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Innovation Needs Product-Market Match

Most people define innovation as a new combination, or simply something new. Try it. Ask your neighbor for his definition and I bet he will say, “something new”. But innovation is more than that. The real definition of innovation demands the element of a product-market match, i.e. innovation needs to satisfy the needs of your market. You can make a new mouse trap that’s shinier, faster, sharper, cooler, and sleeker. But if customers won’t buy it then your innovation is a waste. The world doesn’t always need a better mouse trap.