Reflections on “Profiting from Innovation”

How innovators capture value from innovation is an enduring question. Two decades ago an effort was made in “Profiting from Innovation” to unlock this conundrum. This paper reflects on the framework offered, identifies and reviews the analytical foundations of the theory, and recognizes subsequent contributions and advancements. Linkages are also made to the strategic management literature on “resources” and “dynamic capabilities”. Elements of a Schumpeterian theory of the firm are outlined, along with a framework to assist management in designing technology commercialization strategies.