Business Innovation Processes
24 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is one main barrier to invention within firms?

  • Absence of formal education programs
  • Knowledge remaining in silos (correct)
  • Inadequate funding for research
  • Lack of employee motivation

Which factor primarily enables creativity within organizations?

  • Strict hierarchical structures
  • High turnover rates
  • Increased competition
  • Availability of slack resources (correct)

How can organizations combine ideas from bottom-up processes?

  • Through standardization of processes
  • By restricting communication among departments
  • Through sponsoring internal technology fairs (correct)
  • By enforcing rigid project timelines

What is cleansed by the network's role in invention?

<p>Knowledge absorption and sharing (D)</p> Signup and view all the answers

Which of the following affects the rate at which companies can learn from others?

<p>Absorptive capacity (B)</p> Signup and view all the answers

What can dampen new ideas within a company?

<p>Disinterest from top management teams (D)</p> Signup and view all the answers

What role do strategic orientations play in the field of invention?

<p>They influence a firm's position within a network. (B)</p> Signup and view all the answers

What is one way to integrate knowledge across boundaries in organizations?

<p>Utilizing cross-functional teams (C)</p> Signup and view all the answers

What is the primary purpose of business innovation processes?

<p>To create, develop, and implement new ideas. (B)</p> Signup and view all the answers

Which of the following best describes the relationship between invention, development, and implementation in innovation processes?

<p>They are interconnected with shifting dynamics. (A)</p> Signup and view all the answers

What does the term 'bisociate' refer to in the context of innovation?

<p>Combining ideas across different knowledge domains. (A)</p> Signup and view all the answers

What is an essential requirement for developing and implementing business innovations?

<p>A collective effort requiring significant resources. (B)</p> Signup and view all the answers

According to research findings, what typically occurs before the emergence of novelty in innovation?

<p>A growth period filled with various preparatory events. (C)</p> Signup and view all the answers

Which statement about the nature of business innovations is accurate?

<p>They often involve technical, organizational, and market uncertainties. (A)</p> Signup and view all the answers

How are new ideas perceived in the context of business innovation?

<p>Any idea that is considered novel by the market or users. (D)</p> Signup and view all the answers

What role does prototype creation play in the development phase of innovation?

<p>It facilitates the instantiation of ideas into tangible forms. (A)</p> Signup and view all the answers

Why must firms continue to invent in their industry?

<p>To retain their competitive position. (D)</p> Signup and view all the answers

What is a critical aspect of commercializing new ideas and technologies?

<p>Innovating business models to maximize economic outcomes. (B)</p> Signup and view all the answers

Which function of a business model helps identify potential users of technology?

<p>Revenue generation mechanism specification. (B)</p> Signup and view all the answers

What does the cost structure in a business model estimate?

<p>The expenses and profit potential related to the value proposition. (A)</p> Signup and view all the answers

Why might a company use a familiar business model for a new innovation?

<p>To leverage existing knowledge and resources. (C)</p> Signup and view all the answers

What is NOT a function of a business model?

<p>Defines the company's mission statement. (A)</p> Signup and view all the answers

How does technology's economic value become realized?

<p>When it is commercialized through a business model. (A)</p> Signup and view all the answers

Which aspect of a business model describes the firm's position in relation to competitors?

<p>Competitive strategy formulation. (A)</p> Signup and view all the answers

Flashcards

Business Innovation

A process involving the creation, development, and implementation of new ideas, regardless of whether it's a novel recombination or an invention, as long as it is perceived as new.

Invention

The emergence of novel ideas with potential value.

Development

The process of transforming an idea into a tangible prototype and establishing an infrastructure for generating value.

Implementation

The widespread adoption and integration of an innovation into the marketplace.

Signup and view all the flashcards

Growth Period

A period of growth and preparation that precedes the emergence of novel ideas.

Signup and view all the flashcards

Bisociation

The ability to connect ideas from different fields or domains, leading to novel insights and innovations.

Signup and view all the flashcards

Recombination

The process of combining elements from different domains of knowledge or practice to generate new ideas.

Signup and view all the flashcards

Non-linear Innovation Process

The transformation of innovations from a linear progression to a more complex and iterative process involving shifts between invention, development, and implementation stages.

Signup and view all the flashcards

Absorptive Capacity

The ability of an organization to absorb and utilize external knowledge, making it both innovative and competitive within a specific field.

Signup and view all the flashcards

Relative Absorptive Capacity

The relative ability of an organization to absorb knowledge compared to its competitors within a field.

Signup and view all the flashcards

Knowledge Silos in Organizations

Knowledge silos occur when information and expertise remain isolated within specific departments or groups within an organization, hindering collaboration and innovation.

