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Assessing the Impact of Competence Utilisation in Innovation Strategy: A
Correlational Analysis
Andrew L S Goh, Department of Management, Birkbeck College,
University of London, UK,
andrewgoh1@hotmail.com |
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ABSTRACT
This paper introduces the concept of
competence utilisation in the context of innovation. Its conceptualisation
has become a preferred foundation for theory building in other fields, but
not in innovation strategy. Hence an investigative study is proposed to
hypothesise and validate the role of competence utilisation in innovation
strategy using a correlational analysis. In particular, it assesses the
impact of competence utilisation on venture performance by testing three
hypotheses. Data was collected, over a three-month period via a survey
questionnaire, to extract ex post facto information from firms in
Singapore. These firms were selected from three industry sectors by
stratified random sampling. Non-parametric statistics were employed to
test the three hypotheses.
The results showed that the impact of
competence utilisation on venture performance, as indicated by the extent
of availability, utility and desirability, was found to be statistically
significant. The research findings are: Firstly, the level of utilisation
in technology competence, product competence and market competence, as
manifested in the implementation of innovation strategy, is positively
correlated to the level of venture performance, as quantified by sales
profitability, company growth and organisational effectiveness. Secondly,
the impact of competence utilisation is the strongest on sales
profitability followed by company growth and then organisational
effectiveness. Thirdly, in terms of relative effectiveness, as ranked by
the impact on venture performance, technology competence is the most
effective while product competence is less effective; and market
competence is the least effective. In conclusion, three areas of future
research are recommended to further deepen the field of study.
Keywords:
Innovation Strategy; Competence Utilisation and Venture Performance. |
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