Innovation, Creativity, and Entrepreneurship Week 2

Week 2 Overview

• Activities and readings from the previous week were revisited for deeper understanding.
• Key focus on constructing an "Innovation Family Tree" for presentation.

VHS vs. Betamax Case Study

• Analyze why VHS became more successful than Betamax.
• Investigate reasons for the limited longevity of both VHS systems.

Research Findings on Innovation by Neely and Hii (1998)

• Innovation is crucial for enhancing competitiveness in the knowledge economy.
• In the UK, worries arise over firms trailing behind global innovation standards.
• Identified barriers to regional innovation include high costs, lack of information, and inadequate infrastructure.

Dimensions and Capacity of Innovation

• Innovation encompasses three dimensions: product, process, and organizational.
• Innovative capacity reflects a firm or region's potential to generate new outputs.
• Firm innovativeness is influenced by organizational, managerial, and environmental characteristics.

Innovation Process Models

• Five classifications depict the innovation process:
  • Technology-push model: Innovations driven by technological advancements.
  • Market-pull model: Innovations that arise from identifying market needs.
  • Coupling model: Integrating existing technologies or components to create new solutions.
  • Integrated model and networking model: Focus on collaborative and interconnected approaches in the innovation landscape.

Technology Push Model

• Innovations originate from technological advancements, with companies seeking market opportunities afterward.
• Examples include the microwave and the development of the internet, where technology preceded market applications.

Market Pull Model

• Innovations stem from identified market demand, with companies creating products that satisfy consumer needs.
• Example: The iPhone was designed based on consumer demands for a sophisticated smartphone.

Coupling Model

• Combines existing technologies or ideas to develop new solutions, emphasizing synergy among elements.
• Examples include:
  • Smartphones: Integration of communication, computing, camera, and sensor technologies.
  • Hybrid cars: Merging traditional engines with electric motors for improved efficiency.
  • Wearable technology: Fusion of sensors, computing, and design in health and lifestyle products.

Comparison of Innovation Models

• Consider similarities and differences between technology-push, market-pull, and coupling models.
• Note requirements for carrying out research with at least two sources for in-depth understanding.