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Complete Summary: Strategy & Innovation Management 2023
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Summary - Strategy & Innovation ManagementOverview:
Context:
- The context provides a setting that helps to bring the organization forward via a
roadmap.
- How do we create an organizational environment that is conducive of innovation?
How do we create a clear innovation strategy?
Search:
- The first phase involves detecting signals in the environment about potential for change.
Given the wide range of signals it is important for successful innovation management to
have well-developed mechanisms for identifying, processing and selecting information
from the turbulent environment.
- How can we find opportunities for innovation?
Select:
- Innovation is inherently risky, and even well-endowed firms cannot take unlimited risks. It
is thus essential that firms make informed selections.
- What are we going to do and why?
Implement:
- Having picked up relevant trigger signals and made a strategic decision to pursue some
of the ideas, the next phase is actually turning those potential ideas (inventions) into
some kind of reality (innovation), for example a new product or service, a change in
process, a shift in business model.
- How are we going to make it happen?
Capture: (not part of the course)
- The purpose of innovating is rarely to create innovations for their own sake, but rather to
capture some kind of value from them – be it commercial success, market share, cost
reduction or – as in social innovation – changing the world.
- How are we going to get the benefits from it?
Lecture 1: Introduction to Strategy & Innovation Management
1. Pisano, G. (2015) You Need an Innovation Strategy.
2. Zollo, M., Minoja, M., & Coda, V. (2018) Toward an Integrated Theory of Strategy
,Lecture 2: Context: Organizational Creativity, Structure and Leadership (CONTEXT)
1. Perry-Smith, J. E. and Mannucci, P. V. (2017) From Creativity to Innovation: The
Social Network Drivers of the Four Phases of the Idea Journey.
2. Herrmann, D. and Felfe, J. (2014) Effects of Leadership Style, Creativity Technique and
Personal Initiative on Employee Creativity.
3. Gong, Y., Kim, T-Y., Lee, D-R., and Zhu, J. (2013) A Multilevel Model of Team Goal
Orientation, Information Exchange, and Creativity.
Lecture 3: Search: Sources of Innovation (SEARCH)
1. Bradonjic, P., Franke, N., and Lüthje, C. (2019). Decision-makers’ Underestimation of
User Innovation.
2. Grimpe, C., and Kaiser, H. (2010) Balancing Internal and External Knowledge
Acquisition: The Gains and Pains from R&D Outsourcing.
3. Zahra, S., and George, G. (2002) Absorptive Capacity: A Review, Reconceptualization,
and Extension.
Lecture 4: Select: Uncertainty and Strategy (SELECT)
1. Milliken, F. (1987) Three Types of Perceived Uncertainty about the Environment: State,
Effect, and Response Uncertainty.
2. Krychowski, C., and Quelin, B. (2010) Real Options and Strategic Investment
Decisions: Can They Be of Use to Scholars?
3. Schoemaker, P. (1993) Multiple Scenario Development: Its Conceptual and Behavioral
Foundation.
Lecture 5: Implement: Innovation in MNCs (IMPLEMENT)
1. Almeida, P., and Phene, A. (2004) Subsidiaries and Knowledge Creation: The Influence
of the MNC and Host Country Innovation.
2. Berry, H. (2018). The Influence of Multiple Knowledge Networks on Innovation in
Foreign Operations.
3. Sofka, W., Shehu, E., and de Faria, P. (2014) Multinational Subsidiary Knowledge
Protection - Do Mandates and Clusters Matter
Lecture 6: Implement: Innovation and Strategy at the Corporate Level (IMPLEMENT)
1. Foss, N.J. (1997) On the Rationales of Corporate Headquarters
, 2. Chung, W. and Alcácer, J. (2002) Knowledge Seeking and Location Choice of Foreign
Direct Investment in the United States.
3. Klingebiel, R., and Rammer, C. (2013): Resource allocation strategy for innovation
portfolio management.
Lecture 7: Implement: Design and Structure (IMPLEMENT)
1. Liebeskind, (1996): Knowledge, strategy, and the theory of the firm
2. Lam, A. (2010) 'Innovative organizations: structure, learning and adaptation'
3. Bos, B., Faems, D., and Noseleit, F. (2017): Alliance concentration in MNCs:
Examining alliance portfolios, firm structure, and firm performance
Lecture 1: Introduction to Strategy & Innovation Management
This lecture will introduce the topic strategy and innovation management. In particular, the
importance of innovation to firms and to society and the innovation processes that occur
within firms will be discussed.
1. Pisano, G. (2015) You Need an Innovation Strategy.
THE PROBLEM
- Innovation remains a frustrating pursuit.
- Failure rates are high, and even successful companies can’t sustain their performance.
- The root cause is that companies fall into the trap of adopting whatever best practices
are in vogue or aping the exemplar innovator of the moment.
THE SOLUTION
- Managers should articulate an innovation strategy that stipulates how their firm’s
innovation efforts will support the overall business strategy.
- This will help them make trade-of decisions so that they can choose the most
appropriate practices and set overarching innovation priorities that align all functions.
THE STEPS
- Creating an innovation strategy involves determining how innovation will create value for
potential customers, how the company will capture that value, and which types of
innovation to pursue.
- Just as product designs must evolve to stay competitive, so must innovation strategies
as the environment changes.
A robust innovation strategy should answer the following questions:
, 1. How will innovation create value for potential customers?
2. How will the company capture a share of the value its innovations generate?
3. What types of innovations allow the company to create and capture value, and what
resources should each type receive?
Innovation can be characterized along two dimensions: the degree to which it involves a change
in technology and the degree to which it involves a change in business model.
- Routine innovation: builds on a company’s existing technological competences and fits
with its existing business model—and hence its customer base.
- Disruptive innovation: requires a new business model but not necessarily a technological
breakthrough. For that reason, it also challenges, or disrupts, the business models of
other companies.
- Radical innovation: Radical innovation is the polar opposite of disruptive innovation. The
challenge here is purely technological.
- Architectural innovation: Architectural innovation combines technological and business
model disruptions.
There are four essential tasks in creating and implementing an innovation strategy:
1. Answer the question “How are we expecting innovation to create value for customers
and for our company?” and then explain that to the organization.
2. Create a high-level plan for allocating resources to the different kinds of innovation.
Ultimately, where you spend your money, time, and effort is your strategy, regardless of
what you say.
3. Manage trade-offs. Because every function will naturally want to serve its own interests,
only senior leaders can make the choices that are best for the whole company.
4. Challenge facing senior leadership is recognizing that innovation strategies must evolve.
Any strategy represents a hypothesis that is tested against the unfolding realities of
markets, technologies, regulations, and competitors. Just as product designs must
evolve to stay competitive, so too must innovation strategies. Like the process of
innovation itself, an innovation strategy involves continual experimentation, learning, and
adaptation.
2. Zollo, M., Minoja, M., & Coda, V. (2018) Toward an Integrated Theory of Strategy
Abstract:
- We develop an integrative approach to the study of strategic management in a four-step
logical sequence.
- First, we discuss one of the rare conceptual frameworks of integrated firm strategy
introduced by Coda (1984).
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