As observed throughout this study, the phenomenon of convergence can occur in different facets with different implications on firms and industries. The variety of these facets is on the one hand determined by the evolutionary stages, as the further the process of change advances, the broader are scope and impact of the phenomenon. The phenomenon may occur in rather conceptual stages, where knowledge bases become blurred, but industry boundaries still remain unchanged. As the convergence process advances, the impact moves upstream along the value chain, and may eventually yield a changing nature of previously established industries. On the other hand, the specific impact on individual firms is determined by the respective coevolutionary setting. Not only does stage and maturity of the industry-wide change phenomenon
matter, but the particular size, age, and inertial heritage of an organization at specific stages of the process represent the basis for contingent capability development and strategy formulation. An entrant firm may find itself with very different strengths, weaknesses, opportunities and risks with regard to a specific convergence stage, than an established firm. Hence, the dimension of time seems to occur as a crucial parameter of the convergence phenomenon in two ways. On the one hand, it determines the stage of the convergence process, and on the other, the maturity of firms with respect to that process.