Creating a culture of innovation: why corporate culture is key to radical innovation in firms

Creating a culture of innovation: why corporate culture is key to radical innovation in firms
Document type
Briefing
Author(s)
Prabhu, Jaideep; Tellis, Gerard; Chandy, Rajesh
Publisher
AIM Research
Date of publication
1 August 2010
Series
AIM Executive Briefings
Subject(s)
Trends: economic, social and technology trends affecting business, Management & leadership: including strategy, public sector management, operations and production
Collection
Business and management
Material type
Reports

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This briefing identifies four potentially important drivers of radical innovation: the availability of capital, the availability of skilled labour, culture, and government policy and arguing that culture - corporate culture in particular - is the key differentiator with regards to a firm's ability to innovate radically. As a result, the briefing looks at corporate culture - a core set of attitudes and practices shared by members of a firm - more closely, identifying three innovation related attitudes and two innovation sustaining practices, that subsequently proved important determinants of radical innovation Markets for capital and skilled labour are fairly efficient, throughout the world, and most companies have access to both skilled labour and capital. Equally, government policies around the world are increasingly convergent, with a renewed global focus on regulatory and technological developments prompting many countries to unilaterally integrate into international markets. Moreover, multilateral trade agreements and pan-national institutions such as the World Trade Organisation have helped to promote increased convergence in government policies across nations with respect to intellectual property protection, government procurement, and collaboration between universities and industry. 

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