Managing exploratory innovation

Although the concept of exploration has been widely used in management research since James March's seminal article, the literature on exploration remains rather fuzzy. The question of exploration is dominated by the literature on ambidexterity but this research actually says little about concretely managing exploratory innovation itself, although this appears to be a central concern of most industrial firms today. Based on a material (twenty presentations made in a research seminar the authors have organized in the last two years) and a critical review of the literature, this paper provides new theoretical and managerial insights on the management of exploratory innovation. We first identify three complementary perspectives: 1. Managing knowledge for exploration, 2. Organizing for exploration, and 3. Creating new value spaces. Secondly, we recommend focusing the management of exploratory innovation on the following two processes: identifying an exploratory field, creating new opportunities via experimentation.