The Concept of Dynamic Capabilities of the Firm and Related Paradigms: How to Manage Innovation
On April 15, 2021, as part of the XXII April International Academic Conference on Economic and Social Development, Professor David J. Teece gave an honorary paper on the topic "The Dynamic Capabilities Concept of the Firm and Related Paradigms: How to Manage Innovation in a World of Uncertainty".
Professor D.J. Teece in his talk focused on the concept of dynamic capabilities of the firm, explaining how entrepreneurial management style is implemented in many Silicon Valley technology companies. He presented basic elements of the concept and illustrated them with contemporary examples. Then professor Teece demonstrated how the concept of dynamic capabilities is linked to related and often supportive theoretical constructs, such as "ambidexterity" by C. O'Reilly and M. Tushman, "strategic flexibility" by G. Hamel, "lean" startups by E. Ries, evolutionary economic theory by R. Nelson and S. Winter, "strategy based on simple rules" by C. Eisenhardt and the resource theory of the firm by J. Barney.
D. J. Teece is a professor at the W.A. Haas School of Business at the University of California, Berkeley, and the academic director of the T. Tasher Centre for Intellectual Capital Management. Author of over 30 books and 200 research papers, he was voted the world's most cited scholar in the field of strategic management in 2020. D.J. Teece is the author of the concept of dynamic capabilities of the firm, the most relevant theoretical interpretation of strategic management in the 21st-century economy. According to Science Watch, D.J. Teece's "Dynamic Capabilities and Strategic Management" (co-authored with Gary Pisano and Amy Shuen) was the most cited economics and business article in the world from 1995 to 2005. He has received honorary doctorates from nine of the world's leading universities.
Professor D.J. Teece is widely known in the international management community as a major academic organiser; he is the co-founder and co-editor of one of the leading theoretical management journals 'Industrial and Corporate Change'; for many years, he was a member of the editorial boards of 'Strategic Management Journal' and 'California Management Review' and co-editor of the 'Russian Management Journal'.
In the early 1990s, Professor D.J. Teece initiated on the American side the development of cooperation between the University of California at Berkeley and St. Petersburg State University in the field of management. He greatly contributed to the establishment of the Graduate School of Management at St. Petersburg State University, which for the first time in the history of Russian business education received EQUIS accreditation and was included in the Financial Times rating.
Professor D.J. Teece's vibrant personality epitomises the best qualities of a modern professor at one of the world's leading university business schools. In addition to a successful career as a teacher and scholar, he is also a successful consultant. Professor D.J. Teece is one of the founders of the Berkeley Research Group, which provides expert and consulting services to leading companies around the world. Today, BRG has more than 40 offices and employs 1,200 experts.
The session was moderated by Professor Valery Katkalo, First Vice Rector of HSE and Dean of HSE Graduate School of Business.
Professor D.J. Teece's honorary paper was organised with the support of 'Otkritie' Bank.
Watch a recording of the lecture on the YouTube channel of the XXII April International Conference on Economic and Social Development: