They are: Innovation failur, failure to create value, failure to persist over time, failure to maintain economic scarcity, failure to prevent the appropriation of created value, and failure to maintain flexibility in the face of uncertainty and ambiguity. This list points to six key questions that must be asked about each venture: Is it Innovative? Is it Valuable? Is it persistent over time? is it scarce? is it non-appropriable? is it flexible?
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