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Open AccessJournal ArticleDOI

Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance

David J. Teece
- 01 Dec 2007 - 
- Vol. 28, Iss: 13, pp 1319-1350
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TLDR
In this paper, the authors draw on the social and behavioral sciences in an endeavor to specify the nature and microfoundations of the capabilities necessary to sustain superior enterprise performance in an open economy with rapid innovation and globally dispersed sources of invention, innovation, and manufacturing capability.
Abstract
This paper draws on the social and behavioral sciences in an endeavor to specify the nature and microfoundations of the capabilities necessary to sustain superior enterprise performance in an open economy with rapid innovation and globally dispersed sources of invention, innovation, and manufacturing capability. Dynamic capabilities enable business enterprises to create, deploy, and protect the intangible assets that support superior long- run business performance. The microfoundations of dynamic capabilities—the distinct skills, processes, procedures, organizational structures, decision rules, and disciplines—which undergird enterprise-level sensing, seizing, and reconfiguring capacities are difficult to develop and deploy. Enterprises with strong dynamic capabilities are intensely entrepreneurial. They not only adapt to business ecosystems, but also shape them through innovation and through collaboration with other enterprises, entities, and institutions. The framework advanced can help scholars understand the foundations of long-run enterprise success while helping managers delineate relevant strategic considerations and the priorities they must adopt to enhance enterprise performance and escape the zero profit tendency associated with operating in markets open to global competition. Copyright  2007 John Wiley & Sons, Ltd.

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Business Models, Business Strategy and Innovation

David J. Teece
- 01 Apr 2010 - 
TL;DR: In this paper, the authors explore the significance of business models and explore their connections with business strategy, innovation management, and economic theory, and understand how the enterprise can organize to best meet customers' needs, get paid for doing so, and make a profit.
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The Business Model: Recent Developments and Future Research

TL;DR: This article provided a broad and multifaceted review of the received literature on business models in which the authors examined the business model concept through multiple subject-matter lenses and found that scholars do not agree on what a business model is and that the literature is developing largely in silos according to the phenomena of interest of the respective researchers.
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Organizational Ambidexterity: Balancing Exploitation and Exploration for Sustained Performance

TL;DR: An overview of the seven articles included in this special issue is provided and several avenues for future research are suggested.
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Understanding digital transformation: A review and a research agenda

TL;DR: A framework of digital transformation articulated across eight building blocks is built that foregrounds digital transformation as a process where digital technologies create disruptions triggering strategic responses from organizations that seek to alter their value creation paths while managing the structural changes and organizational barriers that affect the positive and negative outcomes of this process.
References
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Book ChapterDOI

Prospect theory: an analysis of decision under risk

TL;DR: In this paper, the authors present a critique of expected utility theory as a descriptive model of decision making under risk, and develop an alternative model, called prospect theory, in which value is assigned to gains and losses rather than to final assets and in which probabilities are replaced by decision weights.
Journal ArticleDOI

Dynamic capabilities and strategic management

TL;DR: The dynamic capabilities framework as mentioned in this paper analyzes the sources and methods of wealth creation and capture by private enterprise firms operating in environments of rapid technological change, and suggests that private wealth creation in regimes of rapid technology change depends in large measure on honing intemal technological, organizational, and managerial processes inside the firm.
Posted Content

An Evolutionary Theory of Economic Change

TL;DR: In this paper, the authors developed an evolutionary theory of the capabilities and behavior of business firms operating in a market environment, including both general discussion and the manipulation of specific simulation models consistent with that theory.
Journal ArticleDOI

A Resource-Based View of the Firm

TL;DR: In this paper, the authors explore the usefulness of analyzing firms from the resource side rather than from the product side, in analogy to entry barriers and growth-share matrices, the concepts of resource position barrier and resource-product matrices are suggested.
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