Research in many different fields points to the same conclusion: it’s exactly because incumbents are so proficient, knowledgeable, and caught up in the status quo that they are unable to see what’s coming, and the unrealized potential and likely evolution of the new technology. This phenomenon has been described as the “curse of knowledge” and “status quo bias,” and it can affect even successful and well-managed companies. Existing processes, customers and suppliers, pools of expertise, and more general mind-sets can all blind incumbents to things that should be obvious, such as the
...more
