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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Author(s)
Günter Hofbauer
Karina Hofbauer
Full-Text PDF
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DOI:10.17265/1537-1514/2016.09.001
Affiliation(s)
Technische Hochschule Ingolstadt, Ingolstadt, Germany
Universität Regensburg, Regensburg, Germany
ABSTRACT
Research
in the field of innovation is very important, because innovations are necessary
prerequisites for the success of companies. Innovation management has to be
executed in consideration of external influences (environment) and internal
influences (company). The research topic is about optimizing the budget
allocation for innovation management. The main research question is how to
decide between the two basic options: exploitation and exploration. A promising
way is to balance these two antipodes. One extent is to do research and
development to explore new knowledge and create basic innovations as well as to
use new technologies to invent new products (exploration). The other extent is
to fully utilize and exploit existing possibilities, potential, and
technologies (exploitation). It is a crucial management task to find the right
balance between these two proceedings. To answer the research question is how
to balance exploration and exploitation in an adequate way. The applied method
is literature research and analytical development of a tool, which should help
to find the right management decision about innovation strategy and budget
allocation. This article is a conceptual paper with a deductive approach, in
which the framework of variables influencing the decision about exploration and
exploitation is introduced and in which the Innovation-Alignment-Portfolio
(IAP) as a tool to substantiate the decision between the two antipodes is
presented. As a result, the specific contribution to academic discussion, based
on critical literature review, is twofold: firstly, deployment of a systematic
framework of antecendents and tradeoffs influencing the management decision.
Secondly, the development and introduction of the Innovation-Alignment-Portfolio.
The structure of the paper consists of three main parts. The first part is
about the introduction and problem formulation. In the second part, a critical
literature review is done and leads to the research results, which are
summarized in the framework of innovation management. Factors of influence are
analyzed and discussed. In the third part, the Innovation-Alignment-Portfolio
is introduced as a tool to balance exploration and exploitation. The conclusion
of this paper is that decisions about innovation strategies can be made in a
more differentiated way by using the Innovation-Alignment-Portfolio.
KEYWORDS
antecendents, exploration, exploitation, innovation, Innovation-Alignment-Portfolio
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