Big entrenched players are unable to see the next big thing, because they see the world through the glasses of their successful business. Microsoft for example almost missed the internet, and suddenly realized it in 1995. I believe Bill Gates was quoted as saying it was just a fad. The funny thing is that more than a decade earlier (about 1980) I heard the same thing about "personal computers" or "microcomputers". Just a fad. A toy. Never will compete with IBM's "real" computers, etc.
Similarly, these new fangled "automobile" thingies will never become popular. They are noisy. Smelly. Unreliable. Difficult to start. You can even break your arm if it kicks back while you are cranking it. And worst of all (gasp!) they frighten the horses! That's why these automobile thingies are just rich kid's toys. A fad.
I guess they couldn't see that all of those imperfections I listed could be fixed.
Back in the 1990s I saw this interesting tv program. Sorry, can't remember. It was about personal computers. The person being interviewed said the entrenched players NEVER see the next big thing coming. So they hire someone smart who will see it coming, and then tell them when its coming. And then when they are told this is the NEXT BIG THING! They never believe it.
Speaking of Microsoft almost missing the internet, they did entirely miss the new generation of smartphones starting with the iPhone. Ballmer laughed at the iPhone. They woke up to the new reality after it was too late. Sorry iPhone and Android already dominated. Smart phones sold in unit volumes that dwarfed PC unit volumes. Win Phone 7, followed by an incompatible Win Phone 8 didn't stand a chance -- even with nice Nokia hardware.