- Analyze the different approaches to innovation discussed in this chapter to determine which approach you think would be the greatest value to the greatest number of organizations. Explain your rationale.
- Create one innovative approach that is not discussed in the textbook for increasing the amount of innovation within a large company. Describe this approach in detail and explain how companies could benefit from it
Here is the information about different approaches to innovation.
Three basic approaches are used to produce innovation: (1) internal innovation, which involves R&D and forming internal corporate ventures, (2) cooperative strategies such as strategic alliances, and (3) acquisitions. Autonomous strategic behavior and induced strategic behavior are the two forms of internal corporate venturing. Autonomous strategic behavior is a bottom-up process through which a product champion facilitates the commercialization of an innovative good or service. Induced strategic behavior is a top-down process in which a firm’s current strategy and structure facilitate the development and implementation of product or process innovations. Thus, induced strategic behavior is driven by the organization’s current corporate strategy and structure while autonomous strategic behavior can result in a change to the firm’s current strategy and structure arrangements.