I think engineering and Software development are very different areas, so it's hard to draw comparisons. Development cycles tend to be longer in the area of engineering (even though there are exceptions from this rule to be found, like rapid prototyping in engineering and maybe SAP for software). I think this has also to do with the scale and complexity of the projects and companies involved. Let's take a new car from a big manufacturer and a new app from a small Startup for example. The bigger the complexity of a project, the bigger the transaction costs of innovation. While every part of the car needs to work reliably in order to avoid huge costs down the line, a small software company often needs to be fast, the costs of an error are smaller, so there is more room and also a bigger need for innovation.
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I think engineering and Software development are very different areas, so it's hard to draw comparisons. Development cycles tend to be longer in the area of engineering (even though there are exceptions from this rule to be found, like rapid prototyping in engineering and maybe SAP for software). I think this has also to do with the scale and complexity of the projects and companies involved. Let's take a new car from a big manufacturer and a new app from a small Startup for example. The bigger the complexity of a project, the bigger the transaction costs of innovation. While every part of the car needs to work reliably in order to avoid huge costs down the line, a small software company often needs to be fast, the costs of an error are smaller, so there is more room and also a bigger need for innovation.