How do grand challenges determine, drive and influence the innovation efforts of for‐profit firms? A multidimensional analysis

Abstract

While raising concerns, the recent proliferation of grand challenges has sparked interest in the role played by innovation in causing them, and in how the attempts made to fix them may cause even greater challenges that present themselves down the line. This article provides an analysis of the bibliographic metadata, published between 2002 and 2020, focusing explicitly on the private‐for‐profit sector. By identifying common themes from 66 documents, a framework highlighting the shared concerns and research trajectories was derived. Our results are illustrated and discussed along 11 research themes. We contribute theoretically by identifying the innovation efforts of for‐profit firms that directly relate to grand challenges, through two cases of carbon capture and storage and deep‐sea mining. We conclude that a more holistic understanding of innovation and its many possible consequences needs to be developed. We highlight the limitations of perspectives that do not always take full account of the potential divergence of interests between stakeholders, and, how fuller input by a greater cross‐section of stakeholders may help identify any negative effects of innovations at an earlier stage. Informed by recent extensions of social innovation theory, we explore the potential for synthesis around a pragmatic understanding of institutions, stakeholders, and the nature and quality of ties that bind them.

Publication DOI: https://doi.org/10.1111/jpim.12677
Divisions: College of Business and Social Sciences > Aston Business School > Economics, Finance & Entrepreneurship
College of Business and Social Sciences > Aston Business School > Centre for Personal Financial Wellbeing
College of Business and Social Sciences > Aston Business School
College of Business and Social Sciences > Aston Business School > Work & Organisational Psychology
College of Business and Social Sciences > Aston Business School > Aston India Centre for Applied Research
College of Business and Social Sciences > Aston Business School > Aston India Foundation for Applied Research
Aston University (General)
Additional Information: Copyright © 2023 The Authors. Journal of Product Innovation Management published by Wiley Periodicals LLC on behalf of Product Development & Management Association. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.
Uncontrolled Keywords: for-profit firms,grand challenges,innovation,systematic bibliometric analysis,Management of Technology and Innovation,Strategy and Management
Publication ISSN: 1540-5885
Last Modified: 17 May 2024 07:18
Date Deposited: 01 Jun 2023 09:44
Full Text Link:
Related URLs: https://onlinel ... 1111/jpim.12677 (Publisher URL)
http://www.scop ... tnerID=8YFLogxK (Scopus URL)
PURE Output Type: Article
Published Date: 2023-05-28
Published Online Date: 2023-05-28
Accepted Date: 2023-02-09
Submitted Date: 2021-04-23
Authors: Pereira, Vijay
Temouri, Yama (ORCID Profile 0000-0003-3014-258X)
Wood, Geoffrey
Bamel, Umesh
Budhwar, Pawan (ORCID Profile 0000-0001-8915-6172)

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