Governance of new product development and perceptions of responsible innovation in the financial sector: insights from an ethnographic case study
Owen, Richard J.
Journal of Responsible Innovation
Taylor and Francis
We describe an ethnographic study within a global asset management company aimed at understanding the process and governance of new product development and perceptions of responsible innovation. We observed innovation to be incremental, with a clearly - structured stage gating model of governance involving numerous internal and external actors that was framed by regulation and co-ordinated by a small product development team. Responsible innovation was framed largely in terms of considering client needs when innovating and the understanding of operational, legal, regulatory and reputational risks. Staff perceived the company as having an inherently cautious culture, where the probability of bringing something destructive to market was perceived as being low. We conclude that the observed stage gating architecture offers considerable scope as a mechanism for systematic embedding of more broadly framed, emerging concepts of responsible innovation.
This is an Accepted Manuscript of an article published by Taylor & Francis in Journal of Responsible Innovation on 24 Feb 2014, available online: http://wwww.tandfonline.com/10.1080/23299460.2014.882552
Vol. 1, Issue 1, pp. 9 - 30