Fast Second: How Smart Companies Bypass Radical Innovation to Enter and Dominate New Markets
October 2004, Jossey-Bass
If you get there first, you'll lead the pack, right? Not necessarily! The skill-sets of most established companies, say strategy experts Constantinos Markides and Paul Geroski, are far better suited to scaling up newly created markets pioneered by others (in other words, being "fast seconds") than to creating these markets from scratch. In Fast Second, they explore the characteristics of new markets, describe the skills needed to create and compete in them, and show how these skills match up with different types of companies. Drawing on examples of successful fast-second firms such as Microsoft, Amazon, Canon, JVC, Heinz, and many others, they illustrate how to determine which new markets have the potential to be successful and how to move into them before the competition does, when to make a move into a new market, how to scale up a market, where to position a company in the market, and whether to be a colonizer or a consolidator.
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2. Where Do Radical Innovations Come From?
3. From New Technologies to New Markets.
4. Colonists and Consolidators.
5. From Colonization to Consolidation.
6. Racing to Be Second: When to Enter New Markets.
7. The Changing Basis of Competition.
8. Creating the Markets of the Twenty-First Century.
Paul A. Geroski was until recently professor of economics at the London Business School. His research interests were innovation, competitive strategy, and competition policy. He is currently the chairman of the Competition Commission in the United Kingdom.
"...a ring of real wisdom..." (Financial Times, 21st September 2005)
“This interesting book examines types of innovation and how these can help companies succeed in creating and colonising new markets.” (Brand Strategy, May 2007)“This is more than just an interesting new business book. It is a bold challenge of the pervasive conventional wisdom of building breakthrough, innovative capability as a foundation stone of competitive advantage. Through their strong and clear argument and their richly detailed examples, these leading strategic thinkers present a provocative set of ideas that no manager (or management teacher) can afford to ignore.”
--Christopher A. Bartlett, Thomas D. Casserly, Jr. Professor of Business Administration, Harvard Business School
"Fast Second will force cutting-edge leaders of big, established companies to totally rethink radical innovation. Conquering radical new markets is about timing and a smart strategy for scaling them up, not creating them."
--Kathleen M. Eisenhardt, Stanford W. Ascherman M.D. Professor, Stanford University, and coauthor, Competing on the Edge: Strategy as Structured Chaos