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INTRODUCTION Debate about the nature and strategic importance of firms' distinctive capabilities has been heightened by the recent assertion that Japanese firms understand, nurture and exploit their core competencies better than their U.S.-based competitors (Prahalad and Hamel, 1990). This paper explores the interaction of such capabilities with a critical strategic activity: the development of new products and processes. In responding to environmental and market changes, development projects become the focal point for tension between innovation and the status quo--microcosms of the paradoxical organizational struggle to maintain, yet renew or replace core capabilities. In this paper, I first examine the history of core capabilities, briefly review relevant literature, and describe a field-based study providing illustrative data. The paper then turns to a deeper description of the nature of core capabilities and detailed evidence about their symbiotic relationship with development projects. However, evidence from the field suggests the need to enhance emerging theory by...

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