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Strategy and innovation: making the right strategic decision and developing the right innovative capabilities

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  • Lawrence J. Loughnane

Abstract

All organisations must be innovative. Is this true? No; despite the call for companies to be innovative, research indicates it is not necessary for an organisation to be innovative to be highly successful. There are two types of innovation: upstream and downstream innovation. Upstream innovation is the development of new inventions and technologies. Downstream innovation is the process of turning the inventions and processes into economic value. Vision drives the decision to pursue innovation. Innovation exists in a context approaching chaos. It exists in a context where complexity is high and the unpredictable occurs far more frequently than predictable results. A company that chooses to pursue innovation must recognise that being innovative is not a strategy. Being innovative is a capability that is the result of a successful strategy.

Suggested Citation

  • Lawrence J. Loughnane, 2009. "Strategy and innovation: making the right strategic decision and developing the right innovative capabilities," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 7(4), pages 446-456.
    • Handle: RePEc:ids:ijesbu:v:7:y:2009:i:4:p:446-456
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