Perceptions of Entrepreneurs and Innovators regarding Radical Innovation: Fundamentals, Requirements, and Method

Dylan Wallace and Brian Barnard
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Dylan Wallace: Wits Business School, University of the Witwatersrand (WITS), South Africa
Brian Barnard: Wits Business School, University of the Witwatersrand (WITS), South Africa

Expert Journal of Marketing, 2019, vol. 7, issue 1, 42-71

Abstract: The study examines the perceptions of entrepreneurs and innovators regarding radical innovation (RI). Emphasis was squarely on the perceptions innovators hold of RI, to lay bare psyche and mindset in this regard. Given this specific focus, experience of RI was not deemed necessary, only general entrepreneurship and innovation experience. It is believed that any sufficiently experienced innovator would have constructed some perception of RI, and that this greatly impacts attitude towards RI. The study considers comprehension regarding general RI principles, perceived requirements for RI, and general knowledge of RI method. Overall, incremental innovation (II) dominates, and RI enjoys little regard and preference. This is due to the perceived risk, lack of support, and consequently, the cost to the entrepreneur. It may also be impacted by innovation style, and broader factors, like innovation culture and environment. Understanding of RI is simultaneously promising and lacking. There are evident gaps, yet signs of potential. In general, RI is seen as very risky, perceived requirements for RI are conventionally appraised, and understanding of RI method is not comprehensive. It is believed that RI thinking and method itself can form the middle ground and bridge between II and RI. The entrepreneur versed in RI thinking and method, may more willingly consider RI, once he is able to apply RI thinking and method to II, and benefit from it. Also, sustained and sustainable RI requires proper innovation culture and environment.

JEL-codes: L26 O30 (search for similar items in EconPapers)
Date: 2019
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