Found 391 article(s) for author 'Innovation'

At Booking.com, Innovation Means Constant Failure

At Booking.com, Innovation Means Constant Failure. Stefan Thomke, September 3, 2019, Audio, “Harvard Business School professor Stefan Thomke discusses how past experience and intuition can be misleading when attempting to launch an innovative new product, service, business model, or process in his case “Booking.com” (co-author: Daniela Beyersdorfer) and his new book, “Experimentation Works.” Instead, Booking.com and other innovative firms embrace a culture where testing, experimentation, and even failure are at the heart of what they do.Link

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The Wise Company: How Companies Create Continuous Innovation

The Wise Company: How Companies Create Continuous Innovation. Hirotaka Takeuchi, 2019, Book, “High-velocity change is the fundamental challenge facing companies today. Few companies, however, are prepared to continuously innovate-because they focus on the short-term and do not emphasize the wisdom needed to make sure that their interests are aligned with those of society. Practical wisdom is the bases of continuous innovation, where companies ceaselessly and repeatedly creating new knowledge, disseminating it throughout the organization, and converting knowledge to action over time. In The Wise Company, legendary management experts Ikujiro Nonaka and Hirotaka Takeuchi highlight how various companies have confronted the challenge of rapid change to create new products and new ways of doing business that benefit employees, consumers, and society.Link

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Risk attitudes and personality traits of entrepreneurs and venture team members

Risk attitudes and personality traits of entrepreneurs and venture team members. William Kerr, August 19, 2019, Paper, “Personality distinctions between entrepreneurs, nonfounder CEOs/leaders, and inventor employees have received limited attention, especially in innovative settings where they are working together. We surveyed these groups, along with other employees of innovative firms, at 4 locations of a prominent innovation and coworking center. Entrepreneurs display the greatest tolerance of risk, even in small gambles, as well as the strongest self-efficacy, internal locus of control, and need for achievement. Nonfounder CEOs/leaders typically sit in between entrepreneurs and employees for personality traits. Entrepreneurs, nonfounder CEOs/leaders, and inventor employees all show more innovative personalities than the noninventor employees in the same companies.Link

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Extending the role of headquarters beyond the firm boundary: entrepreneurial alliance innovation

Extending the role of headquarters beyond the firm boundary: entrepreneurial alliance innovation. Andy Wu, August 14, 2019, Paper, “Prior research on corporate headquarters (CHQ) characteristics identifies the impact of CHQ location and composition on the innovation outcomes of internal subsidiaries. However, given that external strategic alliances with high-tech entrepreneurial firms represent a key source of innovation for the corporation, corporations must also consider how their choices of CHQ location and composition affect the innovation outcomes of these partners. In a study of 36 incumbent pharmaceutical corporations in 377 strategic alliances with 143 VC-backed biotechnology startups, we leverage detailed hand-collected data on CHQ locations and functions to estimate the effect of the CHQ on the innovation performance of the corporations’ entrepreneurial alliance partners. We find that a 1000-km decrease in CHQ–partner distance leads to an increase of 28 forward citations for the alliance partner, i.e., a 1% decrease in the distance is associated with a 1.7% increase in innovation performance. We find that the co-located presence of the corporation’s R&D function at the CHQ attenuates the benefit of CHQ–partner proximity, particularly for alliances structured for horizontal collaboration at the same part of the value chain. This study contributes to the literatures on both CHQ design and technology alliances.Link

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What About Rochester?

What About Rochester? Kenneth Rogoff, August 1, 2019, Opinion, “There is much to be celebrated in the rise of modern megacities, especially in developing countries. But if the trend persists in advanced economies, which is by no means certain, greater public and private innovation will be required to strike a better regional growth balance.Link

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The Soul of a Startup

The Soul of a Startup. Ranjay Gulati, July/August 2019, Paper, “There’s an essential, intangible something in start-ups—an energy, a soul. It inspires enthusiasm and fosters a sense of deep connection and mutual purpose. While this spirit persists, engagement is high and businesses keep their edge. But all too often, companies lose their souls as they mature. Firms add new systems and structures and bring in experienced professionals—and in the process somehow crush their original energizing spirit. In research into more than a dozen fast-growth ventures and 200-plus interviews with founders and executives, the author has discovered how firms can overcome this problem. His work shows that there are three crucial dimensions to a start-up’s soul: business intent, or a loftier reason for being; unusually close customer connections; and an employee experience characterized by autonomy and creativity—by “voice” and “choice.” All three provide meaning to stakeholders. Drawing on the experiences of Netflix, Warby Parker, Study Sapuri, and others, this article describes how sizable companies can still protect and nurture the three elements. Doing that is the secret to staying great as you grow.Link

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Problem, person and pathway: a framework for social innovators

Problem, person and pathway: a framework for social innovators. Julie Battilana, June 28, 2019, Book Chapter, “As the appetite for learning about social innovation intensifies, how can we better prepare practitioners for the work of addressing the world’s pressing social problems at the relevant scale? This chapter presents the “3P” framework developed by the authors to help address this challenge, grounded in their experience of researching, teaching, and advising social innovators around the world. In this framework, the authors propose three key lenses to help social innovators contribute to social change, unpacking the nature of: the problem at hand, the person pursuing change, and the pathway to change. Considering the alignment of these 3Ps provides an organizing template for social innovators to think about how they can effectively contribute to solving social problems. The authors illustrate how they engage new and experienced social innovators in this learning journey by discussing their pedagogical approach as educators. In conclusion, they discuss future research directions to help address unanswered questions.Link

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Parallel Play: Startups, Nascent Markets, and the Effective Design of a Business Model

Parallel Play: Startups, Nascent Markets, and the Effective Design of a Business Model. Rory MacDonald, 2019, Paper, “Prior research advances several explanations for entrepreneurial success in nascent markets but leaves a key imperative unexplored: the business model. By studying five ventures in the same nascent market, we develop a novel theoretical framework for understanding how entrepreneurs effectively design business models: parallel play. Similar to parallel play by preschoolers, entrepreneurs engaged in parallel play interweave action, cognition, and timing to accelerate learning about a novel world. Specifically, they (1) borrow from peers and focus on established substitutes, (2) test assumptions, then commit to a broad business-model template, and (3) pause before elaborating the activity system. The insights from our framework contribute to research on optimal distinctiveness, and to the learning and evolutionary-adjustment literature on search. More broadly, we blend organization theory with a fresh theoretical lens—business-model processes—to highlight how organizations actually work and create value.Link

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Migrant Inventors and the Technological Advantage of Nations

Migrant Inventors and the Technological Advantage of Nations. Prithwiraj Choudhury, 2019, Paper, “We investigate the relationship between the presence of migrant inventors and the dynamics of innovation in the migrants’ receiving countries. We find that countries are 25 to 50 percent more likely to gain advantage in patenting in certain technologies given a twofold increase in the number of foreign inventors from other nations that specialize in those same technologies. For the average country in our sample this number corresponds to only 25 inventors and a standard deviation of 135. We deal with endogeneity concerns by using historical migration networks to instrument for stocks of migrant inventors. Our results generalize the evidence of previous studies that show how migrant inventors “import” knowledge from their home countries which translate into higher patenting. We complement our results with micro-evidence showing that migrant inventors are more prevalent in the first bulk of patents of a country in a given technology, as compared to patents filed at later stages. We interpret these results as tangible evidence of migrants facilitating the technology-specific diffusion of knowledge across nations.Link

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