Innovation and the ambidextrous mindset in commercial real estate: a paradox management approach
| Pages | 144-156 |
| Published date | 21 May 2020 |
| DOI | https://doi.org/10.1108/JPIF-01-2020-0004 |
| Date | 21 May 2020 |
| Subject Matter | Property management & built environment,Real estate & property,Property valuation & finance |
| Author | Larry E. Wofford,David Wyman,Christopher W. Starr |
Innovation and the ambidextrous
mindset in commercial real estate:
a paradox management approach
Larry E. Wofford
Department of Management and Marketing, University of Tulsa,
Tulsa, Oklahoma, USA
David Wyman
Department of Management and Marketing, College of Charleston,
Charleston, South Carolina, USA, and
Christopher W. Starr
Department of Supply Chain and Information Management, College of Charleston,
Charleston, South Carolina, USA
Abstract
Purpose –This paper addresses decision-making for commercial real estate (CRE) firms and professionals
within the context of rapid technological innovations capable of business model disruption. It considers the
paradoxical notion of the need for CRE firms to become ambidextrous by simultaneously exploiting their
existing business model and exploring possible opportunities and threats. The paper develops a practical
approach, the paradox map, for dealing with this paradoxical problem.
Design/methodology/approach–This qualitativeresearch draws on work fromorganizationalmanagement,
leadership, social sciences and technology. This research frames the definition and development of an
ambidextrousmindset andits components. Paradoxmanagement is exploredas a possible source of usefultools.
Findings –The ambidextrous mindset is a paradox in that exploit and explore are ongoing interrelated
opposing forces. Further, the mindset is the product of a number of sub-paradoxes that act as levers for its
development and adjustment. The paradox map is developed to facilitate dealing with numerous paradoxes.
Practical implications –The paradox map is a useful tool for commercial real-estate firms to understand
and develop an ambidextrous mindset.
Originality/value –Commercial real estate is experiencing a wave of substantive technological disruption in
the proptech marketplace and beyond. This paper attempts to clarify the paradox of innovation and its
underlying sub-paradoxes to help professionals navigate the interrelated landscape of exploiting past products
and exploring innovations.
Keywords Commercial real estate, Technology disruption, Explore and exploit, Paradox of innovation,
Proptech
Paper type Conceptual paper
Introduction
The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time
and still retain the ability to function.
F. Scott Fitzgerald
F. Scott Fitzgerald’s insightful quote succinctly summarizes the importance of core thinking
skills possessed by successful managers and leaders facing challenging business
environments. In those environments, difficulty derives not just from the sheer number of
variables or the uncertainty surrounding them but deciding where to plant one’s thinking
among any number of “opposing”ideas. CRE firms must navigate the tension between
JPIF
39,2
144
This paper forms part of a special section “PropTech and Entrepreneurship - Innovation in Real Estate
II”, guest edited by Dr Larry Wofford, Dr David Wyman, Dr Elaine Worzala.
The current issue and full text archive of this journal is available on Emerald Insight at:
https://www.emerald.com/insight/1463-578X.htm
Received 10 January 2020
Revised 15 April 2020
Accepted 15 April 2020
Journal of Property Investment &
Finance
Vol. 39 No. 2, 2021
pp. 144-156
© Emerald Publishing Limited
1463-578X
DOI 10.1108/JPIF-01-2020-0004
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