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 who are able to introduce improved product designs, offer substitute products and services and/or lower manufacturing costs. 1 The resulting outcome of creative destruction can be significant, including the failure to preserve market leadership, the discontinuation of a once highly successful product line as well as the potential loss of jobs. 2
