This second module is about mastering the life cycle of an innovation. We can think of an innovation as moving from something new to the world, a baby, so to speak, to something well established and experienced to mature adult. That is there's a life cycle. The motivation for this whole module is that winning an innovation requires understanding the life cycle in some depth, simply because winning requires different things at different points in that life cycle. So in this video, I'm going to quickly introduce some of the concepts you will see in Raj's video. Along the way, I will also ask you some questions you can think about, and write down a quick answer too, like I did the first time to help you get more from the lessons themselves. So, first, you want to recognize that there are two sides to this life cycle. It's not just single-dimensional. There's a consumer side life cycle, called the Innovation Adoption Life Cycle. The first lesson covered this in two parts. Then there's a product side life cycle. This is the second lesson, also in two parts. So my question for you to think about, what does that consumer side look like? And the hint is, how can we segment consumers where innovation is concerned? The second question, what do you think that product side looks like? What do you think the phases are, and what happens in each one in the product side life cycle? Now, actually, there's a little more. There's also what Raj calls a firm life cycle. This might be a little less intuitive affirm life cycle. What it is, it's about when firms are entering the market and when they're leaving the market. It's analogous to when customers running the market are leaving. Firms might dive in early but then get forced out as the market matures. So really, you want to think of a triangle. The product technology side, the customer demand side, and the firm side, the competition. This triangle, each element is competing. Sorry, you're couple. They affect one another, but they are not the same. Keep that in mind. So, now, we move on a little bit, and let me ask you. How do you know an innovation is going to be successful? This is the question, and you might think, "Well, it's when things takeoff. Like this, it's going like this and then there's an elbow and it goes up." The point is that this takeoff point is really critical, and what you will learn now is that there's two important takeoff points for an innovation. There's the sales takeoff, when sales show that elbow, and there's a firm takeoff, when the number of firms show that elbow. So here's my question for you about this. Which do you think comes first, the sales takeoff, or the firm takeoff? Why? Takeoff points have a really important implication. There are big part of the answer to the really key question to when it is best to enter an innovations market. Now, for when I think of the money question. Well, how do we win through the life cycle? That is how do we compete successfully? What do we need to do to win, and how does this change across the life cycle? Now, you will see that the answer here comes from this big idea that there's a product or technology side and a customer or demand side to this life cycle. It's in the relationship between these that the answer to that question of what do we need to win due to win and how does this change across the life cycle, that's where the answer comes from. So, okay. After that lesson, the module is going to close with a discussion of different types of innovations or when in the life-cycle each is most important. Then a case study, the personal computer market and its evolution, where you can see all of these concepts come together in a very concrete way. I think you will see this is really exciting stuff, and I will see you at the end.