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Blockbuster, the undisputed king of video rentals, scoffed at the upstart Netflix, dismissing the concept of online streaming as a passing fad. These are just a few of the countless companies that have been blindsided by innovation, their dominance crumbling to dust as they clung desperately to the past.
But what exactly is this innovation blind spot? Why does it ensnare even the most successful companies? The answer lies in a complex interplay of factors. Success itself can be a breeding ground for complacency.
Companies that have achieved market leadership often struggle to maintain the same level of innovation that propelled them to the top. Past victories lull them into a false sense of security, fostering a belief that their current model is infallible.
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