Creativity & Innovation: Processes and Advantages

Course Overview

• The seminar spans 6 days over two weekends, from November 4th to November 20th, 2024.
• Topics include innovation, technology and business, and introduction to international business

Seminar Schedule

• 04/11: Innovation, covering Generative AI anxiety (Reid Blackman, HBR Aug 2023) and disruptive innovation (Clayton, HBR DEC. 2015).
• 05/11: Technology and Business.
• 06/11: Presentation article 1 synthesis and conclusions, individual.
• 06/11: Innovation and international business (John Cantwell, doi.org/10.1080/13662716.2016.1257422).
• 18/11: Introduction to international business.
• 18/11: Presentation article day 3 synthesis and conclusions, individual.
• 19/11: Innovation and international business, Articule 2 Présentation and Discussion.
• 20/11/2024: Group presentation on whether innovation is always disruptive.

Innovation Defined

• Innovation creates and implements new ideas, products, technologies, and processes that add value.
• It manifests as technological advancements, business models, marketing strategies, and organizational processes.
• It involves creative thinking, challenging norms, questioning assumptions, and taking risks.
• A deep understanding of the problem or opportunity, and a willingness to explore new possibilities is required.
• This requires an open mindset, questioning wisdom, and strong curiosity.

The Essence of innovation

• Innovation constitutes a continuous, iterative process of generating, testing, refining, implementing, and scaling ideas.
• It requires collaboration, experimentation, and adaptability to overcome failures.
• It is crucial for individual, business, and societal progress, improving efficiency, productivity, competitiveness, and quality of life.
• Innovation enables organizations to differentiate themselves and remain relevant.
• As a dynamic process, innovation drives progress, solves problems, and creates value.
• Innovation thrives on curiosity, creativity, collaboration, and a relentless pursuit of improvement.

Innovation vs. Invention

• Innovation creates and implements new ideas, products, technologies, or processes that add value.
• Invention refers to creating something new and original that did not exist before.
• An invention can be a breakthrough discovery or novel creation.

Importance of Creativity

• Creativity drives idea generation by identifying unmet needs and imagining alternatives.
• It enables problem-solving by approaching issues from different angles and exploring unconventional solutions.
• Creativity helps adapt to change by fostering flexible thinking for emerging problems.
• Creativity fosters differentiation, leading to development of unique products/services.
• Creativity contributes to continuous improvement by enhancing existing ideas.

Types of Innovation

• Product Innovation: Improving or creating new products/services with features that enhance customer experience.
• Process Innovation: Improving the efficiency, effectiveness, or quality of existing processes.
• Business Model Innovation: Rethinking how a business operates, creates value, and generates revenue.
• Incremental Innovation: Making small improvements to existing products, processes, or business models.
• Radical/Disruptive Innovation: Developing new products, services, or models that disrupt existing markets.
• Open Innovation: Collaborating with external partners to develop new ideas.
• Social Innovation: Addressing societal challenges and improving communities' well-being.

Importance

• Economic Growth: Innovation drives growth, job creation, and economic activity.
• Competitiveness: Companies offer unique products/services, differentiating themselves to attract customers.
• Problem Solving: New solutions are devleoped for complex social and environmental problems.
• Customer Satisfaction: Innovation allows businesses to better understand and meet customer needs, increasing loyalty
• Adaptation to Change: Innovation enables businesses to adapt to new technologies and shifting consumer behavior.
• Efficiency and Productivity: Innovation streamlines operations, reduces costs, and maximizes output.
• Sustainable Development: Driving sustainable practices, renewable energy, and optimization.
• Continuous Improvement: Fostering a culture of continuous improvement.
• Employee Engagement: Offers chance to contribute, boosting satisfaction and retention.
• Positive Impact on Society: Innovation transforms society and addresses social challenges.

Crucial Across Sectors

• Technology: Companies like Apple, Google, & Microsoft innovate communication, work, and lifestyle tools to shape the future.
• Healthcare: Innovation improves patient care, treatments, & outcomes through medical devices, diagnostics, and digital solutions.
• Energy and Environment: It develops sustainable energy, manages waste, conserves water, and controls pollution.
• Retail and E-commerce: Retail has online shopping, personalized recommendations, and payment systems to improve shopping experiences.
• Financial Services: Mobile banking, cryptocurrencies, robo-advisors transform transactions making them efficient.
• Transportation and Logistics: Electric vehicles, drones, smart logistics improve efficiency, reduce impact, and enhance safety.

