FOI Revision Midterm PDF

FOI REVISION FOR MIDTERM (LECTURES 1-4) CH1: The innovation imperative 2 Learning objectives (develop an understanding of): 2 Hidden innovation 2 Examples of ‘hidde...

FOI REVISION FOR MIDTERM (LECTURES 1-4) CH1: The innovation imperative 2 Learning objectives (develop an understanding of): 2 Hidden innovation 2 Examples of ‘hidden’ innovation 3 Investments in innovation 3 Challenges on the innovation horizon 3 Barriers to innovation: 3 Successful innovators... 4 A process model for innovation 4 Scope for innovation 5 Dimensions of innovation – what can we change? 5 Examples of the 4Ps model 6 Dimensions of innovation 7 The innovation life cycle 7 Stages in the life cycle 8 Discontinuous innovation 8 SUMMARY 8 Useful Quotes: 9 CH2: Digital innovation 10 Learning Objectives(develop an understanding of): 10 Simplified model of digital innovation 10 Key features of digital technologies 10 What does it mean for innovation management? 11 Front-end innovation tools 11 Collaborative innovation platforms 11 The new digital toolkit (digital tools across the innovation process) 12 Driving new approaches to innovation management 12 SUMMARY 13 Useful links: 13 Self-assessment & extra 14 CH3: Managing innovation as a core business process 15 Key stages in the process 15 Influences on the process 15 Key questions about how we manage innovation 15 Different versions of the core process model 16 Variations on a theme 16 Different sectors, different approaches 17 Innovation in a humanitarian world 17 Size as an influence 18  Different models for ‘steady state’ and discontinuous innovation 18 Changing models of innovation over time 19 The problem of partial models 19 Core abilities in innovation 20 Developing innovation capability 20 Key questions in the selection phase 21 Key questions in the implementation phase 21 Dynamic capability 21 SUMMARY 21 Self-assessment questions 22 CH4: Developing an innovation strategy 23 Why strategy? 23 Strategy as a roadmap for change 23 What’s in an innovation strategy? 23 Strategic analysis 24 Exploring innovation space 24 Strategic competencies 24 SWOT analysis 25 Analysis and Action Steps 28 SUMMARY 29 CH1: The innovation imperative Learning objectives (develop an understanding of): what ‘innovation’ and ‘entrepreneurship’ mean and how they are essential for survival and growth innovation as a process rather than a single flash of inspiration the difficulties in managing what is an uncertain and risky process the key themes in thinking about how to manage this process effectively The word ‘innovation’ comes from the Latin, innovare, and is all about change. More helpful definition of innovation is: ‘the process of creating value from ideas’ Stage in life Start-up Growth Sustain/scale Renew cycle Creating Individual Growing the Building a portfolio Returning to the wealth entrepreneur business of incremental and radical frame- exploiting new through adding new radical innovation breaking kind of technology or products/services or to sustain the innovation which market opportunity moving into new business and/or began the business markets spread its influence and enables it to into new markets move forward as something very different Creating social Social entrepreneur, Developing the Spreading the idea Changing the value passionately ideas and engaging widely, diffusing it system - and then concerned to others in a network to other acting as agent for improve or change for change – communities of next wave of something in their perhaps in a region social change immediate or around a key entrepreneurs, environment issue engaging links with mainstream players like public sector agencies Hidden innovation Type I: Innovation that is identical or similar to activities that are measured by traditional indicators, but which is excluded from measurement Type II: Innovation without a major scientific and technological basis, such as innovation in organizational forms or business models. Type III: Innovation created from the novel combination of existing technologies and processes. Type IV: Locally-developed, small-scale innovations that take place ‘under the radar’, not only of traditional indicators but often also of many of the organizations and individuals working in a sector. Examples of ‘hidden’ innovation Type I: the development of new technologies in oil exploration. Type II: the development of new contractual relationships between suppliers and clients on major construction projects. Type III: the way in which banks have integrated their various back office IT systems to deliver innovative customer services such as Internet banking. Type IV: the everyday innovation that occurs in classrooms and multidisciplinary construction teams Investments in innovation Challenges on the innovation horizon Accelerating knowledge production Globalisation of knowledge production Market expansion – now