Planet Money Summer School 5: Tech and the innovator's dilemma
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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.
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Tech's Constant Change
- Tech companies constantly seek new competitive advantages.
- This constant innovation makes choices harder and more consequential.
Kodak's Dilemma
- Kodak, a film company, struggled with the rise of digital photography.
- They faced the dilemma of switching to digital or sticking with film, highlighting the innovator's dilemma.
The Value Proposition
- To persuade consumers, new products must offer value: better, easier, and cheaper.
- They should disrupt routines and offer significant advantages over existing habits.