Podcast
Questions and Answers
What is an example of an input indicator for measuring innovation?
What is an example of an input indicator for measuring innovation?
Why is measuring innovation often considered a challenge?
Why is measuring innovation often considered a challenge?
Which of the following best defines output indicators in the context of measuring innovation?
Which of the following best defines output indicators in the context of measuring innovation?
What aspect of innovation does the progress indicator focus on?
What aspect of innovation does the progress indicator focus on?
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What is a key reason for adopting flat organizations with strong leadership, despite a lack of formal titles?
What is a key reason for adopting flat organizations with strong leadership, despite a lack of formal titles?
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What distinguishes the iPhone as an innovation?
What distinguishes the iPhone as an innovation?
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Why is the rainbow croissant considered to be on the edge of innovation?
Why is the rainbow croissant considered to be on the edge of innovation?
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Why is 3D TV categorized as not being an innovation?
Why is 3D TV categorized as not being an innovation?
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How did PlayStation I redefine the video game console market?
How did PlayStation I redefine the video game console market?
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What aspect makes Amazon an innovation in e-commerce?
What aspect makes Amazon an innovation in e-commerce?
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What do salads in plastic bags illustrate in terms of innovation?
What do salads in plastic bags illustrate in terms of innovation?
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Which of the following best defines the two key ingredients to innovation?
Which of the following best defines the two key ingredients to innovation?
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What perspective is NOT included in sustainable innovation's impact?
What perspective is NOT included in sustainable innovation's impact?
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What distinguishes a differentiation strategy?
What distinguishes a differentiation strategy?
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Why do most companies struggle with their innovation strategies?
Why do most companies struggle with their innovation strategies?
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What is NOT a component of a good innovation infrastructure?
What is NOT a component of a good innovation infrastructure?
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What primarily differentiates business strategy from innovation strategy?
What primarily differentiates business strategy from innovation strategy?
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What factor is crucial for deciding which innovation project to invest in?
What factor is crucial for deciding which innovation project to invest in?
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What is often a misconception about a company's business strategy?
What is often a misconception about a company's business strategy?
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For what purpose do companies invest in research and development?
For what purpose do companies invest in research and development?
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Which approach is essential for fostering an innovation strategy?
Which approach is essential for fostering an innovation strategy?
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What is the significance of having indirect competitors for a product?
What is the significance of having indirect competitors for a product?
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What can be inferred if a new product has no direct competitors?
What can be inferred if a new product has no direct competitors?
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How does customer targeting differ between mainstream and new product launches?
How does customer targeting differ between mainstream and new product launches?
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What is the relationship between network effect and new products?
What is the relationship between network effect and new products?
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What challenge do new products face compared to established products?
What challenge do new products face compared to established products?
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What is a potential advantage for mainstream products over new products?
What is a potential advantage for mainstream products over new products?
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What does competitive intensity mean for new product launches?
What does competitive intensity mean for new product launches?
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What is a common misconception regarding innovation in new products?
What is a common misconception regarding innovation in new products?
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What is one of the primary responsibilities of a chief innovation officer?
What is one of the primary responsibilities of a chief innovation officer?
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What misconception about innovation might arise if it is seen as solely the responsibility of the CIO?
What misconception about innovation might arise if it is seen as solely the responsibility of the CIO?
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Which of the following best describes the role of an innovation manager compared to a chief innovation officer?
Which of the following best describes the role of an innovation manager compared to a chief innovation officer?
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Why is it important to have formal platforms for collecting ideas within an organization?
Why is it important to have formal platforms for collecting ideas within an organization?
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What is one key function of idea management within an organization?
What is one key function of idea management within an organization?
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Which approach should a chief innovation officer take when dealing with daily activities?
Which approach should a chief innovation officer take when dealing with daily activities?
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What is a main barrier that can prevent employees from sharing their ideas?
What is a main barrier that can prevent employees from sharing their ideas?
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What aspect is critical for fostering a culture of innovation across an organization?
What aspect is critical for fostering a culture of innovation across an organization?
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What does the waterfall model imply about the innovation process?
What does the waterfall model imply about the innovation process?
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Which phase comes directly after idea generation in the innovation process?
Which phase comes directly after idea generation in the innovation process?
