Introduction

This chapter (“Introduction”) introduces the concept of the Valley of Death and the importance of high-tech innovations to successfully negotiate their way through the Valley and enter into the mainstream economy. It discusses the central role of advanced materials and allied technologies in the ability of firms and nations achieving competitive advantage, particularly within the context of the rise of the Fourth Industrial Revolution. Various models of technological change as possible approaches to understanding advanced materials innovation are introduced and critiqued. Particular attention is paid to the product-centered model, which focuses on marketing as the primary strategic tool used for conquering the Valley of Death. The gap between early and later adopters posited by this model is questioned and an alternative evolutionary scheme proposed as more appropriate for twenty-first-century innovation. The structure of the book, designed to further develop these ideas and underscore the role of advanced materials in the growth of high-tech today, is outlined.