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Area of Science:

  • Life Sciences
  • Business Strategy
  • Innovation Management

Background:

  • Industries face challenges balancing innovation for value growth with social responsibility.
  • Bayer, a life science company, aims to improve health and alleviate hunger.
  • Life science firms require integrated innovation strategies for long-term success.

Purpose of the Study:

  • To propose an R&D technology-product-market innovation framework for research-intensive firms.
  • To evaluate Bayer's Life Science Collaboration (LSC) program using this framework.
  • To demonstrate how R&D strategy complements product strategy for value creation.

Main Methods:

  • Development of an R&D technology-product-market innovation framework.
  • Application of the framework to Bayer's internal R&D seed fund, the LSC program.
  • Case study analysis of LSC's community-driven decision-making process.

Main Results:

  • The proposed framework integrates R&D and product innovation strategies.
  • The LSC program demonstrates effective alignment of R&D with business needs.
  • Community-driven decision-making in R&D fosters strategic alignment and novel ideas.

Conclusions:

  • Research-intensive companies benefit from a dual R&D and product innovation strategy.
  • Bayer's LSC program exemplifies successful R&D-enabled value creation.
  • An integrated innovation framework supports both strategic goals and creativity.