I just ran across a reference to "incumbent companies." I think the writer means "established" or "long-established" companies.
I thought incumbent referred to office holders — politicians and other public servants. Is it OK to use incumbent this way?
Here's the paragraph:
The big challenge for many incumbents is speed and agility. They are simply too slow. For companies to become faster and more agile, B— believes that the key is building an engaged employee base.