where value is created by experiences. For example, in the new value creation processconsumers are co-creators, picking and choosing how they want to interact with thecompany. This requires a rethinking of our organisations and breaking free from theblinders of the current dominant logic. This paper suggests that instead of focusing on‘best practices’, managers need to look at developing ‘next practices’. In other words, theyneed to focus on experimentation and looking beyond the borders of their industries tofind new opportunities. The author uses examples of companies that have attempted toovercome their dominant logic, with varying degrees of success, to recognise the threatsand opportunities on their peripheries.

doi:10.1016/j.lrp.2004.01.011

Making meaning out of apparent noise 181Stephan H. Haeckel

Doing business in the face of constant change requires a fundamental shift from a ‘make-and-sell’ to a ‘sense-and-respond’ framework. This shift means recasting strategy, structureand governance. Giving up predictability also requires four new core competencies:knowing earlier; managing by wire; dispatching capabilities from the event back; anddesigning a business as a system. These new capabilities require attention to what wouldhave been considered the ‘periphery’ of the traditional make-and-sell company. Peripheralvision has become important because making meaning out of apparent noise is key tosurvival and a company must now invest in improving its vision. This paper says thatinvestment in peripheral vision will extend the number and type of signals we can senseand that such investments will increase the development of the ability to transform newsignals into meaning.

doi:10.1016/j.lrp.2004.01.007

Mining the periphery for new products 191Larry Huston

Revolutionary new products often come from upstart players or companies outside theindustry whose vision is not limited by a focus on the current business and markets.However new products are vital to the growth of all companies, particularly in maturemarkets. This article says managers need to peruse the periphery for new product ideasbecause this is often where the breakthrough innovations, that could drive the company’sfuture business, will be found. It suggests three strategies for recognising or creating newideas at the periphery and bringing them into the centre. These are: frame the landscapeextensively; develop game-changing hypotheses; and use targeted hunting in externalinnovation networks. With examples from a range of companies, the paper describesattempts to innovate. It says the three strategies can help make the process of scanningthe periphery more effective. This can, in turn, increase the capacity of the organisation forinnovative thinking and action and improve the odds for creating successful newbusinesses.

doi:10.1016/j.lrp.2004.01.013

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