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OVERVIEW:A critical innovation competency is the ability to recognize technologies that can best be exploited by a particular company and to drive investment in them. We have developed a framework for identifying and developing technology-based business opportunities in new areas for a company. The framework brings together many aspects of emerging business opportunity identification and deployment, and is centered on defining a critical set of capabilities needed to address evolving market challenges. Our approach is implemented through a parallel understanding of market and technology trends connected with the dynamics of the relevant value chains. A new external technology that has the potential to augment internal capabilities can be an enabler in the opportunity creation formula.
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Spitsberg et al. (2015) studied this question.
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