The Values Chain: An inquiry into how we create and capture value when we innovate

Which brings us to a technology paradox. Risk and capital is carried for a very long time to realize the fruits of innovation. 20 years in some cases, a vast amount of time in which radical change can alter our prospects for success. How can we bear the risk if the reward is being transferred almost entirely to 3rd parties? What would have happened in other product categories of the same models had existed?

Would the iPhone have been invested with that risk reward profile?