The year is 2560 B.C. and you Hemon have just been summoned by the great Khufu, pharaoh of Egypt. He wants to discuss with you the construction of a tomb and take your advice on how can technology be harnessed to make this tomb a marvel for the generations to come. During your conversation the pharaoh inquires as to what cutting edge technology could be leveraged in the construction. Now in case you missed the wheel, you pretty much missed the best part of the show.

The question however is could you have predicted the greatest invention in the history of mankind? Unless you invest significantly in the future and incorporate yourself directly into it, there is no way you can anticipate let alone harness the future technologies. If however, you (Hemon) had been conducting research and investing into the future technologies somehow came up with the concept of a wheel, it is hard to imagine what the dimensions of the Pyramid of Giza would have been. (It has to be kept in mind that while the wheel had been invented in other parts of the world by that time, it, however, did not arrive in Egypt until foreign influence; probably the Hyskos; introduced the chariot in the 16th century BC.) How could it have changed the Egyptian history and construction of pyramids is open to imagination and another debate.

Investing in future is a touchy subject, especially in today’s world where strategy is not about protecting the competitive advantage any more but about finding the next advantage. Most of the big players in today’s industry not only conduct their own R&D, but also outsource a lot of this incorporation into the future to entrepreneurial companies using the vehicle of mergers and acquisitions. For smaller companies it is a more uphill battle and those firms that master this process are the ones that end up being the most successful.

This holds especially true for technology companies. And if you are focused on maintaining technological superiority or attaining it, that would not be possible without continual incremental improvements. This is however a certain amount of risk involved. It might not reap the results you might be looking for, however the odds are that rewards would be higher for the companies that invest in R&D grow and prosper in increasingly competitive markets.