Driving Growth Through Innovation in Norway's Business Environment: An Explorative Study of Strategies and Best Practices for Established Organizations and Startups

Abstract

Innovation serves as a critical driver of economic growth and competitiveness in today's rapidly evolving business environment. There is no universal formula for achieving positive performance; various paths can lead to the same desired outcome. However, the landscape of innovation has undergone significant transformations in recent years. Traditional models of closed innovation, where companies rely solely on their internal resources, are being challenged by a more open and collaborative approach. Several established organizations recognized the benefits from seeking outside their house to innovate and stay competitive, while startups seek resources, expertise, and market access, often provided by established players. This thesis explores diverse paths organizations in Norway's business landscape uses to achieve positive performance through innovation. It investigates the strategies and practices established organizations and startups employ to pursue innovation. This is done while considering factors such as ambidexterity, organizational culture, measuring innovation, and innovation ecosystem. By analyzing through a case study approach and examining the underlying dynamics, this study seeks to uncover the key determinants of innovation performance. Additionally, the thesis highlights the importance of synergy between established organizations and startups. By leveraging each entity’s complementary strengths and resources, a collaborative approach fosters a mutually beneficial relationship, driving innovation and developing a win-win scenario. Furthermore, the study acknowledges the relevance of developing increased standardization in the context of innovation. In conclusion, this thesis explores the various approaches to innovation taken by established organizations and startups. By understanding these dynamics, organizations can better foster innovation, drive economic growth, and enhance competitiveness in today’s business environment.