Wharton on. Innovation: Sustaining Corporate Growth Requires 'Big I' And 'small i' Innovation

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Everyone talks about the importance of innovation, but talking is not walking the walk. For instance, by the time of its initial public offering in 2004, Google was already a formidable rival of Microsoft, Amazon and Yahoo. Why didn't they see the same opportunities? One crucial reason appears to be that industry giants - and large companies generally - concentrate too much on relatively safe, incremental product improvements instead of focusing on potentially more profitable - but riskier - breakthrough innovations.