New Developments in Evolutionary Innovation: Novelty Creation in a Serendipitous Economy

The growth of evolutionary thinking has had a profound impact on economic theory and related fields such as 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 based on the mechanisms of variation, selection, and retention. Since the 1970s, theoretical advancements in evolutionary biology have recognised the central role of punctuated equilibrium, speciation, and exaptation. However, despite their significant influence in evolutionary biology, these advancements have been reflected only partially in evolutionary approaches to economics, strategy, and innovation. The aim of this book is to review these advancements and explore their implications, with a particular emphasis on the role of serendipity and unprestateability in innovation and novelty creation.

Gino Cattani, Professor of Strategy and Organization Theory, New York University, Mariano Mastrogiorgio, Assistant Professor of Management, at IE Business School

Gino Cattani is Professor of Strategy and Organization Theory at the Stern School of Business, Department of Management and Organizations, New York University. His research spans different areas of investigation, with a particular focus on how firms sustain their competitive advantage in regimes of technological change and the role of preadapted capabilities. He also studies audience-mediated legitimation processes that are involved in the recognition and acceptance of novelty. He has served as Deputy Senior Editor of Organization Science, and he is currently serving as associate editor of Management Science and Industrial and Corporate Change. He is also Chief Editor of Advances in Strategic Management.

Mariano Mastrorgiorgio is assistant professor of management at IE Business School, Department of Strategy, where he teaches Introduction to Management and Strategic Management in the undergraduate programmes. His research lies at the intersection of evolutionary theory of innovation, behavioural strategy, and complexity economics. His work has been published in Organization Science, Industrial and Corporate Change and Research Policy.