Opportunity Maximization: Towards a Paradigm Shift in Innovation Management

Abstract

In this paper the results of a qualitative study are presented which serve as a first foundation for the conception of a new holistic innovation management model with a focus on opportunity maximization instead of risk reduction. As theoretical fundament the context between innovation management and uncertainty as well as the potential for better innovation performance through a consequent opportunity orientation in innovation projects are presented. This approach is unique and represents a paradigm shift in innovation management. Within an explorative study, where wood friction welding for the furniture industry was chosen as subject of the analysis, challenges and needs for subsequent modification of the core elements of innovation management as a basis for the determination of an innovation management continuum were risk reduction is placed at one end of the continuum and opportunity maximization at the other end.