Innovation or Imitation?

Innovation for most businesses is thought to be an activity that is complex, costly and with very little promise of a return on investment.

Even though successful innovation can increase profit margins, global competitiveness and enable a business to experience high growth, the risks and costs involved in developing innovative products or services can be too high a price to pay for some business owners.

After all, business history is full of companies who failed or suffered substantial loss due to innovation failure.

An alternative to the development of innovation is to imitate other successful businesses. By copying innovators, a business can generate significant profits and minimise the costs and risks, usually associated with being the first business to try a new product or service.

Imitation is not to be confused with copyright infringement, innovation is the borrowing and developing of existing technologies and products to gain high visibility in local or international markets. Imitation takes advantage of the research and development carried out by the pioneering businesses to enter markets, gain market share and gener...

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