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. Mastering the Dynamics of Innovation offers a pioneering model for how innovation unsettles industries and firms, and features fascinating histories of new product developments and strategies for nurturing innovation. "The most valuable book I've read in years...The analysis is brilliant."--Tom Peters. Available August 1996.