This paper draws upon research in the economics of technical change and in the social construction of technology to develop and test a process model of strategy. We conducted a longitudinal study of leading firms that were sponsoring new and competing product technologies in two industries: the...

Innovation is defined as the development and implementation of new ideas by people who over time engage in transactions with others within an institutional order. This definition focuses on four basic factors (new ideas, people, transactions, and institutional context). An understanding of how...