Planet Money
Summer School 5: Tech and the innovator's dilemma
Aug 9, 2023
Dan Wong, a strategy professor at Columbia Business School, dives into the intricate dance between technology and entrepreneurship. He discusses the innovator's dilemma, underscoring how established companies, like Kodak, often struggle with disruptive technologies. Wong also explores consumer resistance against new innovations, using humorous examples like the dishwasher and driverless cars. The conversation emphasizes the critical need for businesses to adapt to tech advancements while navigating ethical considerations and the psychological challenges of consumer trust.
34:13
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Quick takeaways
- Existing companies face the dilemma of choosing between sticking with what works or embracing disruptive technologies.
- Convincing consumers to adopt new products requires breaking their routines and providing clear value propositions.
Deep dives
Adopting New Technology and the Innovator's Dilemma
In the podcast episode, the importance of adopting new technology and the challenges faced by existing companies are discussed. Technology-intensive industries require constant search for new sources of competitive advantage. However, this also makes decision-making more complex and consequential. The example of Kodak's struggle with the transition to digital photography is highlighted, illustrating the dilemma of embracing new technology. On the other hand, startups have an opportunity to enter the market while larger companies hesitate. The concept of the Innovator's Dilemma, where incumbents stick with what has traditionally worked instead of embracing disruptive technologies, is also explored.
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