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Questions and Answers
What happens to companies that only focus on doing more of the same or only doing what's new?
What is the solution to balancing exploration and exploitation?
What is exploration in the context of balancing exploration and exploitation?
What happens to companies as they become more competent?
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What percentage of companies are able to effectively explore and exploit at the same time?
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What are the common pitfalls in balancing exploration and exploitation?
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What are some lessons for balancing exploration and exploitation?
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What is the payoff of balancing exploration and exploitation?
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What should companies be conscious of when balancing exploration and exploitation?
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What is the beauty of balancing exploration and exploitation?
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Study Notes
- Companies fail when they only do more of the same or only do what's new
- The solution is to balance exploration and exploitation
- Exploration is about coming up with what's new, while exploitation is taking the knowledge we have and making it better
- Companies become less innovative as they become more competent
- Only about 2% of companies are able to effectively explore and exploit at the same time
- The perpetual search trap and success trap are common pitfalls in balancing exploration and exploitation
- Lessons include getting ahead of the crisis, thinking in multiple time scales, inviting talent, and being skeptical of success
- Balancing exploration and exploitation has a huge payoff but is difficult
- Companies need to be conscious of the risks and challenges in balancing exploration and exploitation
- The beauty is in the balance.
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