Academia de Studii Economice Bucuresti

Amfiteatru Economic
AN ECONOMIC AND BUSINESS RESEARCH PERIODICAL
Facultatea de Business si Turism

Innovation Processes and Entrepreneurial Culture for Radical Innovations

Author:Ľubica Knošková

JEL:O30, M10

DOI:

Keywords:innovation processes, radical innovations, entrepreneurial culture, innovation management, knowledge management,

Abstract:
To survive and prosper, the organizations need to embed the processes and mechanisms to discover major technology and consumer trends and respond to them through new growth areas. Based on profound literature review providing insight into organizational factors that affect firms’ ability to manage innovation this paper asks which innovation processes and entrepreneurial culture support radical innovations. The aim of the paper is to specify the company behaviour that leads to innovative outputs with high level of novelty in country specific context of Slovakia. We conducted two-stage empirical research in 2009 and 2014 mapping companies’ approach to innovation management during the last 10 years. After surveying 102 firms in the first stage and 287 firms in the second stage we derive success factors for radical innovations. The findings demonstrate growing importance of corporate strategic orientation, highly developed innovation processes and parallel mechanisms for radical innovation, ability to manage internally and externally open innovation and support entrepreneurial culture. This study makes unique contribution to the understanding of innovation processes, organizational factors, and their significance and dynamics. It should attract managerial attention to recognize the importance of innovation management factors for building firm’s innovation competency.
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