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Innovation Strategies

A formal innovation strategy can help firms achieve success in new product development. This presentation presents Merle C Crawford's (1980) four innovation strategies and mentions some of the myths associated with each. For more on innovation and innovation management in Asia and beyond, check out http://www.brokenbulbs.com Thanks a lot!

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Innovation Strategies
Innovation  Strategies “ They can and will follow him, first individuals and then whole crowds.” - Joseph Schumpeter (1934) on the entrepreneur
In terms of innovation strategy, firms tend to:
Explore  or
Exploit
Tensions Exploit Explore

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Innovation Strategies

  • 2. Innovation Strategies “ They can and will follow him, first individuals and then whole crowds.” - Joseph Schumpeter (1934) on the entrepreneur
  • 3. In terms of innovation strategy, firms tend to:
  • 7. Merle C Crawford (1980) described four innovation strategies:
  • 8.
  • 9.
  • 10.
  • 11.
  • 12. “ The reality of strategy lies in its enactment, not in those pronouncements that appear to assert it.” - Burgelman and Rosenbloom (1989)
  • 13. “ Love is as love does.” - Forrest Gump
  • 14. Each innovation strategy requires innovation. However, the innovation will occur in different areas.
  • 15. Each innovation strategy can be risky in reality, even if the firm perceives it as being low risk.
  • 16. There is no universally more “innovative” way: being a low-cost producer (Economic) usually requires lots of manufacturing innovation.
  • 17. Being first (Inventive) doesn’t necessarily lead to success.
  • 18. Being second (Adaptive) can work but can fail in industries with short product life cycles or network effects.
  • 19. A PIC doesn’t guarantee success, but research suggests that it helps. Make sure you get your innovation strategy written down today!
  • 20. Thanks for reading! For more on innovation and innovation management in Asia and beyond, check out: SOURCE: Crawford M.E. (1980) “Defining the Charter for Product Innovation,” Sloan Management Review , 22 , (1), 3-11 . Presentation by Gordon Graham Brokenbulbs.com