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Exploration through exploitation: leveraging the co-evolution of markets and technologies

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The challenge of organizational adaptation is often presented in terms of the tension between the exploration of new possibilities and the exploitation of existing capabilities. This tension, however, is not axiomatic. This essay argues that firms can leverage investments in market activity to foster a process of exploration through exploitation by focusing on the heterogeneity of needs and feedback sources present in the markets. Recognition of the diversity of requirements and preferences present in the market at any given point in time offers the possibility of engaging different market groups at different points in a technology's evolution. Considering the development as a sequential progression, in which the choice of markets co-evolves with the state of the technology, complements current thinking on managing technology invesments as real options and offers imlications for organization design.

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en

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application/pdf

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http://flora.insead.edu/fichiersti_wp/inseadwp1999/99-76.pdf

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Copyright INSEAD. All rights reserved