Card Set Information
Why is innovation important?
-innovation is the
of many new businesses
- generate more money, more profits, and more jobs
The act of introducing novel and useful ideas into value-creating new products, new services, or new processes.
the generation of a novel and useful idea
How does innovation happen?
combining creative ideas with resources and competencies to create a useful, value-creating new product, new service, or new process, - and then successfully commercialize it.
the ability to produce work that is useful and novel
what are the 6 sources of creativity?
3. R&D (research and development)
5. University & Gov't
How do firms manage innovation?
- make innovation clearly part of business strategy.
organizing for innovation
- rather than organizing to keep the existing products/services/ processes going.
managing day to day innovation process
- to support new product development.
survey results best practices
•Technology, marketing, &
manufacturing managers support innovation by ensuring that their people participate actively and
effectively on teams
•Senior business unit managers
support innovation by ensuring that structure, processes, and other organizational mechanisms support the
•Senior managers support innovation
by making sure that available resources flow smoothly to innovation projects
•Senior managers make long term investments in
technology, manufacturing, and other assets to support ongoing innovation
4 key processes for Managing
Innovation and why they are essential
-create the drive and focus for the long term... - identify and create new technology platforms
search for new markets .. manage product portfolios .. manage for growth...
-multi-functional teams .. - work on all phases to design and develop new products.
create new capabilities to support and enable the product development teams