A Case Study on Minimizing Management Failure through Lean Start-up Strategy

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International Journal of Emerging Technology and Advanced Engineering

Website: www.ijetae.com (ISSN 2250-2459, ISO 9001:2008 Certified Journal, Volume 9, Issue 2., February 2019)

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A Case Study on Minimizing Management Failure

through Lean Start-up Strategy

Yunsoo Shim

1

, Euna Lee

2

, Jounghae Seo

3

1first author _{Graduate Student, School of Business Administration, Kyungpook National University, Republic of Korea} 2second author

Graduate Student, School of Business Administration, Kyungpook National University, Republic of Korea

3corresponding author_{Professor, School of Business Administration, Kyungpook National University, Republic of Korea}

1_Justina.shim_@knu.ac.kr

[email protected] [email protected]

Abstract—This study starts with a theoretical discussion of the

basic model and key principles of the lean start-up strategy. Based on these discussions, it will conduct a case study on how the lean start-up strategy is applied to large enterprises rather than start-ups of early-stage venture companies. To achieve this goal, it will focus on successful cases of ‘lean strategy’ application on large enterprises to observe the entire process in a more comprehensive manner. The purpose of this study is to provide a strategy that can minimize management failure.

Keywords—startup performance, Lean Startup, Lean strategy, Minimum Viable Product, Lean case, Iteration cycle.

I. INTRODUCTION

Due to the rapidly changing business environment, countless companies are on the verge of failure. In fact, many companies are dying out, as of 2015, the 1-year survival rate of companies is 62.4%, and the 5-year survival rate is only 27.3%. In addition, 777,000 businesses had died in 2014, which was 112,000 more than that of 2013, and the failure rate was 14.0%, which was 1.6% higher than the previous year (Data: KOSTAT). While many companies are sticking to their traditional methods of business management, the overall level of uncertainty is reaching extreme levels in the modern business environment, which means that even the companies that conduct thorough market research and plan great strategies are not immune to failure, and in reality, many businesses are actually failing to survive. As a result, it can be said that the application of traditional business management methods is highly likely to bring failure. Eric Ries (2011) stated that while many successful entrepreneurs claimed that determination, excellence, good timing, good products, patience, grit, and creativity brings success and honor, in practice, such success was actually achieved by following the proper business management process. So what kind of

new management methods should be applied to minimize management failure?

A study on entrepreneurial failure from Jangwoo Lee & Sunghoon Lee(2003) divided the factors of business into entrepreneur characteristics, competition strategies, resources and capabilities, and environmental characteristics. And when you look into the competition strategies of failed businesses, it was found that the level of market segmentation was low, while they have put more effort into market differentiation. This indicates that if the target market is not clearly set, the probability of failure is very high, and the excessive investment on marketing will lead to the depletion of resources, which increases the possibility of failure even more. Also, a study from Jungkyung Shin & Kyusoo Ha(2013) had classified the types of business failure into 4 different patterns -lack of preparation, resource acquisition failure, strategic absence, marketing failure-. And in the case of ‗lack of preparation‘ (difficulty in business management – entrepreneur factor), the founders who were not prepared enough ended up releasing incomplete, incompetent products, which led to the inevitable failure of the business. As these prior studies show, entrepreneurial failure is likely due to the lack of understanding of the market (customers), which means that understanding the market (customers) is the most crucial factor in establishing a successful business.

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only venture companies, but also from many large enterprises and government institutions. It is also being applied in various ways such as ‗Lean UX‘ and ‗Lean Government.‘ In the modern business environment where everything changes rapidly and the level of uncertainty is higher than ever, constant innovation is essential for continuous growth, and the ‗lean start-up strategy‘ could be a very intriguing method to create the foundation for such innovations. However, large companies have a strong tendency to pursue stable and continuous profit by taking control of the market instead of experimenting with new ideas and applying new strategies. Such large companies are highly likely to have their own existing set of business strategies, and the ‗lean start-up strategy‘ has a possibility to create a conflict with such existing strategies. Also, it is hard to ignore the fact that the large enterprises are facing a different reality compared to new, starting companies and venture start-ups. So, it will be necessary to interpret and apply the new strategy flexibly according to the circumstances and realities that the company is currently facing.

