ConjectureSuperseded

Value landscapes move on two timescales. Fast: companies and organisations hill-climb around their competitors, so most strategy is positioning relative to rivals on terrain they take as given. Slow: the underlying value landscape, set by what users value and what technology makes possible, shifts far more slowly in response to any one firm's actions, and mostly in punctuations. Firms that read only the fast layer win local races and lose when the slow layer moves; the exceptions are players large or central enough (platforms, standards, collectives) to deform the slow layer themselves.

Capital mechanisms