Abstract
We report empirical findings that outline the configuration of different causal beliefs within the mental models of leaders of small firms when directing the successful exploitation of innovations. We investigate leaders’ mental models by drawing on the factors highlighted in prior research from organizational learning, resource-based and the commercialization perspectives within innovation management. The research is based on causal cognitive mapping and in-depth face-to-face interviews collected from individuals in leadership positions experienced in exploiting innovation. We present findings on dominant causal beliefs within leaders’ mental models, linking ends (objectives) and means (strategies) used to exploit innovation. The findings highlight that the strategies used to successfully exploit innovation, including the use of intellectual property protection mechanisms, are driven by ownership type, product type and leaders’ personal goals such as continuity or exit considerations.