The complete paper takes a holistic view of technology maturation that addresses both technical and nontechnical risks. The definition of success is expanded to include the establishment of successful, commercially viable, and sustainable solutions that meet end-user needs and requirements.
The Case for Change
Across the industry, companies have seen tremendous drops in revenue and profits along with returns falling well below the cost of capital. The survivors become much more focused on capital-expenditure reductions, with investments almost entirely driven by near-term free cash-flow generation. The effect on innovation within the industry has been dramatic, yet technological innovation is needed now more than ever.
This situation, while difficult, does offer opportunities.
