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Lecture Strategic management: Competitiveness and globalization, concepts and cases (4/e): Chapter 13 - Michael A. Hitt, R. Duane Ireland, Robert E. Hoskisson

Chapter 13 - Corporate entrepreneurship and innovation. Studying this chapter should provide you with the strategic management knowledge needed to: Define strategic entrepreneurship and corporate entrepreneurship; define entrepreneurship and entrepreneurial opportunities and explain their importance; define invention, innovation, and imitation and describe the relationship among them; describe entrepreneurs and the entrepreneurial mind-set;. | Chapter 13 Corporate Entrepreneurship and Innovation Michael A. Hitt R. Duane Ireland Robert E. Hoskisson ©2000 South-Western College Publishing 1 Competitiveness Chapter 3 Internal Environment Chapter 2 External Environment The Strategic Management Process Strategic Intent Strategic Mission Strategic Competitiveness Above Average Returns Feedback Strategy Formulation Chapter 4 Business-Level Strategy Chapter 5 Competitive Dynamics Chapter 6 Corporate-Level Strategy Chapter 8 International Strategy Chapter 9 Cooperative Strategies Chapter 7 Acquisitions & Restructuring Strategy Implementation Chapter 10 Corporate Governance Chapter 11 Structure & Control Chapter 12 Strategic Leadership Chapter 13 Entrepreneurship & Innovation Strategic Inputs Strategic Actions Strategic Outcomes 2 Defining Entrepreneurship Firm’s capabilities to develop new goods or services and manage the innovation process Corporate Entrepreneurship Creating or developing a new product or process idea Invention . | Chapter 13 Corporate Entrepreneurship and Innovation Michael A. Hitt R. Duane Ireland Robert E. Hoskisson ©2000 South-Western College Publishing 1 Competitiveness Chapter 3 Internal Environment Chapter 2 External Environment The Strategic Management Process Strategic Intent Strategic Mission Strategic Competitiveness Above Average Returns Feedback Strategy Formulation Chapter 4 Business-Level Strategy Chapter 5 Competitive Dynamics Chapter 6 Corporate-Level Strategy Chapter 8 International Strategy Chapter 9 Cooperative Strategies Chapter 7 Acquisitions & Restructuring Strategy Implementation Chapter 10 Corporate Governance Chapter 11 Structure & Control Chapter 12 Strategic Leadership Chapter 13 Entrepreneurship & Innovation Strategic Inputs Strategic Actions Strategic Outcomes 2 Defining Entrepreneurship Firm’s capabilities to develop new goods or services and manage the innovation process Corporate Entrepreneurship Creating or developing a new product or process idea Invention Creating a commercializable product from invention Innovation Adoption of innovation by a population of similar firms Imitation 6 Successful Entrepreneurship The key to success with entrepreneurship and innovation is moving from the invention of ideas to effective commercialization and acceptance in the marketplace 7 Timely Difficult for competitors to imitate Commercially exploitable with present capabilities Innovation and Competitive Advantage Competitive Advantage Provides significant value to customers 12 Fostering Entrepreneurial Innovation Internal Corporate Venturing Three approaches: Cooperating to Produce Innovation Acquiring Innovative Capability Create it! Co-opt it! Buy it! 12 Internal Corporate Venturing Corporate Intrapreneurship can occur as either a bottom-up process or as a top-down process Autonomous strategic behavior is a bottom-up process through which Product Champions pursue new product ideas to commercialization Product Champions are individuals who have an .