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When it comes to launching new products, should your company be a pioneer or a follower? Product pioneers face more risk, but can reap big rewards. Second-movers are assured more reliable returns, but the longer they wait, the higher the chance that the largest spoils have already gone to other players. Research, however, shows that both approaches can be successful — what matters most is not simply timing but whether a company tailors its innovation strategy to whichever approach it adopts.