their inward looking or exploitationʺ attitude in R&D and innovation. We argue that because of sunk costs and learning …. Among other things, this suggests that explorationʺ, which leads to the opening of new innovation trajectories, requires not …

their inward looking or exploitation attitude in R&D and innovation. We argue that because of sunk costs and learning …. Among other things, this suggests that exploration, which leads to the opening of new innovation trajectories, requires not …

way firms profit from innovation according to the stage of industry evolution. We argue that in early stages of industry …

This paper provides new information, not available from other sources, on the characteristics ofthe innovation process …