Get Ahead by Betting Wrong

Companies that invest heavily in R&D are often torn between emerging technologies, wondering which will win in the market and is therefore the one to develop. Conventional wisdom suggests that they pay dearly for getting it wrong. But research shows that betting on a losing technology and then switching to the winner can position a company to come out ahead of competitors that were on the right track all along. The study yielded the following insights for companies facing competing technologies: 1. Avoid overcommitting. 2. Don't let shame or despair knock you out of the game. 3. If you realize you've made a mistake and should change course, move quickly. 4. Transfer knowledge.