Measuring Innovation by Time to Market?

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I listened to a webcast yesterday about product innovation. One of the speakers said one of the ways they measure success is by the time it takes to get to market. I didn't get to ask my question live, but it seems to me that this is a completely arbitrary way to measure innovation, rather than having some type of scientific basis. Just because something is faster doesn't mean it is better.

Anyone know about using timelines to measure success?