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Innovations in Time: What can we learn from history?
Author(s) -
Proctor Tony
Publication year - 1998
Publication title -
creativity and innovation management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.148
H-Index - 60
eISSN - 1467-8691
pISSN - 0963-1690
DOI - 10.1111/1467-8691.00110
Subject(s) - obsolescence , shadow (psychology) , marketing , fell , business , psychology , paleontology , psychotherapist , biology
Failure to move with customer wants and/or adopt technical improvements led to the decline and fall of the British Watch making industry. The lessons learned by the 19th century entrepreneurs has many ramifications for business today. British manufacturers were pioneers in watch‐making. They invented, developed and marketed all the improvements associated with watches and yet they fell victim to the shadow of obsolescence for they failed to implement all of their own inventions. Invention is not enough of itself it must be linked to the demands in the market place and marketed as and when the occasion demands. Firms with the best notion of what the customer really wants can turn inventions into real innovations. There is a need to monitor closely market drivers and to assess the impact they have on innovation.