From drones to wearable technology to Hyperloop pods that can potentially travel more than seven hundred miles per hour, we're fascinated with new products and technologies that seem to come straight out of science fiction. But, innovations are not only fascinating, they're polarizing, as, all too quickly, skepticism regarding their commercial viability starts to creep in. And while fortunes depend on people's ability to properly assess their prospects for success, no one can really agree on how to do it, especially for truly radical new products and services. In Innovation Equity, Elie Ofek, Eitan Muller, and Barak Libai analyze how a vast array of past innovations performed in the marketplace from their launch to the moment they became everyday products to the phase where consumers moved on to the "next big thing." They identify key patterns in how consumers adopt innovations and integrate these with marketing scholarship on how companies manage their customer base by attracting new customers, keeping current customers satisfied, and preventing customers from switching to competitors' products and services. In doing so, the authors produce concrete models that powerfully predict how the marketplace will respond to innovations, providing a much more authoritative way to estimate their potential monetary value, as well as a framework for making it possible to achieve that value.

It would be difficult to find a CEO today that would not rank "innovation" as one of the top means by which a firm can sustain growth and survive a harsh competitive environment. However, it is unlikely that many CEOs would place "Marketing" as one of the top functions in charge of formulating innovation strategy or ensuring the success of an innovation initiative. Marketing and Innovation Management discusses why marketing has been perceived as being less relevant for innovation strategy and explains how this can be remedied. Recent work by marketing scholars holds the promise of an increased marketing impact on innovation decision-making. Marketing and Innovation Management reviews the role marketing plays at the early phases of innovation management when decisions are being made on new products and services. Marketing's role in innovation management can be reinforced by shifting marketing input to innovation and by moving the focus away from quantifying consumer input through surveys and toward uncovering qualitative insights by engaging and observing consumers. This monograph addresses the topic of understanding customer adoption and the diffusion of innovations. The authors review recent developments and demonstrate how marketing concepts and frameworks fit with and enrich those proposed in other disciplines. Finally, Marketing and Innovation Management examines the launch of innovation into the marketplace and how recent trends are changing how marketers approach this critical task. Marketing and Innovation Management provides an understanding of what marketing can bring to the table when it comes to setting innovation strategy and proposes a way to approach research in this domain so that it has the intended effect of helping firms integrate the customer perspective.