Let's be fair here- Jobs invented products almost from scratch. Mac, MacBook, iPod, iPhone, iPad. Lots of runway to add newness and innovation every year when you give birth to an idea and then can be a leader and control the upgrade cycle.
Cook took the reigns when the iPod was discontinued and the iPhone and iPad were very mature. It's to his credit that it's lasted this long and I believe the X is the end of the line from an innovation standpoint. Today we're at a juncture where a smartphone is maxed from a functionality standpoint. We're going to see very little true innovation from here onwards not only from Apple, but from the whole industry. Faster processors don't really mean much in the real world anymore as they are fast enough now.
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The telephone of 1890 was essentially the same product as the landline version of 1980 available 90 years later. The vinyl record player, the toaster, microwave ovens, there comes a point where they can't do anything else.
The iPhone has been the Swiss Army knife of electronics, taking the place of the telephone, pager, Blackberry, camera, camcorder, cassette player, GPS, flashlight, alarm clock, and dozens of other consumer products but between Apple and Android and thousands of suppliers, guess what- they're out of ideas. It happens to every consumer good. Innovation is not limitless.