Chapter 5: Innovation Strategies

Innovation strategies that are bold and compelling are vital to entrepreneurship. For example, the decision to try to be the first to market or to wait is important to all entrepreneurs. Using an idealized model of the window of opportunity, the entrepreneur can decide when and how to act. The entrepreneur needs to maintain a sense of urgency but must avoid being too early or too late to market. Entrepreneurs also seek to build an innovation strategy that involves new technologies, ideas, and creativity, which leads to invention and ultimately commercialization. High-potential ventures often reshape entire industries through the creation of new products or services.