Research and development (R&D) as well as innovation are the drivers of change and the key determinants of growth in many industry and service sectors. In spite of the financial turmoil and restructuring of the world economy after 2008, investment in R&D is expected to grow further. Innovation competence will continue to be a major success factor for internationally operating companies.

The book presents a state-of-the-art account of innovation management and the role of R&D and innovation strategy for corporate growth and renewal. It follows a top-down approach starting from corporate strategy, and describes the effective integration of corporate R&D, business unit projects and operational performance improvements. The book offers portraits of leading innovators and high-performing corporations and provides a rich collection of best-practice examples.

1;Contents;5 2;Introduction: Managing Innovation in Turbulent Times ;8 2.1;Part I: Innovation and International Strategy;8 2.2;Part II: Efficiency of Innovation Processes in International Enterprises;10 2.3;Part III: Capital Markets, Finance and Innovation Performance;12 3;Part I Innovation and International Strategy;15 3.1;R&D, Innovation and Growth: Performance of the Worlds Leading Technology Corporations;16 3.1.1;1 R&D, Investment and Growth;16 3.1.2;2 When does Innovation Lead to Sustainable Growth?;19 3.1.3;3 Which Companies are the Top Performers in Innovation?;22 3.1.4;4 Managing Relational Dynamic Capabilities;26 3.1.4.1;4.1 Standard-Setting Excellence;27 3.1.4.2;4.2 Intellectual Property Management;28 3.1.4.3;4.3 Managing Complementary Assets;28 3.1.5;5 Managing the Dual Cycle of Innovation;29 3.1.6;6 New Forms of Integrated Innovation Management;31 3.1.7;7 Integrated Design and Corporate Intellectual Property Management;33 3.1.8;References;34 3.2;Technology Strategy for the Corporate Research Center of a Diversified Global Enterprise;36 3.2.1;1 Introduction;36 3.2.2;2 The Integrated Technology Company;37 3.2.3;3 Technology Strategy;39 3.2.4;4 Corporate Research and Technologies;41 3.2.5;5 Technology Portfolio Management;42 3.2.6;6 Global Technology Fields;45 3.2.7;7 Technology;46 3.2.8;8 Customer Care;47 3.2.9;9 Global Setup;47 3.2.10;10 Partners;49 3.2.11;11 Organization;49 3.2.12;12 Best People;51 3.3;R&D Internationalization in Multinational Corporations: Some Recent Trends;52 3.3.1;1 Introduction;52 3.3.2;2 Internationalization of R&D Driven by M&As;54 3.3.3;3 Increased Significance of Asset-Seeking Motives;56 3.3.4;4 Similar R&D Behavior of Domestic and Foreign Firms in Germany;58 3.3.5;5 Expansion of German Companies R&D Abroad in the Fifth M&A Wave;59 3.3.6;6 Foreign R&D of German Companies Mirrors Technological Strengths at Home;61 3.3.7;7 R&D Abroad is Concentrated on Western Europe and the United States;66 3.3.8;8 Summary;67 3.3.9;9 Implications for German Innovation Policy;68 3.3.10;References;69 3.4;The Chemical Industry Drives Innovation also in Times of Crisis: BASF as an Example;71 3.4.1;1 Introduction;71 3.4.2;2 Crisis as Innovation Engine;72 3.4.2.1;2.1 Past Experiences: Innovations from the Chemical Industry in Times of Crisis;73 3.4.3;Box 1: Examples of Innovations in Times of Crisis;74 3.4.4;3 Long-Term Future-Oriented Corporate Strategy at BASF: The Beacon in the Crisis;75 3.4.4.1;3.1 Generating Knowledge in the Know-How Verbund;75 3.4.4.2;3.2 Orientation to Megatrends;76 3.4.5;Box 2: Example Ecotopia The Future Belongs to the Energy-Efficient City;76 3.4.5.1;3.3 Demographic Change;77 3.4.5.2;3.4 Urbanization, Housing and Mobility;78 3.4.5.3;3.5 Climate-Friendly Energy Supply;78 3.4.6;4 International and Interdisciplinary Networks: Important Success Factors;79 3.4.6.1;4.1 Interdisciplinary Cooperations;79 3.4.7;Box 3: Research in the Rhine Neckar Metropolitan Region;79 3.4.7.1;4.2 Importance of Internationalization;80 3.4.8;5 Innovation Sites in International Competition;81 3.4.9;6 Conclusions;82 3.4.10;References;83 3.5;The Innovation Premium: Managing for High Return on Innovation;85 3.5.1;1 Introduction;85 3.5.2;2 Innovation Strategy;87 3.5.3;3 Innovation Process;88 3.5.4;4 Innovation-Friendly Organizational Solutions;91 3.5.5;5 Open Innovation: Leveraging External Resources;92 3.5.6;6 Innovation Culture;93 3.5.7;7 Conclusions;93 3.5.8;References;94 3.6;Innovation in the Interplay of Organization and Culture: The TRUMPF Story;95 3.6.1;1 TRUMPF: Leading High-Tech Company;95 3.6.1.1;1.1 Company Portrait;95 3.6.1.1.1;1.1.1 Fields of Activity and Business Areas;96 3.6.1.1.2;1.1.2 Family Company;96 3.6.1.2;1.2 Innovation as a Corporate Strategy;96 3.6.1.2.1;1.2.1 Innovation Means Converting New Ideas into Market Success;96 3.6.1.2.2;1.2.2 Strategy for Innovation Leadership;97 3.6.1.2.3;1.2.3 Technological Leadership Instead of Invention Leadership;97 3.6.2;2 Corporate Culture as the Key to Inno