Would You Favour Building On Existing Strategies Or Innovation?

“Companies may seek to emulate rivals on the basis of their success” Sociology Study Guide P.325.
To what extent does research into current practices lead to business success?
What are existing case studies of innovative products/services that have worked, other than social media and technology?
What is a good way to raise finance capital, when you have little? What kind of business networks are worth tapping into? What about financiers? Are they accessible? What kind of returns do they expect?