ABSTRACT
David J. Teece's main themes are the importance and significance of dynamic capability theory, its contributions to practice for strategists and entrepreneurs, and its evolutionary nature. Dynamic capabilities have three main functions: sensing opportunities and threats, seizing opportunities, and reconfiguring organizational assets and structures to adapt to change. Teece's ideas are easy to follow and understand by business practitioners as well as academics in the strategy field. Teece views managers and entrepreneurs as important in their ability to identify and capture new business opportunities, to orchestrate organizational assets and to create newer and more effective business models and organizational forms. The main ideas in the work relate to Teece's theory of the development of dynamic capabilities and the micro-foundations that constitute the process. Teece expresses a number of interesting ideas in Dynamic Capabilities, all of which are products of his own original thought.
