The traditional building blocks of a business were land, labor, capital and management. No doubt, these three do hold significance even today, but, would be meaningful only if these are joined by a fourth and the most important element called `innovation'. Darwinian theory suggests that the fittest survives. Same theory holds good even when it comes to corporate leaders and their products. The only factor that keeps the organization surviving in today's world is innovation. Innovation today, has become a fundamental component as land, labor, capital and management are for any business house. Time is not far-off, when the organization will have one Chief Innovation Officer, whose function would be to monitor and ensure continuous improvement and consistent innovation in the organization. One has to understand and accept the fact that me too products are ephemeral and in the long-run one has to have a different or an improved version over the existing competitors.

When Sony entered the industry, its CEO Akio Morita had a strong and an innovative vision of miniaturization of products. His vision gave rise to various products like Pocketable Tape Recorder, Walkman, the smallest TV etc. These innovations kept Sony growing and helped Sony to maintain leadership position in the electronics industry. Similarly the CEO of Hewlett-Packard company, David Packard's insistence to produce something different resulted in the innovation of HP printers, HP Oscilloscope Laser Technology, Laser Jet Printer, Ink-Jet Printer, Thermal Ink-Jet Printer, Scientific Desktop Calculator etc. This is the reason those players have been able to sustain the competition and are leaders in their respective fields till date. It was well, said by Tom Peters in his article California Management Review, Get Innovative or Get Dead, that "The next business society is going to be dominated by innovators. No matter what is the size of the organization no matter what is the initial capital, no matter how large is the workforce, none of these elements can be a substitute to innovation."