Profiting from Innovation

This lecture explores the concept of innovation as the use of new knowledge to offer new products, processes, or services, involving invention, commercialization, and appropriation. It delves into imitability, complementary assets, and the importance versus control of various assets in the context of launching new ventures. The discussion includes a framework for understanding the interplay between imitability and the control of complementary assets, highlighting the impact on value capture and competitive dynamics. The lecture concludes by emphasizing the significance of opportunity identification and strategic decision-making in navigating different quadrants of the complementary asset framework.

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Related concepts (32)

Launching New Ventures

Develop your promising idea into a successful business concept proposal, and launch it! Gain practical experience in the key steps of the venture creation process, including marketing and fundraising.

Launching New Ventures

Anti-competitive practices

Anti-competitive practices are business or government practices that prevent or reduce competition in a market. Antitrust laws ensure businesses do not engage in competitive practices that harm other, usually smaller, businesses or consumers. These laws are formed to promote healthy competition within a free market by limiting the abuse of monopoly power. Competition allows companies to compete in order for products and services to improve; promote innovation; and provide more choices for consumers.

Competition

Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss (an example of which is a zero-sum game). Competition can arise between entities such as organisms, individuals, economic and social groups, etc. The rivalry can be over attainment of any exclusive goal, including recognition. Competition occurs in nature, between living organisms which co-exist in the same environment. Animals compete over water supplies, food, mates, and other biological resources.

Decision-making

In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either rational or irrational. The decision-making process is a reasoning process based on assumptions of values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action.

Group decision-making

Group decision-making (also known as collaborative decision-making or collective decision-making) is a situation faced when individuals collectively make a choice from the alternatives before them. The decision is then no longer attributable to any single individual who is a member of the group. This is because all the individuals and social group processes such as social influence contribute to the outcome. The decisions made by groups are often different from those made by individuals.

Consensus decision-making

Consensus decision-making or consensus process (often abbreviated to consensus) are group decision-making processes in which participants develop and decide on proposals with the aim, or requirement, of acceptance by all. The focus on establishing agreement of at least the majority or the supermajority and avoiding unproductive opinion differentiates consensus from unanimity, which requires all participants to support a decision. The word consensus is Latin meaning "agreement, accord", derived from consentire meaning "feel together".