Firms can choose between becoming a pioneer or follower. Each choice has advantages and disadvantages. Pioneers occassionally reap blockbuster returns at the cost of frequent failure. Followers face lower risks but need to share the spoils. So it is not surprising that the two types of firms need to manage their innovation portfolios very differently.
Find out what kind of entry-timing strategy works, in my recent blog post at Harvard Business Review.
For more detail about the research, check the Strategic Management Journal.