Based on the theoretical considerations of the basic model and key principles of the ‗lean start-up strategy‘, the overall process of the ‗Fastworks‘ case -which is a successful case of ‗lean start-up strategy‘ application on GE- will be analyzed based on the ‗3-Stage Lean Start-up Testing Model‘ presented by Ash Maurya (2012). The purpose of this research is to provide an effective strategy to existing entrepreneurs on how to minimize the possibility of managerial failure when starting new businesses. The research analysis stage presented above is suggested for data analysis purposes, not for a framework for theoretical arguments. It is used when it is difficult to set specific research questions or propositions in advance (Yin, 2016).

II. THEORETICAL REVIEW

2.1. Lean Start-up

Lean Start-up was first designed by Eric Ries, who is an ex perienced businessman who went through both success and failure in Silicon Valley. Ries‘ first venture company invest ed a lot of time and effort to enhance the quality of their pr oduct as much as possible, but it failed to catch the eyes of the customers and failed miserably. With this experience, R ies became interested in developing a new method for vent ures -which is always exposed to a high degree of uncertain ty- to succeed. Later, Ries started a new business called IM VU, which applied a new methodology that combined the c ustomer development methodology –which was suggested by Ries‘ investor and mentor, Steve Blank- and agile devel

opment methodology, instead of the traditional product dev elopment methodology. This new method is called the ‗Lea n Start-up.‘ The key to Lean Start-up is to quickly create ne w products based on the ideas that are required for performi ng business and hypotheses about the customers. Then, the reactions from the customers are gathered constantly to lear n new information. In Lean Start-up, this process is perfor med repeatedly. This way, it is easy to improve the quality of the products and you can even change your business mo del in the early stage of the business so you can minimize t he loss from failure, which allows you to perform new atte mpts even after failure (Ries, 2011)

TABLE1

COMPARISON OF TRADITIONAL DEVELOPMENT MODEL AND CUSTOMER

DEVELOPMENT MODEL

Traditional Product Development

Model

① ② ③ ④

‧Deriving Core Ideas ‧Planning of schedule and budget for new product development and release

‧Product develo pment based on discussions in t he previous pha se ‧Surveying product demand and finding a customer base ‧Product testing on small group s of customers ‧Organization/E xecution of marketing and sales group

‧Product launchin g and sales ‧Performance measurement by product sales

Customer Development

Model of Lean Startup

① ② ③ ④

‧Exploring new ideas and establ ishing hypothes es about custom ers ‧Producing a M VP (Minimum Viable Product) for hypotheses testing

‧Identifying cus tomer preferenc es ‧Based on the gathered information, improve the quality of the product or change the hypothesis if it is proved to be wrong

‧Product quality improvement t o prepare for pr oduct launching ‧Establish mark eting and sales strategies based on proven hyp othesis

‧Product launchin g and sales ‧Reorganization o f the company wo rkforce to expand business

SORCE:STEVE BLANK(2013)

The basic model of lean start-up is to build a feedback loop of ‗Build-Measure-Learn‘ (Ries, 2011). The companies wil l try to find the hypothesis which they believe is the most i mportant in solving the problems that the customers are exp eriencing, and when the hypothesis is proved to be true, the

Concept/ Seed Product Develop ment Alpha/ Beta test Launch/ 1st ship Costomer Discovery Customer Validation Customer Creation Company Building SEARCH EXECUTION

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companies will produce an MVP that contains the key featu res required to solve the problems. The MVP does not have to be a perfectly complete version from the start since the c ompanies have to learn about the problems of their product from the customers and use such feedback for future impro vement. The MVP must include the core functions of the pr oduct, but the other features should be eliminated in order t o ensure fast production of the MVP (Ries, 2011). Through this process, the company will gather feedback from their c ustomers in the market. During this stage, the companies sh all measure quantitatively and qualitatively whether their pr oducts are providing enough value to their customers, and i f any problems are found during this process, the company shall conduct a ‗pivot.‘ The key to Lean Start-up is to short en the time required of this process and establish a quick ye t effective customer development model. (Slater & Narver, 1995).

