Developing a new business idea is notoriously difficult. Start-up failure statistics are discouraging – some 90 per cent of all new ventures fail, about 40 per cent of all new products or services cannot find sufficient buyers.
In a world where innovation is increasingly expensive, going it alone is not always the best way for firms to produce a product. But how do executives know when strategic alliances and teaming up with others is the most productive strategy?
There’s a view that conforming to accepted standards and norms is something organizations do reactively, mainly due to external pressures, and to avoid being penalized. But research by Déborah Philippe and Rodolphe Durand, focusing on environmental practices and reputation, shows that organizational conformity is actually a complex, nuanced, activity that can be used for strategic gain if managed well.