In Most Instances, Biotechnology, Though A Radically

How Could Digital's Collapse Be So Precipitous? It's Because, In Many Ways, Financial Performance Data Is Misleading. As You Move Up To The Top Of The Market, You're Getting Rid Of The Less Profitable Products At The Low End And Adding Business With More Attractive Margins At The High End. The Rate Of Unit Volume Growth Might Be Tapering Off As You Pursue These Smaller Markets, But Your Margins Actually Look Better. So Wall Street Rewards Your Stock Price Until You Hit The Ceiling.

Focus Is Scary—until You Realize That It Only Means Turning Your Back On Markets You Could Never Have Anyway. Sharp Focus On Jobs That Customers Are Trying To Get Done Holds The Promise Of Greatly Improving The Odds Of Success In New-product Development.

Most Companies Think Of Disruption As A Threat. But Disruptive Innovations Have Tremendous Growth Potential. If Incumbent Companies Can Learn How To Harness The Forces Of Disruption, They Too Can Improve Their Ability To Create New-growth Businesses.

Purpose Must Be Deliberately Conceived And Chosen, And Then Pursued.

In Most Instances, Biotechnology, Though A Radically Different Approach, Is A Sustaining Technology: It's A Dramatically Improved Way Of Targeting Problems That We Hadn't Been Able To Solve With The Conventional Approach Of Mainstream Pharmaceutical Companies.