Industries that are characterized by a new-to-the-world technology or functionality (the Segway provides an example here) are likely to be harder to pioneer than others. A firm that invests in new-to-the-world technology will incur not just the costs of the successful technology but also the costs of all the technologies that did not become marketable products. The introduction of new-to-the-world functionality requires the first mover to educate potential users and will require enormous patience and deep pockets before significant returns can be achieved. In addition, the necessary suppliers, distributors, and complementary goods may be non-existent making the industry even more difficult and costly to pioneer. Industries that require major changes in other industries in order to succeed (as with the example of hydrogen cars) are also difficult to pioneer as they require the cooperation of many different stakeholders. Industries that have very high minimum efficient scale are probably very costly and risky to pioneer (think, for example of the difficulty in pioneering the production of jet engines, submarines, energy production, etc.). Students may come up with others.
Industries that are characterized by a new-to-the-world technology or functionality (the Segway provides an example here) are likely to be harder to pioneer than others. A firm that invests in new-to-the-world technology will incur not just the costs of the successful technology but also the costs of all the technologies that did not become marketable products. The introduction of new-to-the-world functionality requires the first mover to educate potential users and will require enormous patience and deep pockets before significant returns can be achieved. In addition, the necessary suppliers, distributors, and complementary goods may be non-existent making the industry even more difficult and costly to pioneer. Industries that require major changes in other industries in order to succeed (as with the example of hydrogen cars) are also difficult to pioneer as they require the cooperation of many different stakeholders. Industries that have very high minimum efficient scale are probably very costly and risky to pioneer (think, for example of the difficulty in pioneering the production of jet engines, submarines, energy production, etc.). Students may come up with others.
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