Reinvent the Wheel

Whosoever popularized the phrase "do not reinvent the wheel" obviously failed to anticipate the fierce competition and market dynamics of 21^st century that are causing wear and tear to the famous old wheel. Today, if a product needs to stay competent it not only needs to build on the existing services and product offerings but reinvent them all together. Hitherto, the phrase is so deeply imbibed in corporate language that one fails to properly think through it.

This article talks about 2 scenarios where it makes more sense in the long run to go for reinvention/redesign of the product or service. It also introduces the concept of ‘Reinvention Trap’ and how to avoid the same