“Innovate, But Don’t Compromise on Your Legacy,” Gulf Craft CEO Advises Tomorrow’s UAE Business Leaders
Undergraduates at the American University of Sharjah given insights on the Secrets to Surviving a Competitive Business World
Striking a balance between innovation and ongoing customer support for legacy products is crucial to realizing success in a dynamic business environment, according to CEO of Emirates-based yacht and boat builder Gulf Craft.
Speaking to a group of undergraduate business students at the American University of Sharjah, Bamps warned that brands which do not consider legacy product compatibility as part of their research and development efforts risk losing value as more players are able to enter the marketplace offering same quality products at competitive prices.
“Business models purely based on innovation cycles, those that revolve around new product launches and denounce previous editions, are not sustainable in the long run,” said Bamps. “The consumer electronics industry is a prime example, where manufacturers are struggling to differentiate their products as parts become cheaper and sophisticated technology easier to acquire.”
“In the luxury sector, this challenge is amplified, because you’re talking about much larger investments and longer lifecycles. Therefore, not only are customers looking to use their products for an extended period of time, but retaining resale value is also of great importance.”