Innovation Processes

Successful new businesses contribute to overall sustained economic development and growth. Also, a firm's capacity to innovate determines its capacity to compete. Successful firms venturing into new markets and technologies often devise novel ways to manage the processes that can help them continuously develop and refine new products and services, and also accelerate learning so that failing strategies can be quickly modified. Large companies can be particularly vulnerable to the type of creative destruction brought by the high levels of innovativeness by newcomers. Compared to established mature firms, new ventures' entrepreneurs have unique advantages (such as a fresh and up-to-date vision or freedom from organizational inertia) to identify commercial opportunities and combine intangible and tangible resources to exploit these opportunities in a novel and timely ...