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Patrick
Reinmoeller
Japan Advanced Institute of Science and Technology
(Research
& Development)
Design: Innovation strategies for the knowledge economy
At
the turn of the millennium a new economy establishing itself, it is also
called the knowledge economy. Knowledge has become the only meaningful
resource to build and sustainable competitive advantage. Companies need
to access relevant knowledge, create new knowledge, protect knowledge
and dispose of old knowledge faster and better. This is seen as the domain
of knowledge work in science, technology and research and development
(R&D) departments. However the old strategies that focus either on
research or on development experience decreasing returns.
Theories of the new economy emphasize the stimulus for growth that is provided
by increasing returns on knowledge. Management theory had long focused on
operational efficiency. However following the standard strategies for operations,
such as increasing output, reducing input and time result in decreasing
returns. Even additional investments in advertising reap less and less market
share. Under such conditions, strategy begins to emphasize the creation
of value and new interfaces with markets. Different knowledge strategies
have emerged over time. Some companies focus on research.
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