Bridging Theory and Practice for Commercialization and Innovation – a Market-Centered Perspective for Cross- Industry Applications

Abstract

Growth thru innovation is a stated goal of organizations ranging from startups to growth companies and to mature, well-established Fortune 500 companies. Different forms of innovation may be pursued depending on the strategic goals of the organization. Smaller entrepreneurial companies, typically startups or “skunk works operations” are well suited to pursue disruptive innovation, or alternatively to create new “blue ocean” markets by exploiting the uncontested space while not unconstrained by an existing (and perhaps profitable) business model that is not well suited to the new markets – Christensen’s Innovators Dilemma. Conversely, incumbents often dominate sustained or incremental innovation for growth of existing markets or customer bases. We highlight below that need- seeking/ customer-driven innovation is predominant in the Silicon Valley innovation ecosystem. Given this success, why is a broader segment of the US economy not following this model?