This paper introduces the notion of industry clockspeed to classify industries by an aspect of their dynamic characteristics. The clockspeed framework suggests a dynamic theory of the firm where the "inner core" competency of an organization is the ability to continually design and assemble of chains of competencies to deliver value to the marketplace. L__ _I____I II__I_ I_ -- Acknowledgment The work report on in this paper was funded, in part, by the International Center for Research on the

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... agement of Technology (ICRMOT) at the MIT Sloan School of Management. The author gratefully acknowledges this support.