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Fostering novelty while reducing failure: Balancing the twin challenges of product innovation

2016

This paper aims to further our understanding of how the degrees of innovation novelty and innovation failure are connected. It argues that a better understanding of the specific predictors of innovation novelty and failure would improve our understanding of the innovation process and inform R&D managerial interventions to reduce the occurrences of failure and enhance radical innovation. This investigation draws on data on 5387 Spanish manufacturing firms from the 2009 Spanish Community Innovation Survey (CIS). Unlike prior studies which examine product innovation, degree of innovation novelty, and innovation failures in separate models, this study relies on a multivariate model to account f…