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Creation and Co-evolution of Strategic Options by Firms: an Entrepreneurial and Managerial Approach of Flexibility and Resource Allocation

In: Powerful Finance and Innovation Trends in a High-Risk Economy

Author

Listed:
  • Thierry Burger-Helmchen

    (University Louis Pasteur)

Abstract

The success of a firm depends on its capability to create and exploit new projects, routines and technologies. Those projects are competitive opportunities that the firm must recognize, evaluate, and on which it has to be able to apply operating capabilities to take advantage of them. The general management responsible for the firm’s strategic direction frequently fails to manage the organization’s technological innovation process that creates these opportunities (Adner and Levinthal, 2004). To help managers in their decision-making process in uncertain environments new techniques and theories are developed; one of them is the real option theory. This conceptual decision-making framework is about to become a standard. The formal approach, originating from financial models, dealing with future uncertainty and the opportunities a firm can seize, is appealing to managers.

Suggested Citation

  • Thierry Burger-Helmchen, 2008. "Creation and Co-evolution of Strategic Options by Firms: an Entrepreneurial and Managerial Approach of Flexibility and Resource Allocation," Palgrave Macmillan Books, in: Blandine Laperche & Dimitri Uzunidis (ed.), Powerful Finance and Innovation Trends in a High-Risk Economy, chapter 11, pages 183-206, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-58409-9_12
    DOI: 10.1057/9780230584099_12
    as

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