session 17

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  1. Why is innovation important?
    • -innovation is the genesis of many new businesses
    • -Mechanism for growth

    - generate more money, more profits, and more jobs
  2. Define Innovation
    The act of introducing novel and useful ideas into value-creating new products, new services, or new processes.
  3. Invention
    the generation of a novel and useful idea
  4. 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.
  5. define creativity
    the ability to produce work that is useful and novel
  6. 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
  7. 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.
  8. 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
  9. 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
Card Set:
session 17
2014-05-03 17:39:27

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