Apple’s iPad announcement yesterday has a number of lessons for consumer electronics manufacturers. The biggest one is this: Once again, Apple will make a boatload of money on a product it is perfecting, not creating. The tablet PC has been around for ages.

Back in 2001, Bill Gates announced that the Tablet would be the top selling computer form within five years. Many companies have created tablets since then.

Just like there were many MP3 players before the iPod perfected the device.

And there were hundreds of smart phones before the iPhone perfected the category.

And now, Apple is doing it again with the iPad.

It is not necessary to invent new products, or even functionalities, to be perceived as the best.

It is only necessary to improve dramatically upon what’s already on the market, so that you can argue reasonably that you are the best.