| ۱٫ Introduction How do large companies maintain their position in hyper competitive market? Over the years, corporate management relies on traditional way of advancement, which focuses on cost and lead time reduction and quality improvement (Rejeb et al., 2008). They are necessities but insufficient. Companies now operate in a time of increasingly tougher trading conditions, due to the expansion of the global market and technological advances (Kuratko et al., 2015). The advancement of Internet technologies has opened new markets worldwide and thus, increased competition among established companies (Thornberry, 2001). Today, it is widely accepted that innovation is vital to companies to sustain their competitive advantages e.g. (Chandy and Tellis, 2000; Teece, 2007; Kuratko et al., 2014). Innovation is “the implementation of a new or significantly improved product (good or service), or process, a new marketing method, or a new organisational method in business practices, workplace organisation or external relations” (OECD, 2005, p.46). Being innovative allows companies not only to keep stable in the dynamic and disruptive environment but also to create new business opportunities. Developing product innovation is a risky activity (Kleinschmidt and Cooper, 1991; Song and MontoyaWeiss, 1998; Khurum et al., 2015). Many companies are too risk-averse to engage in any innovation initiatives (Ahmed, 1998; Gorschek et al., 2010). As in automated factories, people in large companies are trained to do prescribed and specific tasks reliably. Hence, any endeavour to change the status quo will encounter resistance. The implementation of an innovative idea must compete with other product development activities (de Ven, 1986; O’Connor and Rice, 2013). |
