Profiting from Technological Innovation. Innovation
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1 Profiting from Technological Telus New Ventures BC Prof. Elicia Maine March 26, 2003 The Profitability of Profits from Value of the Innovators ability to appropriate the value of the Increased Demand Reduced Cost Market Size Legal protection Complementary resources Imitability of the technology Lead time
2 Appropriability :- :- How are the Benefits From Distributed? Customers Suppliers Imitators and other followers Innovator Source: Teece, 1986 Legal Protection of Patents -- exclusive rights to a new product, process, substance or design. Copyright -- exclusive rights to artistic, dramatic, and musical works. Trademarks -- exclusive rights to words, symbols or other marks to distinguish goods and services and registered with Patent Office. Trade Secrets -- protection of chemical formulae, recipes, and industrial processes. Contracts -- contracts between firms and between a firm and its employees can restrict transfer of technology and know how.
3 Complementary Resources Competitive manufacturing Distribution Finance Marketing Core technological know-how in Service Complementary technologies Other Other Bargaining power of owners of complementary resources depends upon whether complementary resources are generic or specialized. Source: Teece, 1986 The Strategic Management of Technology: To Lead or to Follow? Key considerations: Is appropriable and protectable against imitation? If so, advantages in leadership. The role of complementary resources - Followers may be able to avoid investing in complementary resources due to betterestablished industry infrastructure - Firms possessing complementary resources have the luxury of waiting Is owning/ controlling industry standard critical to competitive advantage? If so, advantage in being a leader.
4 Factors Influencing Appropriability Secrecy Accumulated Tacit Knowledge Lead Times (product cycle time) and After-Sales Service The Learning Curve Complementary Assets (and / or competencies) Product Complexity Standards Pioneering Radically New Products Strength of Patent Protection Adapted from Tidd, Bessant, Pavitt, 2001; Teece 1986 The Comparative Success of of Leaders and Followers PRODUCT INNOVATOR FOLLOWER WINNER Jet Airliners De Havilland (Comet) Boeing (707) Follower Float glass Pilkington Corning Leader X - Ray Scanner EMI General Electric Follower Office P.C. Xerox IBM Follower Diet Cola R.C. Cola Coca Cola Follower Instant Cameras Polaroid Kodak Leader Pocket Calculator Bowmar Texas Instruments Follower Microwave Oven Raytheon Samsung Follower Photo Copiers Xerox Canon Follower Fiber Optic Cable Corning many companies Leader Video Games Players Atari Nintendo/Sega Followers Disposable Diapers Proctor & Gamble Kimberly-Clark Leader Internet Browser Netscape Microsoft Follower Teflon DuPont many companies Leader Adapted from Grant, 1998; Teece, 1986
5 Alternative Figure Strategies Alternative Strategies for Exploiting for for Exploiting Licensing Outsourcing certain functions Strategic Alliance Joint Venture Internal Commercialization Risk & Return Competing Resources Examples Very small investment risk, but returns also limited (unless patent position very strong) Some legal risks Few Konica licensing its digital camera to Hewlett Packard Limits capital investment, but may create dependence on supplies/partners Permits accessing of outside resources and capabilities Pixar s computer animated movies (e.g. Toy Story ) marketed and distributed by Disney Co. Benefits of flexibility, risks of informal structure Shares investment and risk. Risk of partner disagreement and culture clash Permits pooling of the resources and capabilities of more than one firm Apple and Sharp build the Newton PDA Microsoft and NBC formed MSNBC Biggest investment requirement and corresponding risks. Benefits of control Substantial requirements in terms of finance, production capability, marketing capability, distribution, etc. TI divestment of its Digital Signal Processing Chips Summary of Estimating Profits from Value of the Estimate through: margin impact vs. substitutes relevant historical precedents logistics curves Profits from Innovators ability to appropriate the value of the Estimate through: appropriability regime position relative to competitors and owners of complementary assets emerging standards lead time
Summary & Discussion
CPET 575 Management Of Technology Summary & Discussion Profiting from Technological Innovation: Implications for Integration, Collaboration, Licensing, and Public Policy, by David J. Teece (1986) From
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