Faber-Castell is a 255-year-old company that makes pencils. How does an old company with a, well, boring product think about innovation, particularly if and when to introduce new technology? Assistant Professor Ryan Raffaelli’s research looks at established companies with mature products and how they manage technological shifts in their industry and in the world. This case explores Faber-Castell’s “companion for life” strategy and its bet to double down on the pencil.