Innovation, Creativity, and Entrepreneurship (Week 2) PDF

Innovation, Creativity and Entrepreneurship Week 2 Contents Activities and reading from last week Innovation family tree VHS V Betamax Case Study What is innovation? Video Research on Innovation Technology push, market pull Coupling Model Activities Integrated...

Innovation, Creativity and Entrepreneurship Week 2 Contents Activities and reading from last week Innovation family tree VHS V Betamax Case Study What is innovation? Video Research on Innovation Technology push, market pull Coupling Model Activities Integrated Model Networking Model Activity - 20-30 minutes Innovation Family Tree: Read the instructions on the classroom, create a short presentation on your innovation family tree and be prepared to present this to your peers. Betamax vs VHS Case Study Please read the Betamax Vs VHS case study on the classroom and think about these questions: Why was one company more successful than the other? Why didn’t both VHS systems continue to thrive? Neely and Hii (1998) Carried out research on innovation management - key findings include: Innovation has been cited as one of the key factors that affects competitiveness In the emerging knowledge economy, the ability to innovate at the firm, regional and national level dictates the wealth generation capacity of an economy. Within UK, there is a growing concern that firms are lagging behind the best- in-class in terms of innovation. There remains limited understanding as to what actions can be taken at the regional level to facilitate innovation, although some barriers such as costs of innovation, lack of information and shortage of support/infrastructure have been identified. Continued The three dimensions of innovation are Firm innovativeness is influenced by three product, process and organisational. sets of factors: organisational characteristics; managerial characteristics and environmental · Innovative capacity is the potential of a firm, characteristics. region or nation to generate innovative output. · The models used to depict innovation process can be classified into five · Studies suggest that at firm-level, innovative generations. capacity is influenced by three dimensions: firm culture; internal processes; and external They are: technology-push model, market-pull environment. model, coupling model, integrated model and networking model. · The concept of innovativeness relates to the propensity of an individual or a firm to · Networking is a key element in enhancing innovate. the innovative potential of firms. Types of innovation suggested by Neely and Hii (1998) Technology Push Model It is driven by advancements in technology or capabilities. Companies create new technologies or products and then look for market opportunities. Can anyone think of any examples? Microwave, development of the internet etc - technologies were initially created and then found applications in various markets. Market Pull Model It starts with identifying a market need or demand. Companies develop products or technologies that address those needs. Examples? iPhone, which was developed in response to consumer demands for a smartphone. companies research and analyse market trends and consumer preferences to guide their innovation efforts. Technology push/market pull innovation Coupling Model Coupling Model Coupling innovation involves integrating or combining existing technologies, ideas, or components to create new and more valuable solutions. It often involves the synergy of multiple elements to achieve innovative outcomes. Can you give any examples? Examples of coupling model Smartphones: smartphones are the result of coupling various technologies like communication, computing, camera, and sensors. Hybrid Cars: hybrid cars combine traditional combustion engines with electric motors for increased fuel efficiency. Wearable Technology: wearables merge sensors, computing power, and fashion to create innovative health and lifestyle products. What are the similarities and differences between these theories? Consider the push/pull theory and the coupling model. What are the similarities and differences? Make some notes, carry out research, include the source of the information - try to get at least 2 different sources of reference - submit this to the correct area on Blackboard