ABSTRACT
The lessons of business history have taught us that there is no such thing as a static market. There are no guarantees of continued business success for a company in a particular market segment. In 1942, Joseph Schumpeter introduced the principle of “creative destruction” as a way to describe the disruptive process that accompanies the work of the entrepreneur and the consequences of innovation. In time, companies that once revolutionized and dominated select markets give way to rivals that are able to introduce improved product designs, offer substitute products and services and/or lower manufacturing costs.1 The net consequences of creative destruction can be significant, including the ceding of market leadership, the discontinuation of an existing product and the potential loss of jobs.2
