Hero of Alexandria had a great idea. In the first century ad, Hero’s design of the fi rst steam engine was ingenious and workable. Indeed, classical scholars have argued that it could have been combined with other inventions of the era to create a steam locomotive and railroad, transforming commerce and military affairs in the ancient world.
But Hero’s invention lay in a sketchbook, unused. Roman Egypt lacked an effective network of fellow inventors to improve on his device, and it had few immediate commercial applications for basic steam technology. Hero’s brilliant and potentially earthshaking concept became irrelevant to history.1 It was not until around 1712, when Britain’s Thomas Newcomen created an engine capable of pumping water from mines, that steam power started to catch on, and it took another 50 years for James Watt to invent what is commonly regarded as the fi rst modern steam engine.
Very soon, this technology enabled the spread of railroads, revolutionized shipping, enlarged factories, and transformed agriculture. In turn, these developments led to the massive economic growth of the industrial revolution. Without the steam engine, large factories and the cities to support them could not have existed.
ARE YOU READY FOR THE FUTURE?
New markets have powered the greatest business successes in history, from Standard Oil to Facebook. How can you discover and pursue new markets to make your business thrive?
In Capturing New Markets, world-renowned business strategist Stephen Wunker argues that the first step is to stop applying traditional formulas of success and understand the unique dynamics in fast-changing new markets. He guides you through the process of creating counterintuitive strategies, such as treating competitors as collaborators, timing market entry, and targeting narrow niches before big customer segments. Capturing New Markets has been named one of the five Best Business Books of 2011.
Whether you work for a huge corporation or for yourself, Capturing New Markets helps you find new sources of growth. Based on Wunker's groundbreaking work with Clayton Christensen--the Harvard Business School legend who coined the term "disruptive innovation"--plus Wunker's extensive experience in the trenches, this practical and fascinating guide shows how companies:
Identify, create, and dominate new markets
Avoid the pitfalls of commodization and find new ways to grow
Develop and sustain new sources of growth into the future
Drawing on dozens of case studies plus data-driven research, this revolutionary approach to business shows you how to turn new markets into the drivers of growth--propelling you and your company into a whole new world of opportunity. You'll learn how to anticipate customer demands and meet emerging needs before anyone else does. You'll discover how to spot ideas ready for explosive growth, and how to lead new markets while your competitors are just waking up to the opportunity. You'll also see how to make these strategies work in companies that are both small and very large.
Capturing New Markets upends traditional thinking about business strategy, showing what will work in a new economy marked by turbulence and change. This is the resource you need to transform industries and the prospects of companies within them.