“It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.” (Charles Darwin)
I think most sciences can learn a lot from nature, and management is no exception. As we move into a fast-paced, information based economy the ability to react promptly and decidedly to environmental changes will become much more important than financial resources, economies of scale or any other “industrial age” competitive advantages.
In 1975 electronics giant Sony Corporation introduced the Betamax, the first consumer video cassette recorder. It packed state-of-the-art technology and represented Sony’s bet to dominate the segment. Late in 1976 Victor Company of Japan, also known as JVC, brought to the market a rival technology called VHS, inferior to Betamax under most technical parameters. Ten years later, 1988, Betamax is out of the market, VHS becomes the winning standard for video recording. Sony Corporation decides to start producing its own VCRs using VHS technology.