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              <p>A leading supplier of networking equipment since 1986, Cisco Systems is emblematic of the form of business organization that develops new innovative capabilities largely through acquisition and development (A&amp;D) rather than R&amp;D. As the company seeks to transform itself from being a hardware to a software vendor, however, organic revenue growth has proven elusive, suggesting that over-reliance on the A&amp;D framework is not without long-term risks for firms whose long-term prosperity depends on their ability to develop innovative capabilities. A three-decade long study of Cisco's development details key sectors where the company's growth has disappointed - notably, optical networking and mobile backhaul - as well as those sectors, such as routing and switching, where the company maintains the dominance built up during its early years. The same company can thus prove spectacularly successful developing the dynamic capabilities that generate competitive advantage in certain areas and surprisingly poor at doing so in others sectors. To examine the process of decision-making in relation to productive resources within a firm such as Cisco, we detail decisions taken over time to address new markets and delve into the potential for conflict between different corporate priorities. This case study poses interesting questions about the growth of the ‘Penrosian' firm in a financialized 21st century? Can a high-tech firm address such significant technological transformations as those faced by Cisco with a board whose priority is to create shareholder value? Does this have an impact on the ability of the firm to make the significant investments required to engage in collective learning and build the necessary dynamic capabilities?</p>
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