Unfortunately, answer is yes in most cases!
Culture eats Technology for breakfast
Agree with Mike. Invest in your people. They will figure out the tech.
My first thought is that I would want to invest in the people, the last 5 years suggest investing in tech has shown a better RIO- a melding of both is the right answer as long as the company culture is designed to embrace the tech for optimial outcome.
It's hard to answer this question without asking additional questions. What are you really missing right now that would help you generate the fastest or most sustainable ROI? What technologies would truly provide a larger ROI than the right people? Beyond the sales talk and the buzz, do you really know what this product is will cost you in the long run? Will the culture you have accept the new technologies and adopt them quickly to produce the desired results? Do you have the right people in place to find the right people you need? So many questions...
This is a very interesting question, I believed both technology and people are needed, based on the business objectives. Getting technology and not know how to use it to help achieve the organization strategic goals and business objectives will not benefit the organization.
Technology without support from the right processes and trained people would be ineffective. Case in point - double-layers of distinct IPSes seems like strong security until you find out that there are no deployed rules in block mode simply because the admins are too afraid of disrupting production traffic.
Actually Both are needed. New Technology with old people experience is an ideal combination.