선도 기업의 경로개척형 적극적 방어 전략: LED 조명 기술에 대응하는 조명 산업 사례를 중심으로

How leading firms react to disruptive innovation? Before Christensen arguing significance of disruptive innovation, leading firms focused on satisfying their current main customers. As a result, established market was substituted by new comers who had path-creating strategies with trajectorydestroying technologies. Now days, existing firms do not disregard disruptive innovation any more. To keep their advantages from market competencies, established leading firms actively deal with disruptive technologies. Through a case study of LED lighting industry, which is a category of architectural innovation among disruptive innovation, we try to understand in which conditions firms allocating their limited resources for exploration. In established lighting industry, top three firms that are Philips, Osram and GE kept 20% of market shares, and their differences in market share was low which means high competitiveness. Existing lighting technologies are in later stages in terms of product life cycle model, and incandescent products have been prohibited by governments. In this situation, established firms needed a new rising star. Emergence of LED lighting technologies, which is architectural innovation, made existing firms feel crisis, so they actively explored the disruptive technologies. By R&D inside of their organization and M&A outside of other organization, they tried to secure capacities for proactive defence strategies. We concluded that the more knowledge for exploration made inside of the firms and acquired from outside of the firms, the better performance of disruptive technologies. Moreover, the more slack financial resources measured by cash holdings, the better performance of disruptive technologies