They were certainly good at commercializing xerography. The problem comes when you make all your money from one tech and then another comes along to sweep that

They were certainly good at commercializing xerography. The problem comes when you make all your money from one tech and then another comes along to sweep that tech away. You're disincentivized to walk away from your sunk costs and current revenue. Steve Jobs called the Xerox execs "toner heads" for exactly this reason. The same is true of today's gas engine car companies.