1. Decreased speed to market gives the competition the advantage when it comes to innovation, allowing them to reach consumers with new products, services or offers before you do.
2. Gives other businesses the opportunity to dominate the market, even with a substandard product—simply because they got there first.
3. Allows you to develop a reputation for being a follower rather than an industry leader.
As the saying goes, 2nd place is the first loser. Click here to read more on the importance of speed to market and ways to improve your speed.