It took some time before it was realised that it would be much better if the glue was put on the now ubiquitous little notes. The sheer speed of changes in technologies and markets adds to the risk of innovation. When Sony developed the camcorder, it estimated it would have a six-month lead before competitors produced a better product. Toshiba s factories produce a new version of its laptop computers every two weeks. It is very easy to be left behind when things are moving so fast.
Innovation is complex, because different forms and different technologies often have to be combined.
Technology-based innovations, be they aeroplanes, cars, buildings, home banking services or personal stereos, have various component systems. A lot of innovations take the form of complex control systems, networks, and civil engineering products that require inputs from many different firms. What this means is that the expertise required for innovations can rarely be found in one organisation. Even the powerful Boeing Corporation probably cannot design and build a new aircraft by itself anymore. In the case of its 777 jet, it relied on others to design the engines, the fuselage was built in Japan, and the rudder in Australia where the greater expertise resided.