Search strategy in product innovation process: theory and evidence from the evolution of agrochemical lead discovery process

Surya Mahdi

Industrial and Corporate Change, 2003, vol. 12, issue 2, 235-270

Abstract: This paper investigates different problem-solving strategies--herein called 'search strategies'--in the process of product innovation. It takes issue with the basic assumption of current models of the product innovation process (PIP), which unrealistically consider that the actors of product innovation--the product innovators--are all hyper-rational, homogeneous and non-choice-restricted actors. In order to take into account the more realistic view of the product innovators--as bounded rational, heterogeneous and choice-restricted actors--this paper proposes an alternative model of PIP based on cognitive psychology. According to this framework, the options of search strategy available to each product innovator depend on certain 'problem-solving-related' capabilities that he or she is able or not to use. To examine the validity of this theoretical framework, this paper investigates the phenomenon of the evolution of discovery methods in the agrochemical lead discovery process. Data for this investigation have been gathered through chronological product innovation survey of an agrochemical product registration database as well as a patent and publications index database. Results from this investigation seem to confirm the above argument. Copyright 2003, Oxford University Press.

Date: 2003
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