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Why is innovation important?
- -innovation is the genesis of many new businesses
- -Mechanism for growth
- 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?
- 1. inventors
- 2. users
- 3. R&D (research and development)
- 4. Others
- 5. University & Gov't
- 6. Networks
How do firms manage innovation?
- innovation strategy- 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
- innovation teams
- •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
- strategy development- -create the drive and focus for the long term... - identify and create new technology platforms
- business development- search for new markets .. manage product portfolios .. manage for growth...
- Product development- -multi-functional teams .. - work on all phases to design and develop new products.
- Capabilities development- create new capabilities to support and enable the product development teams