / Division of Research, Harvard Business School -- 06-014
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