Exploit. This is when we use what we have and what we are good at to benefit from an opportunity in the marketplace. It is like discovering oil in the Pacific, setting up a drill, and letting the oil flow.
It operates on the principle of established markets. This is profitable and less risky.
Explore. This is when we venture into the unknown. We attempt to create markets that do not yet exist. It is like Google Glasses and asteroid mining. (yes, we are planning this). This is risky. It breaks new ground.
When you exploit, you run the risk of Tesla making your product obsolete or unpopular.
When you explore, you need wealthy benefactors to support you for years.
It’s not easy to write with both hands but it can be done.