Wharton on Managing Emerging Technologies

"The inherent ambiguity of an emerging technology and the new markets it may create, coupled with the dominance of traditional decision frameworks, make established firms vulnerable to four sequential traps."

"The objective of "cocooning" the new business is to create a boundary that enables the new group to do things differently while still permitting the transfer of resources and ideas with the parent."

"Technological speciation is not usually the result of a sudden technological revolution. The revolution is in the application."

"Not even the most promising technology will find a market unless the collective efforts and investments of the competitors to innovate, market, and reduce the cost of the technology can unlock the potential."

"The process of market learning is typically sparked by an emerging problem or opportunity, a technological advance or a belief that further innovation requires deeper insights into latent needs."

"The process of triangulation of results looks for common themes and patterns after accounting for probable biases."

"Discipline is exemplified by consistency, which does not necessarily require a formal planning process and is feasible both in stable and in chaotic environments."

"The potential returns from investments in emerging technologies are inherently uncertain because of the evolving nature of both the technologies and the markets they address."

"Exploring knowledge flows in interorganizational networks can help managers think systematically about targeting useful external sources of knowledge as well as mechanisms for obtaining this knowledge."

"Social and political activities such as coalition-building take place in community networks and determine technological outcomes."

"While highly risky, emerging technologies also yield monumental returns when firms hit the right market with the right products."

"People in their twenties and thirties are trying to build the independent wealth to enable them to retire early but are also willing to commit single-mindedly to the pursuit of corporate objectives."

"Given that hardship and rapid change are the hallmark of emerging technologies, trust is central to building a successful emerging technologies organization."