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Imitation Is More Valuable Than Innovation
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Imitation is vastly underappreciated, says Oded Shenkar, a professor at Ohio State University's Fisher College of Business. Nearly 98% of the value of innovations is captured by copycats. Look at McDonald's, Visa, and Wal-Mart, which all far outran the path breakers they followed. Successful imitation, however, requires as much discipline as innovation does. To improve their odds, imitators need to understand "true" imitation, develop the capabilities that enable its effective use, and learn to deploy the right strategies.