Journal
JOURNAL OF PRODUCT INNOVATION MANAGEMENT
Volume 30, Issue 5, Pages 976-979Publisher
WILEY-BLACKWELL
DOI: 10.1111/j.1540-5885.2012.01009.x
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A persistent myth in product innovation and management is that the failure rate of new products is 80% or higher. How does this false idea continue to displace the conclusions of empirical studies since 1977 that the new product failure rate is 40% or less? We examine the influence of a fallacy that encourages people's unthinking acceptance of ideas on new product failure rates and whose appeal rests primarily on an emotional, rather than a reasoned, argument. Self-interest also plays a major role in keeping this myth alive.
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