Biotech Firms Need Innovation Strategies
In the Harvard Business Review, Gary P. Pisano, Ph.D., explained why companies need to create innovation strategies and constantly evolve these strategies. According to Dr. Pisano, there are four innovation strategy types:
1. Routine innovation—builds on a firm’s existing business model as well as its technological competence.
2. Disruptive innovation—builds on a firm’s existing technological competence but incorporates a new business model.
3. Radical innovation—builds on a firm’s existing business model but requires new technological competence.
4. Architectural innovation—requires both a new business model and new technological competence.
