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This article originally appeared in Inc. on August 7, 2017



Every startup and innovation is based on the idea of bringing something new to the market. It can be something new on business model side–new technology, manufacturing, channels and distribution, or a new profit model. Or it can be on the demand side, be it a new brand, product, pricing approach and experience.

But just being new doesn’t guarantee success. Remember that 85 percent of new products fail per Nielsen and none of us are using Apple’s Newtons or drinking New Coke.

The way to avoid failure is to pick the right kind of new thing. New comes in three flavors: cheaper, better or different. Understanding each is essential to knowing how your business will succeed.

 

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