New Frontiers

Abstract

Evolutionary thinking has grown significantly and has had a profound impact on various fields such as economics, strategy, and technological innovation. An important paradigm that underlies the evolutionary theory of innovation is neo-Darwinian evolution. According to this paradigm, evolution is gradualist and is based on the mechanisms of variation, selection, and retention. Starting from the 1970s, new theoretical advancements in evolutionary biology have recognized the central role of punctuated equilibrium, speciation, and exaptation in evolution and of Woesian dynamics. However, despite their significant influence in evolutionary biology, these advancements have been reflected only partially in evolutionary approaches to economics, strategy, and technological innovation. This chapter reviews these advancements and explores their key implications for innovation, such as the role of serendipity and unpre-stateability leading to disequilibrium in economics systems, and the importance of adopting an option-based logic during the innovation process.