Underinvestment and Incompetence as Responses to Radical Innovation

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Excerpt from Underinvestment and Incompetence as Responses to Radical Innovation: Evidence From the Photolithographic Alignment Equipment IndustryHowever recent work by Henderson and Clark (1990) suggests that it is increasingly important to explicitly distinguish between the two effects and to understand the interactions between them. They suggest that a significant number of innovations are architectural. Architectural innovations are incremental in the economic sense in that they do not provide dramatically different or improved benefits to their customers, and they continue to actively compete with existing products, but they are radical in the organizational sense in that established firms find them extremely difficult to develop. Architectural innovations are likely to be the focus of complex competitive dynamics since the strategic incentives to invest in them that ¿ow from market position run counter to the incentives that ¿ow from the relative research efficiency of actual and potential players in the industry, and they cannot be easily understood through the lens of the currently available theoretical and empirical results.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.