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Their point wasn’t that innovation doesn’t exist. Obviously things change. Still, both Exonn, Coke and Wells Fargo are still fundamentally in the same business as they were before. That’s not the case of other companies. IBM became big selling punch-card tabulating system. Have you seen a punch card recently?

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Ibm was not in the punch card machine making business. It was in the data processing business, and still is.

> Ibm was not in the punch card machine making business. It was in the data processing business, and still is.

IBM absolutely was in the punch card machine making business in that they were absolutely selling punch card machines and not data processing consulting. And no, they are not in the data processing business today. They are clearly a consulting company first with some software development bolted.

They actually pivoted twice from a mostly hardware company to a mostly software one and once again to a mostly service based one.

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