ABSTRACT
Along with examining the hypothesis that managerial myopia results in short-termism of innovation strategy, the book also aims to provide insights into how Korean firms can move from the past catch-up strategy approach to a more fundamental and radical innovation strategy for the future. So far, Korean firms (e.g. Samsung, LG, and Hyundai) have reached the technological frontier by means of catch-up-based innovation strategies, where existing technologies are improved and commercialized. However, Koreans firms now need to engage in activities of creative destruction to move the technological frontier itself. Our study highlights that, of the many factors required to carry out fundamental and radical innovation, so-called “patient capital” plays a key role in encouraging companies to formulate management and innovation plans from a longer-term perspective.
