Understanding Innovation

Innovation, Technology, and International Business: An Introduction

• This course aims to explore the interconnectedness of innovation, technology, and international business, recognizing them as central forces in global development from the First Industrial Revolution to the Information Age.
• The course is delivered as a 6-day seminar spread over two weekends, November 4th-20th, 2024.

Course Schedule

• November 4th: Focuses on innovation.
  • Includes reviewing "Generative Al-anxiety" by Reid Blackman, HBR Aug 2023,
  • "What Is Disruptive Innovation" by Clayton, HBR DEC 2015.
• November 5th: Center on technology and business.
• November 6th: Presentation article 1 day 1: synthesis and conclusions, individual
  • Examination of "Innovation and international business," by John Cantwell, https://doi.org/10.1080/13662716.2016.1257422.
• November 18th: Focuses on introduction to international business.
  • Presentation article day 3: synthesis and conclusions, individual
• November 19th: Centers on innovation and international business.
  • Includes presentation and discussion of Articule 2.
• November 20th, 2024: Group presentation on whether innovation is always disruptive.

Defining Innovation

• Innovation is the process of creating new products, technologies, ideas, or processes.
• Implies adding value for organizations or individuals.
• Innovation takes many forms, such as technological improvement, marketing strategies, business, and organizational models.
• It entails creative thinking, challenging assumptions, taking risks, questioning conventional wisdom, and deep understanding of the unexplored territories.
• Innovation is dynamic and transformative, driving progress to solve problems by embracing curiosity, creativity, collaboration, and the pursuit of improvement.

Differentiating Innovation from Invention

• Innovation is the process of creating and implementing new ideas, products, technologies, or processes that add value to individuals or organizations.
• Invention is the creation of something completely new and original that didn't exist before.

Creativity in Innovation

• Driving force comes from creativity when generating new thoughts.
• Helps with envisioning possibilities, unmet needs, and alternative approach ideas.
• Problem-solving is improved with a different angle that comes from creativity.
• It also encourages the development of unconventional strategies for breakthrough innovations.
• Adapting to change and being open to new situations is crucial for creativity.
• Thinking originally leads organizations/individuals apart from one another.
• Continuous Improvement to enhance existing ideas/processes.

Types of Innovation

• Product Innovation: Improve/create new services/products, enhancing or developing particular functions that meet unmet needs.
• Process Innovation: Improving effectiveness, efficiency or quality of processes that eliminate waste, aim to streamline operations, or reduction of costs.
• Business Model Innovation: Redesign/rethinking generates revenue, creates value, and delivers value in new ways.
• Incremental Innovation: Incremental improvements to processes/business models/products by optimizing/building on pre-existing technologies/ideas.
• Radical or Disruptive Innovation: Development of business models, the service of entirely new products, disrupt existing markets.
• Open Innovation: Solutions/products/ideas that help create collaboration with external partners.
• Innovation helps create societies that address environmental/societal challenges that improve communities.

Importance of Innovation

• Drives economic growth and prosperity, creating new industries, jobs, and productivity while stimulating economic activity.
• Innovation in a globalized marketplace allows businesses to maintain a competitive advantage via unique, high-quality products/services.
• Innovation enables the development of complex problems with new creative approaches.
• Innovation allows businesses to better understand and meet customer needs, enhancing user experiences, and customer satisfaction. Adapting to change.
• Innovation leads to more efficient processes by leveraging new technologies. Sustainable Development.
• Continuous Improvement is also encouraged to increase efficiency.

Crucial Innovation across Sectors and Industries

• Technology: Ongoing innovation drives advancements and molds the future in the tech sector that builds on continuous innovation.
• Healthcare: There is a significant impact on patient care and treatments due to innovation.
• Energy and Environment: A critical role is to growing sustainable measures and there are numerous developing technologies that are innovating renewable energy.

Technology and Business

• Technology streamlines communication, manages data in a place, improves analytics/reporting, and automates tasks, helping to enhance productivity/efficiency.
• Technology enables project management, and promotes system connectivity and integration alongside mobile flexibility.

Digital Revolution and Key Impacts

• Improved communication and collaboration through digital software like email, video conferencing, messaging apps, and project management tools has enhanced efficiency/improved productivitiy.
• Data and Analytics: The revolution of digital helps gain insights on customer behavior and operational performance.
• Automation and Efficiency is enabled in business processes through digital technologies that improve resources.
• Innovation and Disruption via companies like Netflix and Airbnb have disrupted traditional industry norms by leveraging digital means.
• Cybersecurity and Data Privacy is at the forefront for innovation to invest in data protection strategies.

Technological Convergence

• Unifies solution/technologies by converging/transforming various industries/sectors.
• Merging different functionalities/technologies refers to create singular platforms/systems.
• Advancements in tech(digitalization) enable combinations all into a platform.

Convergence Implications

• Communications Media example consists of broadcasting that revolutionizes new ways to consume media.
• Entertainment has transformed the Internet, smart TVs to run apps all onto one hub.
• Publishing and e-readers devices all allow portable access through e readers. Healthcare.

Technological Trends

• Defines potential advancements in future and how they can be shaped.
• The Al machines can make decisions by learning from different industries across the board. Internet of Things.
• The blockchain records are more secure through transactions of systems.

International Business

• Trade helps transfer knowledge, attract direct investment, tech along the way, create jobs, and play a crucial role in stimulating development of the economy.
• International business helps in cultural understanding between all nations by fostering mutual practices.

Factors to Influence International Business

• Impact how different operations can occur.
• Political: government regulations and impact trade policies.
• Economic conditions: Exchange trade agreements.

Trends and Challenges of global markets

• Comply with regualtions as a key business.
• Market saturation and cybersecurity.

Main Entry Modes

• Exporting includes simply the least risky and simplest of entering into a mode into foreign markets
• licensing: agreement that includes rights to selling product when receiving a royal for the fee. Joint venture: partnership with a local company in a new market.
• Franchising allows brands to grow the expansion by replications of business.
• There are 6 main entry modes to consider.

Influence of Business Cultures

• Communication, business etiquette, and consumer behavior all play different effective communication. Political differences and government regulations must be necessary for any business.

Diversity through Communication

• Acknowedge different values and foster inclusive environments for everyone.
• Improve the encouragement to effectively communication and collaboration.

Effective Innovation through Business

• International expansion through developing data and technology-driven.

Managing Global Organizations

• Metrics to evaluate successful innovation performance and impact.
• Implement a clear innovation strategy that aligns with your organization.