FIGURE1 BMLFEEDBACK LOOP

SOURCE:RIES(2011)

2.2. The 3-Step of Lean Start-up

Maurya (2012) had attempted to measure the lean start-up strategy in detail at each stage and stated that if the companies want to succeed while applying this strategy, each stage must be followed properly. The measurement of each stage are as follows:

The first stage is for companies to establish a hypothesis about the problems that customers are experiencing and the solutions to solve such problems. In this case, the company must first validate whether the problem is ‗worthy of planning a specific solution.‘ For this, Maurya (2012) proposed that the companies must briefly record 9 important factors –customer problems, target customer base, unique value propositions, solution, channel (reaching customers), revenue sources, cost structures, key indicators (key activities that are need to be measured)- to perform their business in the ‗Lean Canvas,‘ –which is a modified version of the business model of Osterwoaler (2010)- to effectively consider and understand the core contents of their business plan. Based on this, the company must first create an opportunity to examine whether their solutions are effective to handle the customer problems by obtaining actual responses from the customer through interviews or surveys. Here, companies will use this information to create an MVP which only includes the key features required for solving customer problems.

The second stage is to ensure that the MVP produced in the first stage, which is based on ―Product/Market Fit,‖ is what the customers actually want. This is the most important sta ge for early-stage start-ups. In this stage, the companies wil l repeatedly show their products to a small group of selecte d customers -who agree with the vision of the company- to obtain feedback. The company will learn from these feedba cks and reflect that information into their next product deve lopment process, successfully establishing a feedback loop of ‗Build-Measure-Learn.‘ Specifically, the company shall verify whether their products are providing a sufficient amo unt of value and satisfaction to their customers through thei r key features. Such verification process must include both qualitative and quantitative measures by tracking various in dicators and customer responses. In this process, the compa ny will examine the customer response and gradually add o r delete product functions. The company will repeat the iter ative cycle of the feedback loop until the later stages of pro duct development, limiting the number of resources investe d to the product by only producing MVPs while continuous ly verifying their product in the market. During this process , if the company had found that their initial assumption was wrong, they will perform a ‗pivot‘ to improve their overall service and products.

If the product is proven to be suitable for release, it will pro ceed to the final stage, the verification of ―Scale Fit.‖ This s tage is an attempt to expand from the initial market to the mainstream market, focusing on growing the company by e xpanding sales and marketing activities to create new custo IDEAS

PRODUCT DATA

LEARN BUILD

MEASURE

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mers once the business model of the company has been vali dated. It is ideal for the companies to attract outside invest ment at this stage because it is this third stage where both t he founder of the start-up and the outside investors share th e same goal of ‗business expansion‘ (Maurya, 2012). At thi s stage, the goal of the company changes from ‗learning‘ to ‗growth,‘ so the company will abandon their MVP and start supplying their complete product to the market.

TABLE2

THE 3-STEP OF LEAN STRATEGY PROCESS

Stage Measurement Deails

1st step

Problem/ Solution Fit

- Finding the optimal solution for problems

• Does the suggested solution fit well with the problems? • Is the solution necessary for the set customer base? • Is it a problem that can be solved?

• Do your solutions solve the problem?

Interview with actual customers and development of MVP 2nd

step

Product/ Market F it

- Finding out whether the presented solution fits well with the market (Customer development and experiment)

• Is there a significant market even if the solution fits the pro blem?

• Is it an existing market? What about the size, dynamics, an d growth rate?

• Can you find a significant customer base in the market? • Will the customer be willing to purchase (use) the product? • What is the tipping point of the customers?

3rd step

Scale Up

- Establishing a stable growth rate and profit. Stabilizing the business

• Initial conflict resolution within the organization, marketin g, and promotion strategies are also important

• How can you attract and maintain high-quality personnel? • How will you systemize and process the products/services? • Does the said process settle into the team/corporate culture?

SOURCE:.RECONSTRUCTED BASED ON THE CONTENTS FROM THE BOOKS OF

MAURYA (2012) AND RIES (2010)

2.3Fastworks

Fastworks is the name of the strategy that was applied to the industrial company GE. Fastworks was based on the lean start-up strategy of Eric Ries. It is a tool and a management guideline to effectively conduct business in the 21st century -which is full of uncertainty and unpredictability of the future- that can help speed up management and development, thus narrowing the distance between the company and customers. Fastworks consists of three stages of ‗Build-Measure-Learn‘ just like the basic model of lean start-up and has a similar context to the lean start-up strategy process developed by Maurya (2013). As seen in [Table 3], the process consists of 5 different factors.

First, identify the customer‘s problems.

Second, set up and clarify assumptions, then make test products.

Third, create an MVP by investing a minimum amount of time and cost. This is a product which implemented only the key features, so it can be a prototype OR a finished product.

