Integrate external sources of knowledge

Techno revOn top of their own R&D activities, product roadmaps and experience curves, firms must develop the ability to proactively harvest technology (r)evolutions. They must be able to absorb technology intelligence from external sources, both in their socioeconomic ecosystem and in the wider environment.

Fig_3_16On top of their traditional marketing approaches, firms need to develop user-centric ways to “pull” untapped customer needs and uncover value gaps. They need to combine powerful analytics with in situ and empathetic observations as well as lead users’ interactions and involvement.

CVFirms exposed to technology-intensive sectors (i.e. most firms) should invest time, money and resources to network and work with disruptive start-ups, in particular through corporate venture capital initiatives. This must allow them not only to create options and leverage their assets but also to effectively develop new competitive and technology intelligence.

Bibliography

Harvest technology (r)evolutions

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Explore untapped customer needs: user-centric innovation

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  • (Video) http://livinglab.mit.edu/
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Seeding new ventures: corporate venture capital

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  • (Video) Biopharma Health MIT Hackathon
  • (Video) Connecting Companies of All Sizes through Innovation by  Kuczmarski Innovation (on Vimeo)
  • (Video) The UBS Hackaton (on UBS website)
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  • (Article) Chowdhury, J.. “Hacking health: bottom-up innovation for healthcare.” Technology Innovation Management Review 2.7 (2012): 31.
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  • (Article) Dushnitsky, G., & Shaver, J. M. (2009). Limitations to interorganizational knowledge acquisition: The paradox of corporate venture capital. Strategic Management Journal, 30(10), 1045-1064.
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  • (Article) Hutter, K., Hautz, J., Füller, J., Mueller, J., & Matzler, K. (2011). Communitition: The tension between competition and collaboration in community‐based design contests. Creativity and Innovation Management, 20(1), 3-21.
  • (Article) Ivanov, V. I., & Xie, F. (2010). Do corporate venture capitalists add value to start‐up firms? Evidence from IPOs and acquisitions of VC‐backed companies. Financial Management, 39(1), 129-152.
  • (Article) Keil, T. (2004). Building external corporate venturing capability. Journal of Management Studies, 41(5), 799-825.
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  • (Article) Knoben, J., & Bakker, R. M. (2019). The guppy and the whale: Relational pluralism and start-ups’ expropriation dilemma in partnership formation. Journal of Business Venturing 34(1), 103-121
  • (Article) Lakhani, K. R., Boudreau, K. J., Loh, P. R., Backstrom, L., Baldwin, C., Lonstein, E., … & Guinan, E. C. (2013). Prize-based contests can provide solutions to computational biology problems. Nature Biotechnology, 31(2), 108.
  • (Article) Lee, S. U., Park, G., & Kang, J. (2018). The double-edged effects of the corporate venture capital unit’s structural autonomy on corporate investors’ explorative and exploitative innovation. Journal of Business Research, 88, 141-149.
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  • (Article) Maula, M. V., Keil, T., & Zahra, S.A. (2013). Top management’s attention to discontinuous technological change: Corporate venture capital as an alert mechanism. Organization Science, 24(3), 926-947.
  • (Article) Miller, A., & Camp, B. (1985). Exploring determinants of success in corporate ventures. Journal of Business Venturing, 1(1), 87-105.
  • (Article) Puranam, P., Singh, H., & Zollo, M. (2006). Organizing for innovation: Managing the coordination-autonomy dilemma in technology acquisitions. Academy of Management Journal, 49(2), 263-280.
  • (Article) Puranam, P., & Srikanth, K. (2007). What they know vs. what they do: How acquirers leverage technology acquisitions. Strategic Management Journal, 28(8), 805-825.
  • (Article) Schildt, H. A., Maula, M. V., & Keil, T. (2005). Explorative and exploitative learning from external corporate ventures. Entrepreneurship Theory and Practice, 29(4), 493-515.
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  • (Article) Souitaris, V., Zerbinati, S., & Liu, G. (2012). Which iron cage? Endo-and exoisomorphism in corporate venture capital programs. Academy of Management Journal, 55(2), 477-505.
  • (Article) Souitaris, V., & Zerbinati, S. (2014). How do corporate venture capitalists do deals? An exploration of corporate investment practices. Strategic Entrepreneurship Journal, 8(4), 321-348.
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  • (Article) Sykes, H. B. (1986). The anatomy of a corporate venturing program: Factors influencing success. Journal of Business Venturing, 1(3), 275-293.
  • (Article) Titus, V. K., House, J. M., & Covin, J. G. (2014). Resource stocks and needs as drivers of external corporate venturing. In Academy of Management Proceedings (Vol. 2014, No. 1, p. 11566). Briarcliff Manor, NY 10510: Academy of Management.
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