Signup and view all the flashcards

Invention within Firms

The process of combining different knowledge streams within an organization to generate new inventions and ideas. However, organizational barriers often hinder this process.

Signup and view all the flashcards

Invention Across the Field

Inventions are not solely confined to individual firms. They arise from a broader network of organizations, individuals, and knowledge flows within a specific field.

Signup and view all the flashcards

Networks as Prisms

Networks not only act as conduits for knowledge exchange but also influence how participants perceive and interpret it.

Signup and view all the flashcards

Strategic Orientation within a Network

The strategic position of a firm within a network of other companies influences its access to knowledge and opportunities for innovation.

Signup and view all the flashcards

Facilitating Knowledge Integration

Practices that encourage the cross-fertilization of ideas and knowledge between different teams and groups within an organization, like rotating employees or hosting internal technology fairs.

Signup and view all the flashcards

Technology's economic value depends on commercialization

The economic value of a technology becomes apparent, even if the technology is not a novel idea, only after being commercialized through a business model.

Signup and view all the flashcards

Same technology, different outcomes

Different ways of commercializing the same technology can lead to different economic outcomes. It's essential to find the right business model.

Signup and view all the flashcards

Innovate not just technology, but business models

Companies should focus on developing the ability to create innovative business models for new ideas, even if they have strong investment in research and development.

Signup and view all the flashcards

What is a business model?

A business model is a comprehensive plan that describes how a company will create, deliver, and capture value. It outlines the key elements of a business.

Signup and view all the flashcards

Identifying the target market and revenue generation

A business model defines who the target customers are, how the technology benefits them, and what revenue streams will be used to make money.

Signup and view all the flashcards

Defining the value chain and complementary assets

A business model analyzes the structure of the value chain, including the necessary resources, personnel, and partners.

Signup and view all the flashcards

Estimating costs, revenue, and profit

A business model outlines the cost structure, expected revenue, and potential profitability.

Signup and view all the flashcards

Positioning within the value network

A business model maps the company's position within the value network, analyzing competitors and potential partners.

Signup and view all the flashcards

Study Notes

Business Innovation Processes

  • Business innovation involves invention, development, and implementation.
  • Invention is the creation of new ideas with potential value.
  • Development involves creating prototypes and establishing a system for using the invention.
  • Implementation focuses on the widespread adoption of the innovation.
  • Innovation processes are not always linear but involve shifts between invention, development, and implementation.

Business Innovation

  • Business innovation centers on creating, developing, and implementing new ideas.
  • These ideas can be new combinations of existing ideas, inventions challenging the status quo, or unique approaches.
  • An idea is considered innovative if it is perceived as new.

Invention

  • The Minnesota Innovation Research Program (MIRP) and other studies have examined the actual process of invention.
  • A period of groundwork, involving both deliberate and unplanned events, precedes the emergence of new ideas.
  • New ideas are often generated from combining elements of prior knowledge and practice.
  • The concept of bisociation (linking ideas from different domains) is a key factor in generating new ideas.
  • Invention within organizations can be hindered by internal barriers.
  • Knowledge silos and top management teams may stifle new ideas.

The Solution

  • Individuals in innovative organizations are often more creative.
  • Accessibility to resources can facilitate innovation attempts.
  • Integration of knowledge across boundaries (organisational, disciplines, and cultures) is crucial.
  • Bottom-up processes such as employee rotation, internal technology fairs, or cross-functional teams can support the development of ideas and encourage collaboration.

Invention Across Fields

  • Invention is not confined to a single organization but is part of a wider community or network.
  • The flow of knowledge across networks is critical.
  • Networks serve as channels and prisms that transmit knowledge, allowing others to perceive and potentially utilize this information.
  • Absorptive capacity and relative absorptive capacity are important elements in successful invention. They will impact the rate of learning and implementation of knowledge.
  • The location and strategic orientation of an organization within that network will aid its success.
  • Organizational factors like reverse engineering, knowledge spillovers, and interaction with other firms can drive robust invention in industries. Firms must consistently innovate to maintain their competitive positions in the market place.

Business Models and Innovation

  • Business models are critical for commercializing new technologies and ideas.
  • Innovation in business models is equally important as innovation in products and services.
  • Business models should be adapted according to their specific context to maximize their benefits.
  • A technology’s economic value is realized when successfully implemented through a business model.
  • Business models can use established models or develop new models to optimize the use and profit from new technologies/ideas.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

Related Documents

Business Innovation Processes PDF

Description

This quiz explores the stages of business innovation, including invention, development, and implementation. It highlights the importance of each stage and how they interact, as well as the perception of new ideas. Test your understanding of these key concepts in the context of business.

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser