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What are Innovative Opportunities?

Author

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  • Magnus Holmen
  • Mats Magnusson
  • Maureen McKelvey

Abstract

To better understand and explain processes of economic transformation, this paper proposes a new concept, “innovative opportunities”. Our interpretation of opportunities is based on an understanding of innovation in a business context, stressing perception and uncertainty during the choices involved in innovation processes. Based on Schumpeterian views of economic transformation, innovative opportunities refer to a set of different elements within the processes whereby actors identify, act upon and realize new combinations of resources and market needs to try to benefit from their future economic potential. To better understand and explain such processes, the proposed conceptualization of “innovative opportunities” consists of three elements: (1) economic value; (2) mobilization of resources; and (3) appropriability, which goes beyond existing types of opportunity conceptualizations found in the literature. The concluding discussion returns to the question of how this view of innovative opportunities modifies the existing understanding of innovation activities and industrial dynamics, and helps us identify new areas of research.

Suggested Citation

  • Magnus Holmen & Mats Magnusson & Maureen McKelvey, 2007. "What are Innovative Opportunities?," Industry and Innovation, Taylor & Francis Journals, vol. 14(1), pages 27-45.
    • Handle: RePEc:taf:indinn:v:14:y:2007:i:1:p:27-45
    DOI: 10.1080/13662710601130830
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    References listed on IDEAS

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    1. John Foster & J. Stanley Metcalfe (ed.), 2001. "Frontiers of Evolutionary Economics," Books, Edward Elgar Publishing, number 2234.
    2. Giovanni Dosi & Christopher Freeman & Richard Nelson & Gerarld Silverberg & Luc Soete (ed.), 1988. "Technical Change and Economic Theory," LEM Book Series, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, number dosietal-1988, April.
    3. Pier P. Saviotti, 1996. "Technological Evolution, Variety and the Economy," Books, Edward Elgar Publishing, number 727.
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    Citations

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    Cited by:

    1. Deiaco, Enrico & Homén, Magnus & McKelvey, Maureen, 2008. "What does it Mean Conceptually that Universities Compete?," Working Paper Series in Economics and Institutions of Innovation 139, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    2. Massimo G. Colombo & Keld Laursen & Mats Magnusson & Cristina Rossi-Lamastra, 2011. "Organizing Inter- and Intra-Firm Networks: What is the Impact on Innovation Performance?," Industry and Innovation, Taylor & Francis Journals, vol. 18(6), pages 531-538, August.
    3. Coronado, Daniel & Acosta, Manuel & Fernández, Ana, 2008. "Attitudes to innovation in peripheral economic regions," Research Policy, Elsevier, vol. 37(6-7), pages 1009-1021, July.
    4. Diatlova Valentyna & Diatlova Yuliia & Petryk Iryna & Hutareva Yuliia & Zubro Tetyana & Tyshchenko Olena, 2021. "Innovative Development: Model and Evaluation Method in the Context of Integration Processes," Management Theory and Studies for Rural Business and Infrastructure Development, Sciendo, vol. 43(1), pages 161-171, March.
    5. Franco Malerba & Maureen McKelvey, 2020. "Knowledge-intensive innovative entrepreneurship integrating Schumpeter, evolutionary economics, and innovation systems," Small Business Economics, Springer, vol. 54(2), pages 503-522, February.
    6. Maureen McKelvey, 2016. "Firms navigating through innovation spaces: a conceptualization of how firms search and perceive technological, market and productive opportunities globally," Journal of Evolutionary Economics, Springer, vol. 26(4), pages 785-802, October.
    7. Anastasia Petrou & Irene Daskalopoulou, 2015. "Social Capital and Small Business Competitiveness: Evidence from Cross-Section Tourism Data," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 6(4), pages 946-967, December.
    8. Saemundsson, Rognvaldur J. & Candi, Marina, 2017. "Absorptive capacity and the identification of opportunities in new technology-based firms," Technovation, Elsevier, vol. 64, pages 43-49.
    9. Ethan Gifford & Guido Buenstorf & Daniel Ljungberg & Maureen McKelvey & Olof Zaring, 2021. "Variety in founder experience and the performance of knowledge-intensive innovative firms," Journal of Evolutionary Economics, Springer, vol. 31(2), pages 677-713, April.

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