Technology and Innovation

Published on April 27, 2022   9 min

Other Talks in the Series: Key Concepts: Introduction to Strategy

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Hello and welcome to this series of introductory talks on business strategy. My name is Robert Grant. I'm a professor of strategic management, at Bocconi University in Milan, Italy. I'm also the author of 'Contemporary Strategy Analysis', a leading strategic management textbook used in business programmes throughout the world.
In this talk, our focus will be on a particular type of industry. Industries that are subject to technological change. However, as we shall discover, these industries are becoming less and less distinctive as technological change, especially that arising from the diffusion of digital technology becomes more pervasive. In these industries competitive advantage is primarily the result of innovation. Hence, our focus will be on the formulation of innovation strategy. My goals for you in this talk are, firstly to gain familiarity with the technology cycle and the distinction between invention and innovation. Second, to understand what determines the returns to innovation. Third, to select strategies that can best exploit innovation. Finally, to appreciate the role of platforms and network externalities in innovation. To this end, I shall begin by considering the role of invention and innovation within the technology cycle. I shall then outline the determinants of the returns to innovation and the best strategies to exploit innovation. Finally, I shall go on to consider the role of platforms and network externalities in innovation strategy.