Faber-Castell is a 255-year-old company that makes pencils. How does an established company like this think about innovation, particularly if and when to adopt a new technology? Harvard Business School professor Ryan Raffaelli’s research looks at established companies that produce beloved products and how they manage technological shifts in their industry and in the world. This case — entitled “Faber-Castell” — explores Faber-Castell’s “companion for life” strategy and its bet to double down on the pencil.