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The Innovation Arena: A Method for Comparing Innovative Problem-Solving Across Groups
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A buyer's guide to the innovation bazaar.

Satish Nambisan1, Mohanbir Sawhney

  • 1Rensselaer Polytechnic Institute, Lally School of Management and Technology, Troy, New York, USA. nambis@rpi.edu

Harvard Business Review
|June 22, 2007
PubMed
Summary

Navigating external innovation sourcing can be complex. This guide introduces the external sourcing continuum, helping companies strategically acquire new ideas or market-ready products by balancing cost, risk, and speed.

Area of Science:

  • Business Strategy
  • Innovation Management
  • Technology Transfer

Background:

  • Companies increasingly rely on external sources for innovation.
  • The process of acquiring external ideas and products can be complex and chaotic.
  • Managers need clear frameworks to guide external sourcing decisions.

Purpose of the Study:

  • To provide a conceptual guide for managers on external innovation sourcing.
  • To introduce the "external sourcing continuum" framework.
  • To compare different methods of acquiring external innovation.

Main Methods:

  • Development of the "external sourcing continuum" concept.
  • Analysis of three distinct approaches: raw ideas, market-ready products, and intermediary-facilitated innovation.

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  • Comparison of cost, risk, multiplicity of options, and speed of commercialization for each approach.

    • Main Results:

    • Raw ideas offer low cost but high risk and slow commercialization.
    • Market-ready products reduce risk and speed commercialization but increase cost and limit options.
    • An "innovation capitalist" intermediary offers a balance, providing nearly market-ready ideas with mitigated risk and faster time-to-market.

    Conclusions:

    • The external sourcing continuum provides a strategic overview of innovation acquisition.
    • Companies can optimize their innovation strategy by understanding the trade-offs at different points on the continuum.
    • Expanding sourcing strategies to include intermediary-facilitated innovation can increase options and flexibility.