Its not that large companies can't innovate (re: IBM) its that they can't cannibalize their high margin businesses on risky strategies until its too late. This

Its not that large companies can't innovate (re: IBM) its that they can't cannibalize their high margin businesses on risky strategies until its too late. This happens over and over, intel wasn't willing to bet on low margin phone SoC's at the expensive of their laptop/server business. Now those low margin SoC providers are selling a billion chips a quarter and financing a manufacturing behemoth that intel can't keep up with. Same thing with IBM, porting zos/ztpf/aix/i5/etc to x86 and making servers wasn't something they could justify, so they spun the business off to lenovo which grew it 5x, and now IBM is stuck with hardware they can't get enough volume on in a shrinking (but high margin!) business. If they were selling POWER10 blue pi's for $50 they might have a chance in the edge space or IoT, but that might cannibalize the business elsewhere.