The Role of Innovation Management Tools in Generating Innovation Market Success

Abstract

The extensive literature on innovation management lacks a holistic theory, yet offers valuable frameworks, concepts, and tools for analyzing and managing the innovation process. Research gaps are evident in understanding the impact of specific innovation management techniques or tools (IMT) on innovation performance. Notably, limited studies demonstrate the influence of IMT on performance, primarily through qualitative case studies, and there is a notable shortage of diverse methodologies examining the interaction and collective impact of these tools alongside other innovation drivers. This paper investigates the significance of IMT in relation to other factors contributing to Innovation Market Success (IMS). Using Bootstrapped Structural Equation Modelling and Necessary Conditions Analysis on a dataset of 354 medium-sized enterprises in Germany and Austria, the study examines the interconnectedness and significance of IMT with other innovation performance determinants. Findings suggest a need to reassess the perceived importance of innovation management tools, highlighting an overemphasis in current research, while overlooking other crucial success factors. This study enhances understanding of IMT's role and impact, advocating for their strategic use in harnessing a firm's resources and capabilities to generate new competitive advantages, aligning with the Resource-based View of the Firm.