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The Architecture of Innovation: The Economics of Creative Organizationsby Joshua Lerner
Synopses & Reviews
Find the right innovation model
Innovation is a much-used buzzword these days, but when it comes to creating and implementing a new idea, many companies miss the mark—plans backfire, consumer preferences shift, or tried-and-true practices fail to work in a new context. So is innovation just a low-odds crapshoot?
In The Architecture of Innovation, Harvard Business School professor Josh Lerner—one of the foremost experts on how innovation works—says innovation can be understood and managed. The key to success? Incentives.
Fortunately, new research has shed light on the role incentives can play in promoting new ideas, but these findings have been absent from innovation literature—until now. By using the principles of organizational economics, Lerner explains how companies can set the right incentives and time horizons for investments and create a robust innovation infrastructure in the process.
Drawing from years of experience studying and advising companies, venture capital firms, and an assortment of governments around the globe, Lerner looks to corporate labs and start-ups, and argues that the best elements of both can be found in hybrid models for innovation. While doing so, he uses a wide range of industry-rich examples to show how these models work and how you can put them into practice in your own organization.
Practical and thought-provoking, The Architecture of Innovation is the missing blueprint for any company looking to strengthen its innovation competence.
Most companies struggle with how to generate and commercialize innovative ideas—full stop. In many cases, bad approaches to innovation can cause plans to backfire or prevent you from creating a new product or service that anticipates changing market preferences. And some practices that work in one context arent going to work in another—something that many companies discover far too late (just ask Motorola).
In The Architecture of Innovation, Harvard Business School professor Josh Lerner—one of the worlds foremost experts on how innovation works—explains how to avoid such blunders. Lerner introduces the tools and principles of organizational economics and shows how to use them to build an innovation infrastructure, including establishing the right incentives and time horizons for your investments.
Drawing from years of experience studying and advising venture capital firms, companies, and governments around the world, Lerner weighs the strengths and weaknesses of the traditional open and venture-capital-backed innovation systems. He reveals how to exploit the best elements of these systems through a hybrid third way.” And he provides a wealth of detailed examples of how it all works in practice—from successful companies in an array of industries around the world.
Practical and compelling, The Architecture of Innovation provides the missing blueprint for any company seeking to strengthen its innovation prowess.
About the Author
Josh Lerner is the Schiff Professor of Investment Banking at Harvard Business School and co-director of the Productivity, Innovation, and Entrepreneurship Program at the National Bureau of Economic Research. He is recognized worldwide as an expert on how innovation works. His books include The Venture Capital Cycle, The Money of Invention (with Paul Gompers), Innovation and Its Discontents (with Adam Jaffe), and Boulevard of Broken Dreams.
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