The author presents a compelling look at how innovation transforms industries, raising the fortunes of some firms while destroying others. The book draws on the rich history of innovation by inventors and entrepreneurs - ranging from the birth of typewriters to the emergence of personal computers, gas lamps to fluorescent lighting, George Eastman"s amateur photography to electronic imaging - to develop a practical model for how innovation enters an industry, how mainstream firms typically respond, and how - over time - new and old players wrestle for dominance. Utterback asserts that existing organizations must consistently abandon past success and embrace innovation - even when it undermines their traditional strengths. He sets forth a strategy to do so, and identifies the responsibilities of managers to lead and focus that effort.