There once was a company that produced wheel chairs. It had designed a line of wheel chairs that were so good that they come to dominate the market for years. Then suddenly, when there seemed to be no company that could make better wheel chairs for a competitive price, out of nowhere came a new company that introduced a product that ended the glory days of the wheel chair company. And guess what? The new product wasn’t even a wheel chair. In fact, the new competitor had created a new category of products that served the needs of physically disabled people better than the traditional wheel chair could.
The wheel chair company suddenly found itself on a slippery slope with dropping revenue and profit, as the market for wheel chairs seemed to implode. Their new product launches didn’t really appeal to their customers, many of whom had now switched from a traditional wheel chair to the new type of product.
In a last desperate attempt to survive as a company, the wheel chair company made an attempt to enter the new product category. It was a brave attempt, but it turned out to be too late and their products didn’t really add any value compared to the other copies that now flooded the market. The company had been really good at designing and producing wheel chairs, but the new product required a completely different skillset, way of thinking and extensive collaboration with other companies.
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