What is different about high$-$tech industries? Were all industries once hightech?

Why are standards so important in high$-$tech industries? What are the competitive implications of this?

You work for a small company that has leading position in an embryonic market. Your boss believes that the company's future is ensured because it has $60\%$ share of the market, the lowest cost structure of the industry, and the most reliable and highest$-$valued product. Write a memo to your boss outlining why the assumptions posed might be incorrect.

You are working for a small company that has developed an electric scooter that is lower cost, lighter, and has longer battery range than most existing electric scooters in the market. What strategies may you company pursue to try to increase your company's success?

Explain network effects and positive feedback loops.

Discuss three ways in which technical standards may be established.

Discuss the advantages and disadvantages of first movers.

Discuss technological paradigm shifts.

How may established companies deal with paradigm shifts?

Technical standards' property rights are important to incentivize companies to innovate. Discuss how society may benefit from technology that is freely available to individuals and companies.