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Behavioral Innovation and Corporate Renewal

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  • Nathan R. Furr
  • J. P. Eggers

Abstract

Corporations often seek renewal through internal innovations that create new sources of revenue and help them enter new markets. But research and anecdote continue to show that corporations struggle to renew through innovation. We argue that the primary impediments to corporate renewal through innovation stem from the ways in which human–nature interacts with the inherently uncertain aspects of innovation. We suggest that the field needs to adopt a more integrated, behavioral innovation view to account for the behavioral forces shaping the innovation process. In this paper, we propose an alternate innovation process model that exposes key behavioral bottlenecks limiting innovation. We then review key extant findings and potential research opportunities related to the model. Finally, we highlight the importance of a research focus on remedies, as well as other future opportunities for the field. We hope this paper can serve as an inspiration for a new view of corporate renewal through innovation and for a behavioral innovation view more generally.

Suggested Citation

  • Nathan R. Furr & J. P. Eggers, 2021. "Behavioral Innovation and Corporate Renewal," Strategic Management Review, now publishers, vol. 2(2), pages 285-322, September.
    • Handle: RePEc:now:jnlsmr:111.00000029
    DOI: 10.1561/111.00000029
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    Cited by:

    1. Sebastian Kruse & David Bendig & Malte Brettel, 2023. "How Does CEO Decision Style Influence Firm Performance? The Mediating Role of Speed and Innovativeness in New Product Development," Journal of Management Studies, Wiley Blackwell, vol. 60(5), pages 1205-1235, July.

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