Abstract
The author begins the article by outlining factors that influence the innovation success of firms. Second, he presents the resource-based view and the contingency perspective as the theoretical underpinnings. Third, he presents the literature review, methodology, and three approaches employed by exemplary innovators in stimulating creative and innovative ideas within their organizations. Fourth, the author discusses how exemplary innovators manage creativity and innovation. Fifth, he draws implications for would-be innovators seeking to make innovation an integral part of their strategic thrust. The author concludes by emphasizing a similarity between innovations of the previous two centuries and those of the twenty-first century. He then draws a lesson from the above centuries that can be applied today: adept, well-managed companies that commit the right resources to innovation and leverage their external environment will shape the markets and build the new industries of the twenty-first century (Chesbrough & Teece, 2002).
Highlights
Following prior research the author defines innovation as used in this paper as a process that begins with an invention, proceeds with the development of the invention, and results in the introduction of a new product, process or service to the marketplace (Edwards & Gordon, 1984)
Prior research has found a positive correlation between innovation and firm value (Griliches, 1981)
Much has been written on factors that contribute to the innovative success to firm
Summary
Following prior research the author defines innovation as used in this paper as a process that begins with an invention, proceeds with the development of the invention, and results in the introduction of a new product, process or service to the marketplace (Edwards & Gordon, 1984). Innovation begins when a firm chooses an invention for development, with the ultimate goal of introducing it to the market (Kuznets, 1962). Much has been written on factors that contribute to the innovative success to firm (see Brown & Eisenhardt, 1995; Damapour, 1991; Fiol, 1996). Some of these factors are aspects of an organization’s structure and culture, project team composition, within-firm and within-team knowledge flows, and top management and project leadership skill, commitment, and attitudes toward change (Griliches, 1990). Continuous exploration and continuous exploitation are both necessary for a firm to progress along a technological trajectory (Puranan, Singh & Zollo, 2006)
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