Innovation Strategies within the Transforming Russian Electric Power Sector
Currently, Russian electric power sector is influenced by two divergent tendencies: on the one hand, we can observe a structural transformation of the industry and increasing role of innovations; on the other hand, it is still subject to regulation, while reliability and safety of power supply remain of paramount importance. This situation creates a unique opportunity to explore which innovation strategies are chosen by companies and which factors have the greatest influence on their decisions. A qualitative study was conducted based on a set of semi-structured interviews with several managers of Russian power companies. Further analysis allowed to reveal the dominant innovation strategies employed within the industry: traditional contracts, in-house development, closed and open innovation ecosystems. This study also revealed factors that determine the choice of an innovation strategy: goals of the firm and type of market it aims to operate at. The results provide managers with insights allowing them to make better-grounded decisions in terms of choosing an innovation strategy within various settings.