Marchâs exploration vs. exploitation
Successful adaptation is often about balancing exploration and exploitation. If you spend all your time using what you know, you are less likely to learn what you donât know. Yet if you spend all your time exploring what you donât know, you are less likely to grab the opportunities you find.
Innovatorâs insights
Exploration is about finding out what you donât know. Exploring is a deliberate attempt to gain new know-how. And only by exploring can you find new opportunities to exploit. The process of exploration involves you playing with new ideas (or old ideas ...
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