The future of value creation and innovations: Aspects of a theory of value creation and innovation in a global knowledge economy

What enhances innovation and value creation in the global knowledge economy? We offer several answers here, chief among them this: Leaders need to move away from focusing on developing innovations and value within the mental models, systems, and organizational solutions of the old industrial economy, with its firm- and product-centric view of value. Instead, they need to focus on providing tailor-made products and services to the newly connected and interconnected customer. They can do this with individualized immediate feedback, a new organizational logic, and new cooperating structures.

[1]  James Lull,et al.  Culture-on-Demand: Communication in a Crisis World , 2007 .

[2]  Bernard J. Jaworski,et al.  Best Face Forward: Why Companies Must Improve Their Service Interfaces With Customers , 2005 .

[3]  S. Zahra,et al.  Sources of capabilities, integration and technology commercialization , 2002 .

[4]  Eric von Hippel,et al.  Satisfying Heterogeneous User Needs Via Innovation Toolkits: The Case of Apache Security Software , 2002 .

[5]  F. Tödtling,et al.  Regional Innovation Systems , 2011 .

[6]  M. Porter.  Clusters and the new economics of competition. , 1998, Harvard business review.

[7]  R. Katz,et al.  Investigating the Not Invented Here (NIH) syndrome: A look at the performance, tenure, and communication patterns of 50 R & D Project Groups , 1982 .

[8]  W. Ashby,et al.  An Introduction to Cybernetics , 1957 .

[9]  Richard T. Grenci,et al.  Maximizing customer value via mass customized e-consumer services , 2007 .

[10]  D. Corkindale,et al.  Co-developing products: Involving customers earlier and more deeply , 1998 .

[11]  Rosabeth Moss Kanter,et al.  Evolve! : Succeeding in the Digital Culture of Tomorrow , 2001 .

[12]  Susanne Kelly,et al.  The Complexity Advantage: How the Science of Complexity Can Help Your Business Achieve Peak Performance , 1999 .

[13]  Philip Cooke,et al.  Introduction: Origins of the Concept , 1998 .

[14]  M. Gordon,et al.  PUBLICATION RECORDS AND TENURE DECISIONS IN THE FIELD OF STRATEGIC MANAGEMENT , 1996 .

[15]  Ronald Maier,et al.  Knowledge management systems - information and communication technologies for knowledge management (3. ed.) , 2007 .

[16]  Herman E. Daly,et al.  Population, migration, and globalization , 2006 .

[17]  E. Hippel,et al.  Lead users: a source of novel product concepts , 1986 .

[18]  H. Chesbrough,et al.  Open Innovation: A New Paradigm for Understanding Industrial Innovation , 2006 .

[19]  Roel Rutten,et al.  The learning region : Foundations, state of the art, future , 2007 .

[20]  Paul Sparrow,et al.  Human Resource Management: the new agenda , 1998 .

[21]  Yadong Luo,et al.  A coopetition perspective of global competition , 2007 .

[22]  M. Castells.  The Power of Identity , 1997 .

[23]  M. Gibbert,et al.  Five Styles of Customer Knowledge Management, and How Smart Companies Use Them To Create Value , 2002 .

[24]  Jeffrey Pfeffer,et al.  Knowing "What" to Do Is Not Enough: Turning Knowledge into Action , 1999 .

[25]  Margaret A. Peteraf.  The cornerstones of competitive advantage: A resource‐based view , 1993 .

[26]  Etienne Wenger,et al.  Situated Learning: Legitimate Peripheral Participation , 1991 .

[27]  B. Edvardsson,et al.  New service development: learning from and with customers , 2004 .

[28]  E. Penrose.  The theory of the growth of the firm twenty-five years after , 1960 .

[29]  G. Bateson,et al.  STEPS TO AN ECOLOGY OF MIND COLLECTED ESSAYS IN ANTHROPOLOGY, PSYCHIATRY, EVOLUTION, AND EPISTEMOLOGY , 2006 .

[30]  M. Castells.  End of Millennium: The Information Age: Economy, Society and Culture , 1997 .

[31]  S. Ottosson.  Dealing with innovation push and market need , 2004 .

[32]  M. Castells.  The Information Age: Economy, Society and Culture , 1999 .

[33]  S. Winter,et al.  An evolutionary theory of economic change , 1983 .

[34]  J. Robins,et al.  A resource‐based approach to the multibusiness firm: Empirical analysis of portfolio interrelationships and corporate financial performance , 1995 .

[35]  Bengt-Åke Lundvall,et al.  National Systems of Innovation: towards a theory of innovation and interactive learning London: Pint , 1995 .

[36]  D. Teece,et al.  DYNAMIC CAPABILITIES AND STRATEGIC MANAGEMENT , 1997 .