Fourth, based on customer reaction, a new measurement standard is set and applied.

Fifth, modify the strategy based on the proven results. If the customer response to the MVP is positive, the strategy will be applied for future production. If the response was negative, the strategy should be modified to achieve better results for the customer quickly.

TABLE3 KEY FACTORS OF FASTWORKS

Factors Content

1.Problem statement

Establish a vision to derive results by clearly identifying the customer‘s needs and the problems/opportunities they are facing.

2.Leaps of faith

Establish all kinds of technical/commercial assumptions that can work as an important basis for successful projects and product development.

3.MVPs Constantly develop new MVPs to collect various feedback from customers quickly. Repeat this process to improve the overall service/product.

4.Learning metrics

Learning metrics are used to decide whether the strategical directions should be changed or maintained. (It indicates whether the ‗actions‘ are moving correctly towards the ‗vision‘ or is there a need for change in strategy). 5.Pivot or

Persevere

Must have the courage to change the strategy while maintaining the vision. Or in a case where an important assumption was proved to be wrong, even changing the entire direction (vision) is required.

SOURCE :GMREPORT KOREA

III. CASE STUDY

3.1. Case Study Model and Methods

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3.1.1 Conceptual Model of Research

FIGURE2 LEAN STRATEGY

SORCE:COLLIS(2016)

As the concept of Lean strategy was introduced to the business world, Collis (2016) discussed the need to combine the existing Deliberate Strategy with the Emergent Strategy that was proposed by Lean Start-up, which means that the framework presented by the Lean Start-up can work as an effective indicator during the strategic decision-making process in which the company has to choose what to do and not to do. Collis (2016) had called this process as the ‗Lean Strategy.‘

3.1.2 Case Selection

For this study, the case of GE Power AMW of General Electric Co., Ltd., which is a well-known company around the world, will be analyzed as a case of successful Lean Start-up strategy application. GE is a global manufacturer based in the United States. Their current business area is largely divided into five sectors: energy, technology infrastructure, finance, consumer, and industry. In 2014, Fortune ranked the company at 27th in the world‘s top 500 companies based on sales, it was ranked 9th in the top 500 companies in the U.S, and it was ranked 10th in the world‘s most respected company ranking. Also, it ranked 6th in the world‘s top 100 brands ranking, which was published by the world‘s largest brand consulting company, Interbrand. It has subsidiaries and affiliates in almost every country in the world, and it also has a Korean corporation, GE Korea. GE had applied the Fastworks strategy on their 7HA Gas Turbine Series, and they have started to apply the same strategy in various fields of businesses after being encouraged by the huge success of the 7HA Gas Turbine

Series. After contacting all CEOs and business leaders of its affiliates in 2013, GE had created an intranet site to gather new ideas based on the Fastworks strategy. From the end of 2013 to the beginning of 2014, GE had established a ‗Fastworks Coaching Team,‘ and as a result, every affiliate of GE has its own ‗Fastworks Champion‘ who can directly communicate with the CEO to plan new management strategies. To change the overall corporate culture, GE encouraged its employees to apply Fastworks into their daily lives to change the way how they work and behave. As a result, the tasks and processes within the company had been simplified drastically.

"Fastworks allow us to think smarter and move faster. It encourages us to gladly take risks and act like passionate entrepreneurs.” – Jamie Miller/GE, CIO

TABLE4 CASE

Name GE Power AMW

Location Greenville, South Carolina, U.S

Date of Establishment 2016/04

Area(㎡) 11,612

# of Employees 80

Investment $75 Mil.

Business Area AI Robots, 3D Scanner & Printers, Produces advanced equipments such as laser

3.2. Case Analysis

3.2.1 Vision

Regardless of the type of strategy, every strategy must begin by defining what the strategy is trying to achieve. Jeffrey Immelt (GE, CEO), who had even benchmarked the ‗Speed Management‘ of Samsung, had applied the Fastworks strategy to the company since 2013 and was able to establish a unique speed management method in GE. When GE applies a new business strategy, they always make sure ‗what‘ they are trying to achieve through the strategy. This is a crucial process since a business that is devoid of a certain purpose, or a goal is highly likely to get lost during the process, which makes it more vulnerable to failure. Since every product of the company is the result of this strategy, every business must know ‗why‘ they are focusing on their current tasks, this will let everyone within the company know ‗how‘ to perform such tasks, and in the end, the business will be able to reach the final destination (goal). In the case of GE Power, they have set the ‗goal‘ to becoming a ‗Brilliant Factory‘ that can revolutionize the market with its innovative products.

