Warren Buffett and the Three I's

I heard a great quote from Warren Buffett today via Theodore Forstmann of Forstmann Little & Company:

"Buffett once told me there are three 'I's in every cycle. The 'innovator,' that's the first 'I.' After the innovator comes the 'imitator.' And after the imitator in the cycle comes the idiot."

If you're building a new product or investing in one, which "I" are you?