Technology in Business

• The seminar explores how technology plays a crucial role in enhancing efficiency and productivity in businesses.
• This streamlines communication, automates tasks, manages data, and improves analytics, project management, and remote work.
• Repetitive Task Automation: AI can automate mundane activities freeing employees for strategic work.
• Communication: Platforms enable seamless collaboration between teams.
• Centralized Data Management: Technology manages data, reducing data loss and streamlining collaboration.
• Analytics and Reporting: Tools analyze data, revealing trends for better decision-making.
• Project Management: Tools enable seamless planning and execution of tasks, ensuring efficient resource utilization.
• Mobile Work: Smartphones and tablets enable productivity anywhere with a good work-life balance.
• Enhancing Integration: Connectivity enables applications to integrate and streamline workflow.

Digital Revelution Impacts

• Communication and collaboration are improved with tools such as email and project management.
• Data and analytics provide businesses the ability to gain insights from data enabling informed choices.
• Automation increases efficacy, streamlining repetitive tasks and minimizing mistake.
• The digital revolution drives innovation disrupting traditional norms.
• Focus is put on cybersecurity while protecting data becoming essential.
• Revolutionized Customer Engagement: Communication, marketing, and online support are essential tools to maintain relationships.
• E-commerce: Online platforms facilitate sales, crucial for remaining competitive..

Understanding Technological Convergence

• Technological convergence is when different technologies merge into unified solutions.
• Convergence combines technologies from separate devices or industries into unified systems.
• This is driven by digitalization, wireless communication, and miniaturization.
• Smart phones as an example of telecomunication, broadcasting, and computing technologies.
• Convergence transforms entertainment, media, healthcare, and home automation.

Key Technological Trends

• These trends include Artificial Intelligence (AI), Machine Learning, Internet of Things (IoT), and Blockchain Technology.
• Fifth generation wireless (5G), Augmented Reality (AR), Virtual Reality (VR), Automation and Robots are included.
• Nanotechnology is also a growing technological trend.

Technological Impacts Across Industries

• Healthcare: Better patient access, digital record-keeping, telemedicine, devices for diagnostic and treatments.
• Manufacturing: Revolutionized by automation, robots, monitoring machine processes with real-time data.
• Retail: Improved supply by using marketplace personalization, in store technologies, and self checkout.
• Transportation: Improved by technologies like self driving cars, automation, and AI.
• Banking: Transactions are more accessible, and efficient by using online payment systems.

International Business - A Definition

• Refers to the exchange of goods, services, and resources between different countries.
• Encompasses trade, investment, finance, and technology transfers on a global scale.
• This allows companies to reach new markets and expand the customer base.
• Tapping into larger markets to increase sales and enhance profitability.
• Access to resources and expertise to remain more competitive.
• Diversification and Risk Mitigation are used to decrease vulnerability to economic fluctuations.
• Innovation exchange enhances knowledge in international business to enhance growth.
• Cultural Knowledge promotes cooperation between different countries.

Contributing to Economic Development

• Drives financial wealth in countries.
• Technology and Job creation by foreign investment are more prevelant.

Factors Influencing International Business Operations

• The general trend across different geographical locations affects companies.
• Factors vary depending on governmental and societal factors such as stability.

PESTEL Factors

These are different factors to consider across countries.

• Political and Legal: Regulations impact financial operations across different countries.
• Economics: Strong exchange control such as trade policies are vital for promoting cooperation.
• Social and Cultural: Considering difference in culture across countries will affect business success.
• Technological: Adequate technology will give companies a competative edge.
• Environmental: Promoting sustainability and climate change will impact business.

Trends/Challenges in Global Markets

• These different changes require business to maintain flexibility as they evolve.
• Digital Transformation is the trend across new trends in commerce.
• Market saturation requires creating new opportunities across the market.
• Reguarly complying with guidelines will protect against penalties and compliance.
• There are increasing threats such as trade conflicts, and market uncertainty.

Entry Modes

• Exporting, simplest and least-risky market, exporting is commonly done through services.
• Licensing agreements, and granting access to different markets can help grow wealth.
• Joint Venture combines wealth with local expertise while cutting costs.
• FDI directly invest to establish manufacturing facilities, or acquiring local companies
• Franchise creates support channels to expand new businesses.
• Wholly Owned Subsidiary ensures a foreign market fully controls the strategic making.
• Companies need knowledge of trade, access, control when considering legal and regulatory practices.

Exporting: Entry Mode Pross and Cons

• Minimal investment and quick entry to test market.
• Limited access, and higher costs can cause challenges in international markets

Licensing: Entry Mode Pross and Cons

• Minimal investments, quick expansion while leveraging local expertise.
• Controlled operations with property issues may cause dependency problems.