VISION

―Vision o f Founder of the bus iness‖

DELIBERATE STRATEGY

Senior managem ent agrees with t he goals, range, advantages of th e company

ANALYSIS

Reviewing the S WOT, resources and capabilities o f the business.

EMERGENT STRATEGY

Reconstruction of strategy base d on feedback a nd new discove ries

LEARNING

Managers at al l levels will m ake routine de cisions and co nduct experim ents according to strategy

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"If you don‟t know where you are going, which road can take you there?” – Jeffrey Immelt/GE, CEO

3.2.2 Analysis

It is a stage where the company reviews its own SWOT, resources, and capabilities. In this stage, the company will go through an in-depth analysis of their business model, product development roadmap, the definition of partner and rivals, and their customer base. After clarifying the boundaries which the company should operate within and not challenge outside of it, an analysis was conducted to create a value proposition to explain why the target customers should ignore other alternatives and select the products from GE. Moreover, an additional review was performed to suggest why GM is the only company that can create such value proposition through the proper alignment of internal resources and activities.

3.2.3 Deliberate Strategy

There are three different elements in Deliberate Strategy: Object, Scope, and Competitive Advantage. In GE Power, if the employees form a small group to find and suggest new ideas on how to improve the overall production process (e.g. How to utilize unutilized robots during the manufacturing process. Adding 300 3D printers to the manufacturing process to produce prototypes, etc.), the senior management will discuss those ideas at a meeting, and they will decide to support such ideas if it has potential. If the project fails to succeed, the employees who suggested the idea will not be held responsible. Based on the vision set earlier in the process, they will start a brainstorming session to develop a product that can take over the market in terms of usability, performance, and price. After a heated debate, they have successfully produced an MVP which includes only the core functions that meet customer needs in only 3 months.

“At AMW, I receive the drawings of the new product when it is about 80% finished. Then, they exchange feedbacks and start to produce prototypes using a 3D printer. What matters is not whether you „have‟ a 3D

printer, but „how‟ you use it.” – Belsomr/GE,AMW GM

3.2.4 Learning

According to the strategy set in the previous stages, GE Power had released the MVP and received feedback from the customers, going through a learning process to improve the completeness of the product by changing and improving the product. This kind of strategy seems to be

the way how young entrepreneurs work to start new start-ups, but actually, it is one of the hundreds of ‗FastWorks‘ that symbolizes GE‘s new business management movement.

3.2.5 Emergent Stratey

It is a stage which enables the company to change the direction of the development by understanding customer needs, establishing hypotheses, releasing prototypes through strategies, and collecting feedback from the customers about the prototypes. Using these feedbacks, the company can decide whether to change their initial assumptions or restructure the strategy for better results. Through this process, GE aims to reduce the time required for the launch of a new product by 30%, increase the approval speed of on-site staff members by 50%, and reduce the deal cycle to half. In 2014, they have actually successfully reduced the development cycle of the 9HA.01 Gas Turbine –which has the best power, efficiency in the world-to half(4~5yrs. 2yrs.), and also reduced the development cost from $500 million USD to $250 million USD through this process.

“The new execution-oriented approach helped us reduce the development cycle and cost to half. If we had stuck to the traditional method which starts with market survey, it would have took about 2~4 years.”– Jamie Miller/GE, CIO

TABLE5

9HA01GAS TURBINE OVERVIEW

Product Name 9HA0.1 Gas Turbine

Installed # of Countries 125 Countries

# of Installed Products About 10,000

Weight per Unit 392t

Production 600mW (Can supply power to about

600,000 households)

Feature Can stand up to 1,600°C

This process requires a restart from the analysis process if incorrect results occur or new functions are required to be added. Through this iterative process, the company shall focus gradually improving the products to meet the needs of the customers.

