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The biggest risk today is irrelevancy. Barriers that protected incumbents in the past have broken down, and competitive positions can be quickly overturned. If you miss a trend, there may be no catching up. How do you stay out of the band of mediocrity and position your company to become an architect of industry revolution? The answer is to reinvent who you are in meaningful ways. Innovation has to be a deeply embedded capability where every person in the company has a responsibility for wealth creation. Of course, wealth will not only be created, it will also be destroyed. As companies move beyond incremental change, strategy innovation is the only way for a company to renew its lease on success.
Duration: 55 Minutes (1998)
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