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The Risk and Reward Management in Innovation Portfolios: A Markovian Approach

Sergio J. Chión ; CENTRUM Católica Graduate Business School, Pontificia Universidad Católica del Perú, Lima, Peru
Vincent Charles orcid id ; CENTRUM Católica Graduate Business School, Pontificia Universidad Católica del Perú, Lima, Peru

Puni tekst: engleski pdf 4.247 Kb


str. 165-182

preuzimanja: 488



Today, innovation is perceived as a source of competitive advantage for firms, playing a vital role in both the survival and growth of firms. A general look at the existing literature on innovation points toward a lack of studies that explore the risk and reward topic in the conformation of innovation portfolios in a firm. Hence, the main purpose of the present paper is to analyse the relationship between investment in innovation and the gain of the process and how this relationship is affected by the type of industry in which the firm operates and by the intervention of the authorities (legal protection of innovation). Among others, results indicate that, contrary to what could be expected, firms would tend to invest in disruptive innovation projects in hard innovative industries, wherein the potential, disruptive innovation is much harder to generate given the natural protection against potential competition that characterizes these industries. On the other hand, investment in disruptive innovation in soft innovative industries would require a framework of legal protection in accordance with the level of natural innovativeness of the industry. In terms of practical implications, the management of the legal protection would be socially desirable for achieving a balanced innovation development framework in the economy, as well as for resource allocations in disruptive innovation in industries where, although it is easier to be successful, its usufruct is difficult.

Ključne riječi

disruptive innovation; innovation; Markov; management

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