Understanding the differences between exploration and exploitation

Many managers launch and steer exploratory initiatives –, i.e. those in search of a sustainable business model – in the same way as they run conventional projects, whether to develop product ranges or even improve productivity. Yet, to be successful, exploration must be managed very differently. And this very special kind of management is not without its difficulties, since it responds to a logic that is quite the opposite of the causal logic that forms the basis of the project approach so common in established organizations.

This fact sheet sheds light on these differences, focusing on three key points that are both the most salient and those that pose the greatest difficulties for seasoned operators.