A strong cash position and freedom from debt allow a New Technological Corporation to ride out a recession, or even a depression, that creates severe hardships for competitors who operate on much thinner margins. By being able to afford a long-term view, the New Technological Corporation can use hard times to position itself for leadership in the next expansionary phase by continuing R&D and product development while most competitors retrench, by keeping its team together while adversaries are devastated by lay-offs (and recruiting the best people they lay off), and by bottom-feeding for complementary acquisition bargains when nobody else has the cash to buy and everybody else needs to sell to raise cash.