Spinning the Wheel of Strategic Innovation

10 Pages Posted: 20 Jun 2004

See all articles by Chris W. Styles

Chris W. Styles

UNSW Australia Business School, School of Marketing

Jules Goddard

London Business School

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Abstract

This century wealth will be created through strategic, rather than product, innovation. But how can truly innovative strategies be developed when firms see themselves as operating in a mature market and adopt almost identical strategies to competitors? Chris Styles and Jules Goddard suggest the "Strategy Wheel" - an eight-step model - as a solution.

The aeroplane, TV, mobile phone and PC were all significant, discontinuous product innovations that created new markets, industries and wealth in the 20th century. Whatever their origins, major product breakthroughs are difficult to achieve and sometimes out of reach of firms with limited resources. As suggested by leading authors such as Gary Hamel and Costas Markides, there is, however, another kind of innovation - strategic innovation - that will be critical for survival and growth in the 21st century and is only limited by a firm's creativity and courage.

Suggested Citation

Styles, Chris W. and Goddard, Jules, Spinning the Wheel of Strategic Innovation. Business Strategy Review, Vol. 15, No. 2, pp. 63-72, June 2004. Available at SSRN: https://ssrn.com/abstract=551174

Chris W. Styles (Contact Author)

UNSW Australia Business School, School of Marketing ( email )

Sydney, NSW 2052
Australia
61-2-9385-3191 (Phone)
61-2-9663-1985 (Fax)

Jules Goddard

London Business School ( email )

Sussex Place
Regent's Park
London, London NW1 4SA
United Kingdom

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