Strategic Management in the
Innovation Economy: Strategic
Approaches and Tools for Dynamic
Innovation Capabilities by Sven C.
Voelpel
The Must Read Book For All Business Researchers And Managers
During the past few years, the global environment has been increasingly
causing revolutionary, disruptive innovation changes in traditional
industries, corporations and business models. Traditional approaches to
strategy are proving to be inadequate to deal with these changes, and
those who want to survive and succeed in the highly competitive global
economy urgently need more dynamic, innovative and holistic approaches
to strategy and strategic management. The major focus of this book is
to provide new strategic management approaches and tools to enable
capabilities for rapid, discontinuous organizational innovation and change.

For both advanced students and business managers, it presents a well-
balanced combination of leading-edge theory supported by published
articles of prominent scholars, and case studies & examples, all designed
to substantiate a new strategic mindset, innovative tools, and practical
applications for significantly increased innovative capabilities. Among
the topics covered in the book are innovative business models, open-
sourcing, mobile enterprise, industry-inflection, systemic strategy
approaches, R&D structures outside the organization, innovation
effectiveness tools, networked incubation, customer knowledge cooption,
communities of new value creation, and innovative strategy leadership.
Personal Review: Strategic Management in the Innovation
Economy: Strategic Approaches and Tools for Dynamic
Innovation Capabilities by Sven C. Voelpel
At first glance I thought this book is an ambitious one: why the focus on
innovation economy (is it really different?), and will another book on
strategic management have anything significantly new - and practical - to
say? The wish that I have, and I guess many other business managers, is
for simple and practical strategy approaches and tools to handle the
speed and (often bewildering) innovative variety of our current business
and economic life. I was pleasantly surprised to see that the authors not
only pose the same questions right at the outset, but then proceed to make
a valid case for the innovation economy, and also new strategic
management approaches and tools for its challenges, through extensive
case examples of countries, industries and companies.
But what really delighted me was the original and very appropriate
analogous use of Einstein's theorem of energy - E=MC?2, to show how
companies can rejuvenate their innovative energies, and also how Moore's
law and Metcalfe's law work in conjunction to increase innovative power of
companies. Of course, these make sense only if used strategically well
through a new strategy approach, termed `poised strategy' by the authors,
that includes risk-factored experimentation with new business models.
The real value of the book for both managers and researchers, in my view,
is the summarization, condensation and comparison of all the key
dimensions of innovation, while showing you practically how to devise and
implement a strategic innovation process in a holistic way (in addition to
the traditional mechanistic processes). The valuable ideas of e.g.
Chesbrough on open innovation, and Christensen on disruptive innovation,
are elegantly covered and integrated as a platform for the book's central
message.
I'm happy to see that the authors, unlike too many writers on the subject,
recognize that current strategy approaches and processes - most still
rooted in the industrial economy, have shortcomings in their application in
the innovation economy. Product innovation is ineffective if not seen within
process innovation, network innovation and innovation in business model
design, the latter which is especially crucial today. The issues underlying

business model innovation are handled exceptionally well, with sound
understanding through a variety of industry and business examples.
You'll find plenty of checklists and summaries, including principles for
reinventing business models, ways of rejuvenating organizational energies,
driving growth through innovation, new strategic management processes
and tools, and frameworks for handling new strategic leadership
challenges in the innovation economy. I think this book is going to be seen
as a seminal book, making sense of the often confusing writings on
innovation and strategy that abound today, and providing a new
benchmark in strategy thinking and doing.
As a possible note of criticism, I think the scope of the book is probably too
large, with its contents attempting to cover all issues of strategy and
innovation; however, I think the authors had no option but to provide a
widely-integrative work at this point in time, and from that angle the book
makes perfect sense. Finally, what impressed me hugely is that the book
offers value for a wide range of often disparate people - managers,
leaders, teachers, researchers and even politicians. However, definitely a
must read for everyone working in either business research or
management. With this book Tom Davenport, Marius Leibold and Sven
Voelpel are enhancing their status as leading original management
thinkers for the 21st century.
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