It is also called drunkard’s search.
This is a reflection of peculiar human behavior and points out that people only search for something where it is easiest to look.
For example, the majority of researchers use only that information that appears on the very first page of Google search results. It may or may not be true.
Another example is about the people who lose their jobs in one sector tend to seek another job in the same sector where factories are closing and new jobs are not coming up rather than searching something in the areas where future is bright .
Similarly most of the people in most of the companies happen to look for new ideas with-in their own sector, looking at other companies resulting in herd beahaviour.