How Firms Capture Value From Their Innovations ? Dominant Strategies for Capturing Value from Innovation Hey LinkedIn community! Ever wondered how companies make the most out of their innovations? Here's a quick breakdown six key strategies they use to capture value: Patents: Secure legal protection your inventions. Great negotiation and defense! Secrecy: Keep innovations under wraps especially in weak IP environments. Lead Time: Be first market capitalize on being early bird. Complementary Assets: Leverage specialized assets like manufacturing capabilities. Patents + Combine both maximum – patents products secrecy processes. Use protect while utilizing complementary stay ahead. Key Insights Trade-offs vs. Choose based strength regime. Weak protection? Opt secrecy. Industry & Technology: Different work better different industries. For instance are common high-tech fields. Firm-Specific Factors: Combining (like with secrecy) can offer more robust protection. Performance Effects Often linked economic performance easier financing. Can be strong shield right context but less studied. First-mover advantage drive sustained success. Owning these boosts innovation payoff. Dive deeper into see fit company's game plan. Which strategy do you think is effective? Share thoughts! Credit goes by Sharon D. James Michael J. Leiblein Shaohua Lu. #Innovation #BusinessStrategy #Patents #Secrecy #LeadTime #ComplementaryAssets #TechStrategy #ValueCapture