The ultimate goal for a business is to earn a profit, and because of this, innovation can sometimes get stifled.
Innovation increases a company’s chances to react to changes and discover new opportunities. It can also help develop competitive advantages. While it is impossible to have a perfect success rate with innovation, the reward outweighs the risk in the long-run.
The significance of innovation within organizations as well as blue ocean strategy. We look at companies who have failed and companies who have prospered predominantly thanks to their ability/inability to innovate and adapt.