Creating New Growth through Disruptive Innovation
Industry leaders can get blindsided by disruptive innovations because they focus too much on their most profitable customers and businesses. Rather than being destroyed by them, Professor Rory McDonald shows companies how to create their own disruptions, discover and nurture the best ideas, and create entirely new markets. He studies how firms compete in new markets—examining both stalwarts and startups—and offers leaders a new way of thinking about market forces and competitive strategy. Professor McDonald explains why old models don’t apply, and how to modify innovation theories to fit new markets and best position companies for the future.
Don’t Beat Your Competition, Join Them: Navigating New Markets
So many entrepreneurs and corporate leaders lose sleep worrying about their competition—and they should stop, urges Professor Rory McDonald. Reports of threats from ‘similar’ companies are often greatly exaggerated. Rather, he says, focus on substitutes, using rivals as mere stepping stones to speed progression and keep costs low. Often, leaders are better off riding the coattails of their rivals to establish a defining position in a new market. Drawing from years of rich research, Professor McDonald examines how widely accepted strategic prescriptions for navigating new markets can actually undermine attempts to develop a viable business model. He discusses alternative approaches to identifying and effectively engaging ‘real’ competitors, explaining that standing out requires problem-solving, not missionary work.
Funding Innovation: The Right Resources to Rev Your Innovation Engines
It’s a common challenge for companies to struggle to get innovation investments right. Mounting evidence suggests that the type of resources a new business venture secures is integral to its success, says Professor Rory McDonald. Some resources help overcome constraints, improve internal operations and gain access to diverse audiences such as potential partners, the media and customers. Others create constraints, increasing competitive exposure and undermining efforts to innovate or commercialize a new technology. How can leaders ensure they acquire the right (combination of) resources to spur the right kind of innovation at the right pace? Professor McDonald examines the value created—and oftentimes destroyed—by different resource combinations and identifies the most attractive configuration of sources to maximize innovation investment.