The brilliant mock documentary This Is Spinal Tap is filled with pitch-perfect one-liners. One of my favorites is the gem from the fake heavy metal band's lead singer and bassist, David St. Hubbins and Derek Smalls, who team up to deliver this wisdom: "It's such a fine line between stupid and...clever.”
It is. And for innovation-seeking companies, the fine line relates to “core competencies.”
Core competencies, or things your company does extremely well, are beautiful, wonderful things. Companies should find every way possible to use core competencies to disarm existing competitors, edge into adjacent markets, and create entirely new growth businesses.
But, core competencies can be core rigidities as well. A fixed view of core competencies can cause companies to pass on great growth opportunities, or completely miss emerging attackers. It is one of the key drivers of the innovator’s dilemma. ...
Read the rest at Scott's Harvard Management blog, Innovation Insights.