With today’s breathless enthusiasm for innovation, it’s hard to remember when, as far as the management literature was concerned, innovation was something that guys in white coats who worked for companies like DuPont did in the R&D lab. Expanding an existing business into new corporate territory, or corporate venturing, was called “diversification,” not innovation. It is also hard to remember that before the 1980s, very little in the way of empirical evidence existed as to what companies should expect when they ventured into new territory. We had little theory and even less evidence to guide us. Most decisions executives made were based on their own experience or intuition (to be charitable) or on the basis of their pet projects and personal biases (to be a little less charitable).