Adaptability is the key to survival of even big, successful companies over time, said professor Charles O'Reilly, a professor at Stanford University Graduate School of Business.
"Selection. The market says, this is a good idea, and if the market says it's not a good idea, stop it, and they try other ideas, and then retention. It's evolutionary biology in organizations," O'Reilly told the June 6 symposium.
O'Reilly noted how in almost any industry, major companies that dominate the market typically do not remain successful over a long period. He cited research he conducted with computer giant IBM to explore how some firms fail and others continue to succeed.