You Don’t Need Disruptive Technology To Be A Success, Iteration Works Too – Yahoo Finance

Cronuts and the Business Case for Imitation. The advantage of imitation, with innovation, is that it gives you a solid base for building experience.There is always time later for your next startup, using that disruptive technology of your dreams.Or you may decide that your dream was not really the great idea that you thought it was. Dont be intimidated by the negative image that imitation currently has in the startup world.Certainly, Im not recommending just one more Facebook, with a couple of features from Twitter, since social media has an unlimited potential for innovation.Risk level has always been directly correlated to the number of unknowns, so eliminating even one variable will improve your odds: 1. Eliminate one aspect of research and development.According to a recent Harvard Research study, first-timeinventors spend at least a third more on their initial technology than later innovators.In addition, we all know that patent disclosure rules often facilitate legal reverse engineering, and innovation at this point is now much cheaper. 2. Capitalize on the lessons from early adopters and competitors.Smart startups save cost and time by capitalizing on the pivots of others before them. Market research can thus be based on real customers and a previously tested market.Studying and learning from the mistakes of others is the best way to reduce your own risks. Related: The 7 Elements Investors Look for in Your Funding Pitch 3.
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