[37]  Zygmunt Bauman,et al.  Liquid Times Living in an Age of Uncertainty , 2006 .

[38]  D. Faems,et al.  Book review: Open Innovation: Researching a New Paradigm / by H. Chesbrough, W. Vanhaverbeke and J. West. - Oxford University Press. - ISBN 978-0-19929072-7 , 2008 .

[39]  J. Barney.  Firm Resources and Sustained Competitive Advantage , 1991 .

[40]  Russ Marion.  The Edge of Organization: Chaos and Complexity Theories of Formal Social Systems , 1999 .

[41]  J. Rowley,et al.  Customer community and co-creation: a case study , 2007 .

[42]  Lester C. Thurow,et al.  Building Wealth : The New Rules for Individuals, Companies, and Nations in a Knowledge-Based Economy , 1999 .

[43]  M. Castells.  The rise of the network society , 1996 .

[44]  Bjørn Johnson,et al.  National Systems of Innovation: Towards a Theory of Innovation and Interactive Learning , 1992 .

[45]  Seán Ó Riain,et al.  The politics of mobility in technology-driven commodity chains: developmental coalitions in the Irish software industry , 2004 .

[46]  Gareth R. Jones,et al.  Transaction Cost Analysis of Service Organization-Customer Exchange , 1986 .

[47]  Henry Chesbrough,et al.  Open Innovation: The New Imperative for Creating and Profiting from Technology , 2003 .

[48]  Philip Cooke.  Regional Innovation Systems, Asymmetric Knowledge and the Legacies of Learning , 2007 .

[49]  Hal R. Varian,et al.  Information rules - a strategic guide to the network economy , 1999 .

[50]  Richard L. Priem.  A Consumer Perspective on Value Creation , 2007 .

[51]  G. Hamel.  The Future of Management , 2007 .

[52]  J. West,et al.  Open innovation : researching a new paradigm , 2008 .

[53]  David J. Teece,et al.  Economic Analysis and Strategic Management , 1984 .

[54]  G. Lumpkin,et al.  Innovation as newness: what is new, how new, and new to whom? , 2001 .

[55]  Everett M. Rogers,et al.  Communication Technology: The New Media in Society , 1986 .

[56]  James Simmie,et al.  Innovation and Urban Regions as National and International Nodes for the Transfer and Sharing of Knowledge , 2003 .

[57]  N. Sakkab,et al.  Connect and Develop : Inside Procter & Gamble's New Model for Innovation , 2006 .

[58]  Karel Cool,et al.  Asset stock accumulation and sustainability of competitive advantage , 1989 .

[59]  Georg von Krogh,et al.  Enabling Knowledge Creation: How to Unlock the Mystery of Tacit Knowledge and Release the Power of Innovation , 2000 .

[60]  J. Tidd,et al.  Service Innovation:Organizational Responses to Technological Opportunities & Market Imperatives , 2003 .

[61]  A. Giddens.  Modernity and Self-Identity: Self and Society in the Late Modern Age , 1992, The New Social Theory Reader.

[62]  Ikujiro Nonaka,et al.  From information processing to knowledge creation: A Paradigm shift in business management , 1996 .

[63]  Clayton M. Christensen,et al.  Innovacion disruptiva para el cambio social , 2006 .

[64]  Russell L. Ackoff,et al.  Re-Creating the Corporation: A Design of Organizations for the 21st Century , 1999 .

[65]  A. V. D. Ven,et al.  A Collective Action Model of Institutional Innovation , 2006 .

[66]  R. Duane Ireland,et al.  Book Reviews , 2002 .

[67]  Deependra Moitra,et al.  The practice of co‐creating unique value with customers: an interview with C.K. Prahalad , 2006 .

[68]  C. Prahalad,et al.  The Future of Competition: Co-Creating Unique Value With Customers , 2004 .

[69]  Marina van Geenhuizen,et al.  Modelling dynamics of knowledge networks and local connectedness: a case study of urban high-tech companies in The Netherlands , 2007 .

[70]  P. Drucker.  Knowledge-Worker Productivity: The Biggest Challenge , 1999, IEEE Engineering Management Review.

[71]  N. Sakkab.  Connect & Develop Complements Research & Develop at P&G , 2002 .

[72]  M. Porter.  The Competitive Advantage Of Nations , 1990 .

[73]  Michaela Trippl,et al.  Regional Knowledge Economies: Markets, Clusters and Innovation , 2007 .

[74]  Mj Enright,et al.  Clusters and the New Economy , 2001 .

[75]  Andrew Davies,et al.  Are Firms Moving "Downstream" into High-Value Services? , 2003 .

[76]  R. Grant.  Toward a Knowledge-Based Theory of the Firm,” Strategic Management Journal (17), pp. , 1996 .

[77]  P. David,et al.  Economic Fundamentals of the Knowledge Society , 2003 .