Look up from your phone. How much of your tech was with you ten years ago, even five? The average consumer in the US replaced their mobile phone every 24.7 months in 2018, according to Kantar Worldpanel data reported by CNBC. What isn’t innovative gets left behind. Who else here has a drawer of forgotten old cell phones at home?
This extends to Corporate America. In a 2016 executive briefing, innovation consulting firm Innosight reported that the average tenure of corporations in the S&P 500 Index had dropped from 33 years in 1965 to 20 by 1990. Innosight went on to predict that this tenure would shrink to just 14 years by 2026.