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Companies have been falling victim to the competency trap for many years, most notably Kodak, which failed to anticipate the switch to digital cameras in time and disappeared from our lives.

Jerker Denrell, Professor of Behavioural Science, explains to Core Insights host Trevor Barnes just what the competency trap is and how firms can avoid it, detailing the mindset and steps needed.

Read more on the subject:

To avoid the competency trap means being irrational

The secret behind Apple's strategy - 'Quantum Strategy'

How have open innovation and 'pirates' transformed NASA?

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