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Strategic Management in the Innovation Economy: Strategic Approaches and Tools for Dynamic Innovation Capabilities ReviewAt first glance I thought this book is an ambitious one: why the focus on innovation economy (is it really different?), and will another book on strategic management have anything significantly new - and practical - to say? The wish that I have, and I guess many other business managers, is for simple and practical strategy approaches and tools to handle the speed and (often bewildering) innovative variety of our current business and economic life. I was pleasantly surprised to see that the authors not only pose the same questions right at the outset, but then proceed to make a valid case for the innovation economy, and also new strategic management approaches and tools for its challenges, through extensive case examples of countries, industries and companies.
But what really delighted me was the original and very appropriate analogous use of Einstein's theorem of energy - E=MC?2, to show how companies can rejuvenate their innovative energies, and also how Moore's law and Metcalfe's law work in conjunction to increase innovative power of companies. Of course, these make sense only if used strategically well through a new strategy approach, termed `poised strategy' by the authors, that includes risk-factored experimentation with new business models.
The real value of the book for both managers and researchers, in my view, is the summarization, condensation and comparison of all the key dimensions of innovation, while showing you practically how to devise and implement a strategic innovation process in a holistic way (in addition to the traditional mechanistic processes). The valuable ideas of e.g. Chesbrough on open innovation, and Christensen on disruptive innovation, are elegantly covered and integrated as a platform for the book's central message.
I'm happy to see that the authors, unlike too many writers on the subject, recognize that current strategy approaches and processes - most still rooted in the industrial economy, have shortcomings in their application in the innovation economy. Product innovation is ineffective if not seen within process innovation, network innovation and innovation in business model design, the latter which is especially crucial today. The issues underlying business model innovation are handled exceptionally well, with sound understanding through a variety of industry and business examples.
You'll find plenty of checklists and summaries, including principles for reinventing business models, ways of rejuvenating organizational energies, driving growth through innovation, new strategic management processes and tools, and frameworks for handling new strategic leadership challenges in the innovation economy. I think this book is going to be seen as a seminal book, making sense of the often confusing writings on innovation and strategy that abound today, and providing a new benchmark in strategy thinking and doing.
As a possible note of criticism, I think the scope of the book is probably too large, with its contents attempting to cover all issues of strategy and innovation; however, I think the authors had no option but to provide a widely-integrative work at this point in time, and from that angle the book makes perfect sense. Finally, what impressed me hugely is that the book offers value for a wide range of often disparate people - managers, leaders, teachers, researchers and even politicians. However, definitely a must read for everyone working in either business research or management. With this book Tom Davenport, Marius Leibold and Sven Voelpel are enhancing their status as leading original management thinkers for the 21st century.
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