Joing Venture: Entry Mode Pross and Cons

• Access to better knowledge with coordination channels will help.
• Potential for conflicts disagreements causing shared authority.

Foreign Investment: Entry Mode Pross and Cons

• Better market access, high risks, and long term commitment for success.

Franchising Pross and Cons

• Benefit access and knowledge with expansion opportunities.
• Potential issues in training practices.

Wholly Owned: Subsidiary Pross and Cons

• Full access and management across international waters; however it causes higher risks and challenge.

Legal and Culture

• Differing standards across culture can have a major impact on operations.
• Communication, Consumer Behavior, and Business Etiquette, with relationships that consider proper local practices.

Political Landscape.

• Different Government Regulations affect the economy differently, for example taxation and trade.
• Political stability and government involvement can play a significant role in business operations, understanding bureaucracy.

Legal Landscape

• Intellectual property must follow practices and trademark appropriately.
• Contracts must enforce agreements that adhere to proper practices.
• Businesses must meet legal standards in global markets to maintain a well run business.

Understanding Cultural Differences

• Thorough research and support for cultural nuances is vital
• Adapting products is better with local services to ensure local standards are met
• Establishing clear expectations with legal help helps develop cultural communication

Diversity

• Employees are supported by differences in culture.

• Individuals improve communication through better understanding of global norms.

• Safe channels where team members can share their difference can help better improve quality of life.

• Support channels to better understanding,

• Work relations improve as knowledge is more in line with working projects.

• Language support aids collaboration between coworkers.

• Set an example for others to see for the team.

• International collaboration is about ensuring that employees can reach a well globalized market.

• Technology makes support faster and more efficient.

• Time to understand cultures,

• Avoid support for negative stereotypes,

• Collaborate with local channels that are well integrated with the business.

Vision and Expectations

• Expectations are often set with a shared vision,
• International companies understand different time zones and language practices,
• Global feedback and cultural adaptation can help businesses grow.

Innovation and International Business

• Innovation offers tools to develop strategies and build sensitivity to local markets.
• Innovation drives innovation and creates a better understanding of the dynamic and disruption between markets.

Integration

• Constant research can help businesses identify successful financial wealth.
• Involves modifications and adaptations to local culture to enhance the market.
• Involves adapting language, and culture to help promote the financial wealth of that country.

Impactful Effects

• Innovation adapts business and requirements over time and modify different systems and requirements for specific countries over all wealth and success.
• Digital media allows a better international outreach.
• Supply and Demand Chains that effectively streamline logistics which better assist with local compliance.

Sustainable Growth

• Innovation relies on a more understanding of cultural practices by building tools for better cross-cultural learning
• A mindset with more open standards are critical to expand opportunities.

Risk Mitigation

• Innovation develops strategic, and financial management.

• Constantly improve standards for specific regions

• Innovation allows for the business to adapt to local standards to better fit standards,

• Customer Feedback helps drive wealth for businesses.

• Adapting tech with AI to support with better channels for better business and improve overall growth.

• Support is helpful to better build businesses.

Global Trade

• Innovation benefits by helping trade with companies that may be looking to grow and innovate across the global trade market
• Continuous learning helps propel with better innovation efforts.

Best Way to Innovate Globally

• Thorough research helps businesses follow business practices.
• Better access to local talent to ensure better channels for integration.

International Managment

• Support channels create better channels for businesses to ensure more proper trade practices.

• Continuous understanding for best business practices is important to stay competitive in international waters.

• Understand local markets to ensure better cultural connections and trade.

• Support communication to build proper practices within the organizations.

Overcoming Innovation

• Better team communication to innovate,
• Developing scalabale standards to solve cultural issues.
• Protect innovations by securing proper resources and market places.

Positive Effects of Technology

• Increased productivity is more manageable with AI

• Automation improves connectivity.

• Innovation, markets are growing quickly by building brand new sources

• Tech has made the world a much more interconnected market.

• New market opportunities are created with data science

• Trade chains build well innovative trade routes

• Tech has improve innovation by creating new advancements.

• Automation cuts time and reduces costs and errors to enhance value and overall success.

• Global connectivity improves connection to supplier to form better ties for global markets.

• IP is better managed and streamlined across all businesses.

• Automation cuts tasks and allows better control over actions.

• Overall competitiveness is more streamlined and profitable.

• A company is better connected with a diverse team when access data is easy to access.

• A companies trade is vastly improved and innovated when IP is fully secured.