A S L 3 Lecture Notes - Lecture 18: Strategic Management, Long Tail, Geoffrey Moore
Document Summary
Chapter 7: business strategy: innovation and entrepreneurship: competition driven by innovation. Initial innovation provided the necessary infrastructure for newer innovations to diffuse more rapidly. The emergence of new business models makes innovations more accessible. The speed of technology diffusion has accelerated further with the emergence of the internet, social networking sites and viral messaging. The accelerating speed of technology changes has significant implications for the competitive process and firm strategy. Innovation describes the discovery and development of new knowledge in a four-step process captured in the 4-i"s: idea, invention, innovation and imitation. It"s often presented in terms of abstract concepts. Invention is the transformation of an idea into a new product or process, or the modification and recombination of existing ones. The practical application of basic knowledge frequently results in new technology. If an invention is useful, novel and non-obvious it can be patented.
