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MISCONCEPTION 4: Companies Need More Radical Innovation

Radical, or “new to the world,” innovations are tremendously important to the economy. Successful ones completely transform our lives in such a way that it’s hard to imagine life without them. Some notable examples include electricity (which replaced steam power and gas lighting), personal computers (which were so revolutionary, the closest thing we can think of their replacing is typewriters and calculators), and smartphones (which not only replaced landlines but also eliminated the need for lots of devices we used to own separately: answering machines, alarm clocks, GPS devices, cameras, video cameras, voice recorders, MP3 players).

Because radical innovations are so important, investors ...

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