By Topic

Rethinking technology management and innovation strategies during a financial crisis

Sign In

Cookies must be enabled to login.After enabling cookies , please use refresh or reload or ctrl+f5 on the browser for the login options.

Formats Non-Member Member
$31 $13
Learn how you can qualify for the best price for this item!
Become an IEEE Member or Subscribe to
IEEE Xplore for exclusive pricing!
close button

puzzle piece

IEEE membership options for an individual and IEEE Xplore subscriptions for an organization offer the most affordable access to essential journal articles, conference papers, standards, eBooks, and eLearning courses.

Learn more about:

IEEE membership

IEEE Xplore subscriptions

1 Author(s)
Nielsen, A.P. ; Copenhagen Campus, Dept. of Production, Aalborg Univ., Copenhagen, Denmark

The current financial crisis is forcing many companies to rethink their innovation strategies and their approach to technology management. The almost automatic response to the crisis has been to increase the efficiency of their innovation processes. By downsizing R&D departments, making the innovation processes more lean and focusing more on incremental innovation projects with a more secure payoff. However, while this approach may increase the performance of the company for the short term - it may also inhibit the long term performance of the company. This paper identifies three different reactions to the financial crisis. Three different reactions are identified. Repositioning which entails that the company seeks to develop new business models which reduce the exposure of the company to the financial crisis. Cost reduction where the company actively seeks to reduce costs using whatever means available. Finally, continual innovation where the company uses innovation actively in order to develop the business further and gain market share. These three reactions are analyzed in order to determine how key dimensions of the innovation and technology management strategies of the firm are changed. Finally the paper will discuss if the balance between exploration and exploitation is influenced by the financial crisis.

Published in:

Management of Engineering & Technology, 2009. PICMET 2009. Portland International Conference on

Date of Conference:

2-6 Aug. 2009