(Wiley: Hoboken, NJ) -- Firms are like living organisms. They’re born, they grow, and then they struggle to survive. In fact, the whole life cycle of most firms is not very long. The average life expectancy of a firm is roughly 15 years, and only one out of 20 lives longer than 50 years. The graveyard of “deceased” firms spans such household names as Gulf Oil, Texaco, GTE, General Foods, Pan AM, Lehman Brothers, Polaroid Corp., and Enron.

As firms age, they struggle to keep up with changing markets, and slow adapters often get taken over or go bankrupt. Sometimes, firms resist the process of aging and adapt and thrive by continuously inventing new products and services that make life healthier, better, and safer. In doing so they not only change the world, they also create value for their customers, shareholders, and employees.

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