Executing and launching new products takes financial and human resources. But there is a hidden cost, one which often goes unnoticed, when the project is delayed. Poor execution postpones the revenue stream from a new innovation. Given the time value of money, that financial loss can be staggering. Consider one of the most famous innovative product - the Post-it® Note.
With so many successful products created through serendipity, it makes you wonder whether companies can rely on it to create breakthrough products. The answer is no. Serendipity, as a method of innovation, has a very poor track record. The number of serendipitous products is a tiny percentage of the total of all products. It just doesn't yield nearly the amount of blockbuster products as you would think.
So why does it seem there are so many of them? That’s because serendipitous products are more memorable than others. We hear about them in the news media more often. Because of that, we recall more examples of serendipitous products than other inventions. So we’re fooled into thinking they must be occurring at a much higher rate. It just isn’t true.