From Zero to Hero: How to Predict and Manage High Velocity Evolution

Abstract

This paper explores the existence and role of high velocity evolution. Specifically, this paper posits that organizational evolution is not a monolithic process and that innovation is the source of high velocity evolution. The timing of the evolutionary process can be greatly accelerated under certain circumstances. This paper suggests that innovation, and the paces of the innovation adoption are strong determinants of rapid selection and high velocity evolution. This paper also suggests that four antecedents are present in a high velocity evolutionary model. Specifically, the functional value, hedonistic attributes, switching costs and satisfaction, all determined by the consumer, are antecedents to rapid innovation adoption causing high velocity evolution. The occurrence of high velocity evolution can propel a new venture or an existing firm into unimagined success, but the results of high velocity evolution enacted by a firm, while generally desirable, can have extreme effects on the firm, and in some circumstances, catastrophic consequences. Therefore, the identification of high velocity evolution and its antecedents is critical for management to identify and to formulate strategies to manage high velocity evolution. By developing an innovation adoption framework, this paper seeks to help researchers and practitioners a framework for estimating high velocity. By combining an organizational perspective and a consumer behavior perspective, this paper seeks to better explain the consumer role in innovation adoption and subsequent high velocity evolution.