Innovation thinker Clayton Christensen predicted that Apple's iPhone would collapse in the face of low-end rivals with cheap, "good enough" products, but that hasn't happened, writes Ben Thompson. That suggests three blind spots in Christensen's theory of innovation: business and consumers don't think alike, not all consumers are rational and not everything they value can be reduced to quantifiable and replicable product features. "[T]he theory of low-end disruption is fundamentally flawed," Thompson argues.

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