Innovation and Business Performance a Literature Review

INNOVATION AND BUSINESS PERFORMANCE: A LITERATURE REVIEW Commissioned by GO-ER Andy Neely Jasper Hii The Judge Institute of Management Studies University of Cambridge 15 th Jan 1998 CONTENTS EXECUTIVE SUMMARY 1 INTRODUCTION 2 INNOVATION 2.1 Why innovate? 2.2 Innovation and competitiveness 2.3 Barriers to innovation 2.4 Summary 3 INNOVATION MANAGEMENT 3.1 What is innovation? 3.1.1 Diffusion of innovation 3.2 Models of innovation 3.2.1 First generation: technology-push 3.2.2 Second generation: market-pull 3.2.3 Third generation: coupling model 3.2.4 Fourth generation: integrated model 3.2.5 Fifth generation: systems integration and networking 3.3 Levels of analysis 3.3.1 Firm-level 3.3.2 Regional-level 3.3.3 National-level 3.4†¦show more content†¦Studies suggest that at firm-level, innovative capacity is influenced by three dimensions: firm culture; internal processes; and external environment. The concept of innovativeness relates to the propensity of an individual or a firm to innovate. Firm innovativeness is influenced by three sets of factors: organisational characteristics; managerial characteristics and environmental characteristics. The models used to depi ct innovation process can be classified into five generations. They are: technology-push model, market-pull model, coupling model, integrated model and networking model. †¢ Networking is a key element in enhancing the innovative potential of firms. Section 3 INNOVATION AND PERFORMANCE: †¢ Numerous empirical studies suggest that innovation enhances firm performance. iv †¢ Innovation enhances business performance because the product of innovation increases firm competitiveness and the process of innovation transforms a firm’s internal capabilities making it more adaptive to change. †¢ †¢ †¢ Innovation is hard to measure because of its multi-dimensional character. 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