Catch the wave or wipe out safely

Are you ready for next technological wave? It is fascinating to observe how innovators, visionaries, and proactive leaders enjoy the ride. It is becoming more critical to enter into multiple verticals or a totally new market to sustain leadership. One can not ride on a single technological wave far enough to succeed in today’s high paced market. Product demands are coming not only from customers, but also from many other unpredictable conditions such as business, economic, political, climatic, and social. Innovators figure out improved ways to address old needs and overcome new challenges.

In a well established product segment, products are getting bigger, faster, and better due to incremental innovation. Launching products using standard product life cycles based on market needs is not sufficient anymore. If one is too busy to ride the wave without looking over their shoulder then a huge technological wave may pass completely crashing even established leaders. While it is not possible to ride every single wave it is important not to miss the big one.

In order to sustain product innovation, investing in R&D for future products is essential. Being a technology leader has it’s own pain and benefits. Once the correct technological product is created, then as they say  "paddle on” to ramp up the fast production to capture maximum market share; otherwise global competitions will catch up. Then, it is important to continually stay in the lead with incremental innovative product features and functions to sustain leadership in various verticals. Creating solid branding through the technological niche and differentiating from competition is a key factor in staying ahead. During growth and maturity zones of the product life cycle, balancing cost and quality play a key role.

 Incremental innovation can’t postpone the need of breakthrough innovation, which enables a promising leadership. Investing into a breakthrough future product may demand huge R&D budget. Careful exploration to build, acquire, or partner to in order to obtain the required technology and skills is an art to sustain in product leadership. If the wrong choices are made then pearling and popping out faster saves the organization from crashing.

 Like a good surfer good organization must –

• Pay attention (to technological trends)
• Take care of their equipment (products features)
• Think about their lineup (market segment)
• Let few go and know there will always be a better wave (select right market)
• Let surfing do talking (create cool products)
• Know what they can and can’t do (do not over commit)
• Respect but don't fear another surfer (stay humble)
• Don’t punch the water or scream (get out and back quickly from wrong product to right one)
• Know that it can’t be pursued on the weekends (have life long commitment)

 and the most important is that one should enjoy the experience of riding the wave.