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What is a significant drawback of the Stage-gate model for innovation?
What is a significant drawback of the Stage-gate model for innovation?
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What does the lean startup method prioritize during its process?
What does the lean startup method prioritize during its process?
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In the context of the innovation process, what is pivoting?
In the context of the innovation process, what is pivoting?
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Which of the following correctly describes the Build phase in the lean startup process?
Which of the following correctly describes the Build phase in the lean startup process?
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What distinguishes the lean startup approach from the traditional waterfall model?
What distinguishes the lean startup approach from the traditional waterfall model?
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What is the aim of the Measure phase in the lean startup loop?
What is the aim of the Measure phase in the lean startup loop?
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Study Notes
Innovation Management - Introduction
- Nespresso is a successful example of innovation by Nestlé, following a startup approach.
- The innovative project, initially launched in the 1970s, faced failure in the 80s.
- Success was achieved in later attempts using a corporate startup unit.
- Nespresso focused on user-centered variety, reshaping the coffee market.
- Variety and customization are key to success in this new century.
- The goal to establish reputation was a main driver of the strategy.
- Nespresso isn't in supermarkets – it has an ecosystem of independent partners.
- Innovation involves multiple phases, not just linear steps.
- Innovation management is a managerial activity, irrespective of company size.
What is Innovation?
- Innovation is the newness or originality of an idea, product, service, or process.
- Impact is the effect an innovation has on individuals, organizations, society, or the environment.
- Innovation is a valuable strategic tool. Who is the buyer?
- Companies sometimes misunderstand their customers.
Sustainable Innovation
- Innovation must create economic, social, and environmental value.
- Economic value involves generating revenue.
- Social value involves solving societal challenges & improving quality of life.
- Environmental value minimizes harm and promotes sustainability.
- People don't understand new products when the value proposition is not precise.
- Price makes a difference - pricier products don't attract as many customers.
Business Strategy - How to Innovate?
- Business strategy is defined by competitive drivers.
- Strategies can be cost leadership (lower cost, decent quality) or differentiation (superior quality, uniqueness)
- Innovation is a top priority for many businesses, but often the WHY is unclear.
- Company size doesn't matter. Innovation is for all companies.
The Innovation Landscape
- Routine: Leveraging existing competences & models
- Disruptive: New business models, new competences
- Architectural: New business model with new competences
- Radical: New competences, new business models
New Competences & Model
- Innovation needs new skills, competences, and investments, plus a new business model.
- This could be moving from traditional computers to the ipod.
Open vs Closed Innovation
- Closed innovation: Assuming that the inventor controls the entire process; more challenging to manage, especially in large companies.
- Open innovation: Recognizing the complexity of innovation, collaborating with external actors can offer more chances.
Apple Example
- Apple demonstrates consistent value-proposition through intuitive user interfaces and integrated systems & a strategy of putting effort in the user experience.
- Companies need innovation strategies to be focused and to allocate resources appropriately.
New Competences and Model
- Architectural
- Innovation requires new skills, competences, investments in training, and a new business model.
Validation Process
- Validated learning refers to empirically based truths and evidence about a new business idea/model, achieved through data (ex: pre-sales, crowdfunding).
- Minimum Viable Product, MVP, is a simplified version of a product that gathers data efficiently to improve subsequent versions.
Idea Management and Process
- Reward systems give incentives for idea sharing;
- Idea sharing platforms promote cross-departmental collaboration;
- Idea assessment needs process and evaluations to determine potential.
Implementation & Feedback
- Idea management should be holistic.
- Assessing ideas based on impact and feasibility can help prioritize ideas for implementation.
The Valuation Process
- Benchmarking involves using information from similar/comparable successful startups to derive a valuation.
- Reversal engineering relies on negotiated agreements between entrepreneurs and investors.
- Assessing the value of a company is necessary for funding decisions.
Innovation KPIs
- KPIs exist for innovation.
- Each type of innovation project has a different set of performance indicators.
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Description
Test your knowledge on the various indicators used to measure innovation, and understand the challenges associated with it. This quiz explores concepts such as input and output indicators, examples of innovations, and impacts of organizational structure. Dive into the nuances of what defines innovation in different contexts.