There are so many people writing about innovation that just throw out the usual catch phrases that really are meaningless to the great majority of managers and business owners looking for answers.
While most understand that we need to look at what the future of all of our products and services hold, the idea isn't to just demolish everything because the word "innovation" is attached to the action.
The wise way to do it is to continually take inventory of our current products and services and look out ahead and see what their value to the company is and will be. Do our customers still place a high value on them, or are they abandoning them for new, more relevant offerings from our competitors.
On the other hand, we can't fall in love with something because it performed well for us in the past either. When things start slowing down we need to be ready and willing to adapt quickly and get our new stuff out there.
The whole point in this is that we shouldn't take action based upon someone writing about innovation and throwing all the "creative destruction" phrases around. It's ok to cannibalize a product or service, just not when its still performing great.
Change is fast, but it's not that fast. Be willing to make changes, but do it with the full knowledge of where the maturity of your products are at with your customers.
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