Innovation as an outcome : business growth outside the core -

Abstract

This project focuses on corporate level strategy and specifically on the subject of organizational innovation which is a topic of broad interest in the business world today as being one of the long-term sources of competitive advantage for organizations. The aim of this project is to identify actions and best practices that successful companies can adopt to overcome barriers impeding innovation, and to leverage, exploit and explore available opportunities for innovation and growth. This topic is of importance for companies that wish to expand their operations and improve their competitive advantage and profitability. It is of special importance in the local Lebanese and regional markets as well, especially in the current economic situation and political turmoil, whereby firms need to think about the bigger picture, despite being caught up in day-to-day operations, to come up with and explore new ideas that improve their performance and enhance their profitability in the midst of intense competition and unclear external factors and macro-environment conditions. Based on a systematic review of the literature published over the past 10 years, this project consolidates and covers publications on general innovation theory, innovation in small to medium enterprises, innovation in family firms, business model innovation, product innovation, organizational ambidexterity and organizational capabilities, as well as knowledge sourcing and creation. The project also includes an application of the topic in practice within the Lebanese market by including a teaching business case and its corresponding teaching note (only available to instructors upon the permission of the author or the copyright holder if published at any point) involving a Lebanese company and the prospects of its growth through innovation involving the introduction of a new product with a revisited business model as well as the introduction of administrative innovations encompassing organizational structure and human resources.