How Incumbent Firms Respond to Emerging Technologies: C omparing S upply -S ide and D emand -S ide E ffects
比较了新兴技术对在位企业的供给侧与需求侧效应，发现供给侧效应可预测且持久，需求侧效应快速且波动，帮助企业高管决定何时及如何投资新兴技术。
A perennial challenge for executives in established firms is deciding how and when to respond to emerging technologies. This article demonstrates that the way emerging technologies play out in established industries differs according to how the business system is affected. Some have primarily a supply-side effect (on how a firm in the industry creates its product), while others have a primarily demand-side effect (on how users consume the product). Supply-side effects play out over relatively long periods of time in a predictable way, with incumbent firms executing similar strategies though at different speeds. Demand-side effects are faster-acting and more volatile, with incumbents often experimenting with a range of different business models as they seek a viable way forward in a changing market. By understanding these important differences between supply-side and demand-side effects and being able to anticipate the typical patterns of responses from incumbents, executives can make better choices in how and when to invest in emerging technologies.