I was particularly taken by Apple CEO Tim Cook’s comments on innovation during his recent interview in Bloomberg Businessweek:
“Do you feel a pressure to keep up with a pace of innovation that creates new markets or categories every couple of years?”
“Well, some people define or have sort of redefined innovation. And to them innovation only equals a new category. And I don’t view it that way. I don’t view it that way at all. I mean, if you look at these products, there are many innovative things in these products, from the fingerprint sensor to the flash to the processing power. IOS is filled with innovation. Seven’s innovation overflows the cup.”
So, what’s wrong with “incremental” innovation when it significantly moves a product forward to new sales highs? Just look at the sales of the new iPhones!
I also liked Cook’s comment on market share, which went something like this: consider BMW’s share of the car market; it’s lower than the iPhone share of the phone market. But BMW is a highly profitable company. And, so is Apple – company like BMW that targets the high-end market with high quality products.