Emerging technologies such as the Internet and biotechnology have the potential to create new industries and transform existing ones. Incumbent firms, despite their superior resources, often lose out to smaller rivals in developing emerging technologies. Why do these incumbents have so much difficulty with disruptive technologies? How can they anticipate and overcome their handicaps?
Wharton on Managing Emerging Technologies presents insights, tools, and frameworks from leading busi-ness thinkers based on the research of Wharton's Emerging Technologies Management Research Program. This pioneering industry-academic partnership, established in 1994, is one of the longest and broadest initiatives on the management of emerging technologies. For the first time, this book distills the insights from the program into a single volume for managers, covering a wide range of issues related to the successful management of emerging technologies.
The editors contend that managing emerging technologies represents a "different game," requiring a different set of management skills, frameworks, and strategies than those used by established firms to manage existing technologies. In this book, experts from diverse fields examine key issues such as:
- Common pitfalls and potential solutions for incumbent firms in managing emerging technologies
- Strategies for assessing the potential of new markets and designing technologies to take advantage of market "lumpiness"
- The need for scenario planning and "disciplined imagination" to develop strategies under uncertainty
- The limits of patents in protecting gains from technology, and the use of lead time and other strategies
- The power of innovative financial strategies and the use of real options in making investments
- Using alliances and new organizational forms
- Developing a "customized workplace"
Praise for WHARTON on MANAGING EMERGING TECHNOLOGIES
"New technologies are transforming markets, businesses, and society at an ever-increasing rate. We have a critical need for better road maps for managing our way through this new terrain. This book offers critical insights and useful new models for thinking through these challenges." —Professor Thomas Gerrity, Director of the Wharton e-Commerce Forum
"Wharton on Managing Emerging Technologies covers the emerging technology landscape-from strategy to finance to human resources-in a way that only a group of top scholars from many disciplines could do. Insightful, accessible, and smart ideas that make for 'must reading' for thoughtful executives in today's turbulent economy. The authors prove, once again, the power of research to yield deep insight into tough business problems." —Kathleen M. Eisenhardt, Professor of Strategy and Organization, Stanford University and coauthor, Competing on the Edge: Strategy As Structured Chaos
"Wharton on Managing Emerging Technologies offers valuable insight for large established companies seeking growth in a dynamic market of rapid technological advancement. The entertaining cases and thoughtful analyses help managers create strategies, select options, and organize to successfully manage the interface between imagination and knowledge." —Jerry Karabelas, PhD, CEO, Novartis Pharma AG
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About the Author
GEORGE S. DAY, PhD, is the Geoffrey T. Boisi Professor, Professor of Marketing, and Director of the Huntsman Center for Global Competition and Innovation at the Wharton School. He is also the author of Market Driven Strategy and The Market Driven Organization, and coeditor of Wharton on Dynamic Competitive Strategy.
PAUL J. H. SCHOEMAKER, PhD, is Research Director of Wharton’s Emerging Technologies Management Research Program. He is also the founder and Chairman of Decision Strategies International, Inc.
ROBERT E. GUNTHER was the coordinating writer for Wharton on Dynamic Competitive Strategy and Wharton on Making Decisions.
Table of Contents
Chapter 1. A Different Game (George S. Day and Paul J.H. Schoemaker).
Chapter 2. Avoiding the Pitfalls of Emerging Technologies (George S. Day and Paul J.H. Schoemaker).
PART I. ASSESSING TECHNOLOGIES.
Chapter 3. Technology Speciation and the Path of Emerging Technologies (Ron Adner and Daniel A. Levinthal).
Chapter 4. Identification and Assessment of Emerging Technologies. (D. S. Doering and Roch Parayre).
Chapter 5. Emerging Technologies and Public Policy: Lessons from the Internet (Gerald R. Faulhaber).
PART II. MANAGING MARKETS.
Chapter 6. Assessing Future Markets for New Technologies (George s. Day).
Chapter 7. Technology Strategy in Lumpy Market Landscapes (Ian C. MacMillan and Rita Gunther McGarth).
Chapter 8. Commercializing Emerging Technology through Complementary Assets. (Mary Tripsas).
PART III. MAKING STRATEGY.
Chapter 9. Disciplined Imagination: Strategy Making in Uncertain Environments (Gabriel Szulanski with Kruti Amin).
Chapter 10. Scenario Planning for Disruptive Technologies (Paul J.H. Schoemaker and V. Michael Mavaddat).
Chapter 11. Appropriating the Gains from Innovation (Sidney G. Winter).
PART IV. INVESTING FOR THE FUTURE.
Chapter 12. Managing Real Options (William F. Hamilton).
Chapter 13. Financing Strategies and Venture Capital (Franklin Allen and John Percival).
Chapter 14. Innovative Financial Strategies for Biotechnology Ventures (Paul J.H. Schoemaker and Alan C. Shapiro).
PART V. RETHINKING THE ORGANIZATION.
Chapter 15. Managing Dynamic Knowledge Networks (Lori Rosenkopf).
Chapter 16. Using Alliances to Build Competitive Advantage in Emerging Technologies (Jeffrey H. Dyer and Harbir Singh).
Chapter 17. The Design of New Organizational Forms (Jennifer Herber, Jitendra V. Singh and Michael Useem).
Chapter 18. Designing the Customized Workplace (John R. Kimberly and Hamid Bouchikhi).