[Zigurd]

> Diverting a lot of resources into a high-end, low-volume business (which is what the touch-screen smartphone business was in 2007) would have looked risky. In that sense, Nokia’s failure resulted at least in part from an institutional reluctance to transition into a new era.

It's a bit of a nitpick, but Nokia had put considerable resources into Series 60, Symbian, and subsequently Maemo. Nokia's management, before Elop, was in no way reluctant about a smartphone future beyond high-volume S40 devices. The S60 features of integrated PIM apps are foundational to smartphones, and Maemo/Meego was a credible smartphone OS. As I recall, Tomi Ahonen had good reason to think the N9 was outselling Windows Phone when Meego was killed.