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Businesses can employ several strategies to prevent competitors from piggybacking on their innovative ideas. Firstly, they can protect their intellectual property through patents, trademarks, and copyrights. Secondly, they can maintain secrecy around their key processes and technologies. Thirdly, they can build strong brand recognition and customer loyalty which can't be easily replicated by competitors. Lastly, they can continuously innovate and stay ahead of the competition.
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Innovation is more than creativity; it is a process that is structured, with rules and best practices. This summary gives you some of the key takeaway...
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Is it real? — Is There A Market For A Product And Can The Product Be Made? The Answers Come From Researching The Demand. Does The Product Solve A Problem Better Than Something Already Out There? If There Is A Demand, Can The Product Be Manufactured At A Reasonable Cost? The Answers Will Determine If A Product Is "Real" Or Not. Can we win? — A company has to determine if they can get and maintain enough market-share. If the company comes up with a new idea, they can be sure the competition is close behind. In established markets, existing companies could just copy or piggyback on the idea with minor changes. Is it worth doing? — Analyze the financial costs and determine how the product fits with current strategies. Will the product be profitable? How long will it take to see a return? Does the product reflect the current culture of the company? The answers will determine if it is worth doing.
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