So in the middle is the most value, at the beginning and end the value is minimal. At some point the most valuable improvements are complete and the value per iteration is minimal again. Once the base is created then each iteration is dramatically better than the last. The first of these iterations provide minimal value to the customer but in time the base is created and the value increases exponentially. Value to innovation is an S-curve: Improving a product takes time and many iterations. Clayton Christensen demonstrates how successful, outstanding companies can do everything "right" and still lose their market leadership – or even fail – as new, unexpected competitors rise and take over the market.
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