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Managing Uncertainty

In: Commercialisation and Innovation Strategy in Small Firms

Author

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  • Tim Mazzarol

    (University of Western Australia)

  • Sophie Reboud

    (Burgundy School of Business)

Abstract

This chapter examines the issue of how to manage uncertainty and risk in the process of innovation. By its very nature, innovation is inherently risky. The more radical and disruptive the innovation, the more uncertainty and potential risk is created. However, the management of uncertainty and risk, although closely aligned, require different conceptual and applied approaches. We commence this chapter with an examination of the difference between risk and uncertainty, before moving onto the findings from the research literature relating to the processes of managing risk and uncertainty with small firms, particularly ISFs. This is followed by a review of data from our international survey 567 ISFs from 11 OECD countries that examines their perceptions of perceived uncertainties and risks with respect to their markets, innovation management (e.g., NPD processes), resources, and strategies.

Suggested Citation

  • Tim Mazzarol & Sophie Reboud, 2022. "Managing Uncertainty," Springer Books, in: Commercialisation and Innovation Strategy in Small Firms, chapter 0, pages 241-303, Springer.
    • Handle: RePEc:spr:sprchp:978-981-19-2651-8_6
    DOI: 10.1007/978-981-19-2651-8_6
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