“You can‟t ignore those small „1%‟ improvements. A 1% increase in the „up time‟ (a time that machines and devices can be used while maintaining stable conditions) of gas turbines can result in a profit of 5 billion ~ 7 billion USD. Also, freight trains that use the engine from GE operate in about 18 mph, which is slow. But if you can increase just a mile an hour, that will directly lead to a 200 million USD

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IV. FOR THIS CONCLUSIONS AND DISCUSSION

4.1. Conclusions and Implications

In this study, the case of GE Power had been used to analyze the application of Lean Start-up strategy on large enterprises. For the analysis, the Lean Strategy model of Collis (2016) had been used. The following figure summarizes the results of the analysis.\

FIGURE3

GEPOWER CASE ANALYSIS RESULTS SUMMARY

In the 21C, the overall business environment is changing so fast that it is even hard for the most experienced entrepreneurs to follow. As technology and business models change rapidly, new businesses emerge overnight, while other businesses with long-standing traditions are having trouble to survive. Therefore, not only small and medium-sized businesses but even large businesses are continuously emphasizing the current crisis, stating that it will be hard to stick to their previously successful way of business. Innovative products that rely on a small number of capable staff members are likely to fail because they have a hard time identifying the interest and needs of the market. Also, executives who had led to their companies to massive success in the past are showing a tendency to stick with the traditional strategies that made them successful in the first place, but this kind of patterns are likely to increase the loss when a failure occurs. Therefore, quick on-site verification of assumptions about new ideas can be an effective way to pursue the innovation which the market wants.

In this sense, Lean Start-up can find its meaning in that it presents a new perspective that can help you actively cope with the increasingly intense and unpredictable business environment. Many people tend to think that innovation is done through radical methods under ambitious and challenging goals, but in reality, many products that shook

the world had been completed through continuous improvement and bold decision-making after its initial release. Therefore, successful innovation is likely to occur when you focus on constantly observing the customers needs and learn about them. Of course, there will be many disadvantages, such as the leakage of source technologies and your rival companies copying your business model, etc. However, it can sometimes be a more effective strategy to take that risk and focus on quickly reading & responding to the market. In particular, in a business area where the ‗first mover advantage‘ plays a huge role, the concept of Lean Start-up can be actively utilized since rapid product release, and detection of new customer demands is the deciding factor on whether your business will succeed or not. While many stories of success and failures are continually being written in the market, it is still true that most of the companies are having a hard time finding the right timing and opportunity within the rapid-changing market. Thus, companies should focus on redefining the market through repeated observations and finding hidden opportunities by utilizing the information. In this regard, Lean Start-up, which emphasizes the importance of fast decision-making and execution, could be an effective approach that can help you produce significant results in the modern business environment.

4.2. Limitations

First, the biggest limitation is that the theoretical foundation for Lean Start-up Strategy is not yet solid enough. Although the strategy is used by a number of companies and is discussed by many, there is not enough academic proof on whether it has a significant impact when it is applied to large-sized enterprises. Therefore, various case analyses should be conducted to reinforce the theoretical background of this strategy and further verification should be made through empirical studies on the Lean Strategy.

Second, there is not enough data. There were no objective indicators, and while the analysis was initially intended to be more specific and diverse, the lack of data made it hard to secure the accuracy and objectivity of the research. Most of the data used in this research were based on news articles and interviews, so the lack of cross-checking was definitely an issue. In further researches, an in-depth interview with the staff members of the case company is required to obtain more detailed data. Also, more data samples should be gathered in order to secure the accuracy of the research through additional data verification.

Third, while it is the researcher‘s duty to carefully examine all the evidence during the analysis process and develop a rival hypothesis, the researcher was not able to sufficiently VISION

―Brilliant Factory‖

DELIBERATE STRATEGY

Brainstorming se ssions and MVP launch strategies for developing n ew products that can take over the market in terms of usability, perf ormance, and pri ce while only usi ng a limited

ANALYSIS

Thorough analysi s of the strengths andweaknesses of GEPower suc h as goals,scop e, andcompetiti ve advantage.

EMERGENT STRATEGY

Product launch strategy by goi ng through a re peated learning process throug h MVP (reduce the developme nt cycle by 3 0%, developme nt cost by 5 0%).

LEARNING

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examine the evidence that matches with the rival hypothesis. The research had focused solely on the analysis of a single company that had successfully applied the Lean Strategy, and it failed to examine whether it is possible to compare the results by deriving an alternative hypothesis from a case where the company had not enjoyed success after applying the same strategy. In further researches, it is expected to conduct case analyses of different companies to provide more results and implications.

References

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[3] Bansi Nagji, Geoff Tuff(2012), Managing your innovation portfolio, Harvard Business Review, p.1-9

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