The effects of experience on selecting innovation projects : better the devil you know


Schmidt, Tobias ; Schwiebacher, Franz ; Sofka, Wolfgang


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URL: http://ub-madoc.bib.uni-mannheim.de/2153
URN: urn:nbn:de:bsz:180-madoc-21535
Dokumenttyp: Arbeitspapier
Erscheinungsjahr: 2008
Sprache der Veröffentlichung: Englisch
Einrichtung: Sonstige Einrichtungen > Zentrum für Europ. Wirtschaftsforschung (ZEW)
MADOC-Schriftenreihe: Veröffentlichungen des ZEW (Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Fachgebiet: 330 Wirtschaft
Fachklassifikation: JEL: F23 O31 O32 D83 ,
Normierte Schlagwörter (SWD): Deutschland , Innovationsmanagement , Risikomanagement , Lernen , Realoption , Wissenschaftstransfer , Theorie
Freie Schlagwörter (Englisch): Project selection , real options , absorptive capacity
Abstract: Innovation success depends heavily on firm’s ability to set priorities and select the most promising options from its project portfolio before the odds of success or failure become visible and reliable. We ask: What does previous innovation experience tell firms about what not to do in the future? With this in mind, we focus on projects that did not materialise or were abandoned - an important building block for choosing and implementing the “right” projects. We suggest two major learning mechanisms. On the one hand, real options theory suggests a process based on financial data. On the other hand, research on absorptive capacities finds that previous innovation experience translates into superior ability to value, extract and exploit external knowledge. We test both hypotheses on an empirical basis for more than 600 German firms, covering innovation activities in the period 1997 to 2005. Our results indicate congruence between firms’ innovation experience and their project selection patterns. Extensive R&D experience materialises as a stock of knowledge that enables firms to judge projects based on knowledge criteria. Non-R&D innovation experience, stemming from producing and introducing products to markets, resonates as decision-making based on economic factors in the future. Both types of innovation experience appear to generate distinct decision-making capabilities inside the firm which are subsequently exploited in selecting projects for the future.
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Schmidt, Tobias ; Schwiebacher, Franz ; Sofka, Wolfgang (2008) The effects of experience on selecting innovation projects : better the devil you know. Open Access [Arbeitspapier]
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