Dynamic Capabilities and Strategic Management: Organizing for Innovation and Growth

How do firms compete? How do firms earn above-normal returns? What's needed to sustain superior performance long term? An increasingly powerful answer to these fundamental questions of business strategy lies in the concept of dynamic capabilities. These are the skills, processes, routines, organizational structures, and disciplines that enable firms to build, employ, and orchestrate intangible assets relevant to satisfying customer needs, and which cannot be readily replicated by competitors. Enterprises with strong dynamic capabilities are intensely entrepreneurial. They not only adapt to business ecosystems; they also shape them through innovation, collaboration, learning, and involvement.

David J. Teece is Chaired Professor of Haas Business School at the University of California, Berkeley. He has been included on the "A-List of Management Academics 2011" by Business Educators, an orgazination which seeks to facilitate collaborations between business academics and professionals.