Ekanayake, Shyamalie and Abeysinghe, Dhammika
(2010)
Entrepreneurial Strategic Innovation Model
For Attaining Premium Value For The Sri
Lankan Gem And Jewellery Industry.
Asian Academy of Management Journal (AAMJ), 15 (2).
pp. 1-21.
ISSN 1394-2603
Abstract
Entrepreneurial innovative action is a four-pronged strategic integration; it
mitigates financial risk in knowledge transfer and technology transfer, it
integrates manufacturing and business strategy, and it provides policy remedy to
transform the assets and capabilities of the value system. The innovation process
utilises market innovations to establish a competitive advantage, gathers
intellectual assets, attains proprietary rights and fosters the ability to implement
appropriate strategies and sustain a competitive advantage, thus generating
premium value. The entrepreneur's commitment uncovers market opportunities
and exploits the inventiveness of value-system technologies to result in market
innovation. The integration of the above-mentioned four forces with changing
market needs transforms the capabilities of the value system to allow it to sustain
business value regeneration and thus generate premium value. The failure of
either one or all four forces of entrepreneurs' innovative strategies will lead to a
reduction in the market value of the products and disintegrate the industry value
system. This phenomena was observed in the gem and jewellery industry in Sri
Lanka, where the industry has been capable enough to develop a competitive
product base but has been positioned to experience a reduction in market value.
This reduction has resulted in the disintegration of the industry value system,
forcing firms to work in isolation.
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