Finding an Innovation Strategy That Works by Frank T. Rothaermel and Andrew M. Hess
When it comes to pursuing innovation, choosing the right path can be tricky, even for the most seasoned of managers. That's because there are many options from which to choose, and no one-size-fits-all recipe for success.
To make it a little easier to find the right path, we spent five years analyzing some commonly used innovation strategies. In particular, we took an in-depth look at four approaches—recruiting and cultivating human capital, spending on internal research and development, engaging in strategic alliances, and acquiring technology ventures—and what happens when companies try to pursue some or all of them at the same time.