Business Week writes about how “smart companies are creating new products — and whole new businesses — almost overnight.”
Speed is emerging as the ultimate competitive weapon. Some of the world’s most successful companies are proving to be expert at spotting new opportunities, marshaling their forces, and bringing to market new products or services in a flash. That goes for launching whole new ventures, too.
Virgin, which made its name in music, megastores, and airlines, may be the exemplar. In short order, it has entered one new business after another, including mobile phones, credit cards, bikes, fitness clubs, books, hotels, games, trains, consumer electronics, even space travel. “A good idea for a new business tends not to occur in isolation, and often the window of opportunity is very small,” explains Branson. “So speed is of the essence.”