Early on the decision not to invest in a new technology can be financially justified (on the surface) by the lower returns to effort earned by investing in a new technology and the large investments already made in the incumbent technology. The reasons that play the largest role in deterring a firm from investing in a new technology have less to do with the financial factors and more to do with the nature of a firm’s capabilities and the type of knowledge underlying the new technology. Firms will not adopt or delay adoption of a new technology because:
Their focus on improving the processes supporting the current technology has decreased their ability to identify and respond to a technological discontinuity. In other words, the firm may not know what hit them. Not that the focus on improving current processes has to result in a lack of focus on new architectures. It is however a general tendency for firms to decrease or cease to invest in the search for new architectures when they have a currently successful technology.
The complexity of the knowledge underlying new technologies is also part of the answer, particularly if the knowledge needed is tacit in nature. Acquiring tacit knowledge often requires learning from another person directly which can be both time consuming and costly.
In addition, the degree to which firms must develop new complementary resources also plays a role. If firms must make large investments in time, money, or both, in the complementary resources needed to utilize a new technology successfully adoption can be delayed.
It may also be the case that firms, like individuals, also have traits that lead them to be innovators, early adopters, laggards, etc.
Early on the decision not to invest in a new technology can be financially justified (on the surface) by the lower returns to effort earned by investing in a new technology and the large investments already made in the incumbent technology. The reasons that play the largest role in deterring a firm from investing in a new technology have less to do with the financial factors and more to do with the nature of a firm’s capabilities and the type of knowledge underlying the new technology. Firms will not adopt or delay adoption of a new technology because:
Their focus on improving the processes supporting the current technology has decreased their ability to identify and respond to a technological discontinuity. In other words, the firm may not know what hit them. Not that the focus on improving current processes has to result in a lack of focus on new architectures. It is however a general tendency for firms to decrease or cease to invest in the search for new architectures when they have a currently successful technology.
The complexity of the knowledge underlying new technologies is also part of the answer, particularly if the knowledge needed is tacit in nature. Acquiring tacit knowledge often requires learning from another person directly which can be both time consuming and costly.
In addition, the degree to which firms must develop new complementary resources also plays a role. If firms must make large investments in time, money, or both, in the complementary resources needed to utilize a new technology successfully adoption can be delayed.
It may also be the case that firms, like individuals, also have traits that lead them to be innovators, early adopters, laggards, etc.
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