Innovation Management Reviewer PDF

Module 1 Innovation: -Introduction of a new good or new quality of a good. - Also refers to improving an existing concept or idea using a step wise process Importance of Innovation 1. Innovation and Education 2. Knowledge, information and innovation 3. Money and Innovation 4....

Module 1 Innovation: -Introduction of a new good or new quality of a good. - Also refers to improving an existing concept or idea using a step wise process Importance of Innovation 1. Innovation and Education 2. Knowledge, information and innovation 3. Money and Innovation 4. Ideas and innovation 5. Idea execution and innovation 6. Patience and innovation 7. Learning and innovation Importance of Innovation 1. Innovation and Education A practical education must prepare a man for a work that has yet to exist (Peter Drucker) 2. Knowledge, information and innovation Innovation is fostered by innovation gathered from new connections. Knowledge is generated from new connections that weren’t there before. (Margaret J. Wheatley) 3. Money and Innovation It is not about money, it is about the people you have, how you were led and how much you get. (Steve Jobs) 4. Ideas and innovation Ideas are the source of innovation, so innovation is the vital spark of change. (Ted Levitt) 5. Idea execution and innovation Process of turning an idea into manufacturable and marketable form. (Watts Humprey) 6. Patience and innovation Innovation will not be accepted at first. It requires “Courageous attempt. (Warren Bennis) 7. Learning and innovation Innovation and learning go hand in hand. The arrogance of success is to think what you did yesterday is sufficient for tomorrow. (William Pollard) Types of innovation Incremental Innovation Descriptive Innovation Architectural Innovation Radical Innovation Types of innovation Incremental Innovation It is the most common type of innovation. It makes your existing innovation or and utilixing i it to increase its value Disruptive Innovation (also known as stealth innovation) It is stealthy because it was viewed that newer tech are inferior to the existing tech. After few iteration the newer tach will surpass the current tech and Disrups all existing company Architectural Innovation Simply taking lessons, technology and skills and applying it to a different market. Most of the time the risk involved are very low due to the reliance and reintroduction of the proven technology. Radical Innovation Is what you think the most when considering innovation. It gives birth to new industries (or swallows existing ones) and involves creating revolutionary technology. Popular View of Innovation First Generation – TechnologyPush Second Generation – Market Pull Third Generation – Coupling Method Fourth Generation – Interactive Model Fifth Generation – Netwok Model Sixth Generation – Open Innovation Model Popular View of Innovation First Generation – Technology Push Task is completed as a process (it has a phase). The model reduced technical uncertainty. It creates delays. Second Generation – Market Pull This model draws its innovation ideal from the marketplace. While the first generation relies on research and development and science. (They are both Linear) Third Generation – Coupling Method (Coupling – Pairing two items) Relies on feedback which make it more Interactive and efficient. (It emphasizes the two major forces in innovation: 'market pull' and 'technology push'.) Fourth Generation – Interactive Model Uses an interactive approach which is different from linear approach. It looks at the innovation as a set of parallel activities across the organization functions. (Parallel Activities – sequence that execute at the same time) Fifth Generation – Netwok Model (AKA – Close Innovation Model) it explains the intricacy (complexity) of the innovation process. Its main focus is the involvement of the external environment Sixth Generation – Open Innovation Model Internal and External ideas. Internal and External Paths to market. Steps on innovation as a management process Step1: Idea Generation Step2: Advocacy and Screening Step3: Experimentation Step4: Commercialization Step5: Diffusion and Implementation Steps on innovation as a management process Step1: Idea Generation 5 places of idea generation 1. Customer Innovation- your customer should be you inspiration for your innovation 2. Employee Innovation- Your employee relates to your customer to know their need 3. Public Innovation- Innovation depends on the information gathered from the public 4. Partner/Supplier Innovation- opening up to them helps them improves on the goods and services they supply. 5. Competitor Innovation- Competitors are very careful with the information they share, but with good strategy you can learn a lot from your competitors. Step2: Advocacy and Screening Tree steps for this stage Evaluation and Screening should be transparent Create a number of avenues for employees to receive feed backs You should understand that evaluating an innovative idea is a difficult assignment. Step3: Experimentation This stage of the idea is tested in pilot testing. As you test the product you want to know if the customer will accept it. Step4: Commercialization When you go to this stage, you know your product is ready. The major work for this stage is to persuade your target audience that the innovation is good for them. Step5: Diffusion and Implementation Diffusion and Implementation are two different things: Diffusion- is where the company accepts the innovation Implementation- setting up everything that is needed to develop and utilize or produce innovative ideas. ================================================================= Module 2 Everett Rogers – Introduced his Innovation Diffusion Theory (IDT) - It provides a foundation for understanding innovation adoption and the factors that influence an individual's choices about an innovation. Four Components of Rogers Diffusion Theory Innovation Communication Channel Social System Time Dilemma – it arises when we approach two natural tensions between two apparent opposite ideas. Dilemmas are dynamic but inevitable. They don't go away. They must be managed overtime. ====NEUMERATION==== Organizational Characteristics. 1. Openness 2. Playfulness 3. Adaptability 4. Flexibility 5. Agility ====================== Organizational Characteristics. 1. Openness Innovation comes from the combination of need and culture to open in new ideas 2. Playfulness Innovation comes from an environment in which thinking, and experimentation is stimulated. 3. Adaptability Collective capability to adapt to changes. 4. Flexibility Healthy process for innovation goes between flexibility and hard process 5. Agility Innovation efforts work best when focused through fast, rapid cycles to shape and test solutions. I. Test Digital innovation Internally 1. Challenge Assumption- Use different lenses and compare how others see your products. 2. Look Carefully at how you frame the problem- The answer is differed by how the issue is define. 3. Chunk up the issue – Try focusing on what can be done to improve or enhance a product. 4. Borrow- There may be other departments with different ideas. Borrow these ideas to create new products and services. II. Experiment Digital innovation Externally 1. Look at what others are doing in your industry- great ideas can be gleaned by viewing similar business 2. Look at other industries- logically and around the world who may serve similar target market 3. Query your non-customer- Are there customers who are not yet in the category but could be if there’s suitable product available. 4. Review the past- Re-introduce the past in a new way. 5. Engage with futurist- Futurist can inform you on what is coming and future trends. People – are the most important resource of the innovation process.  ================================================================= Module 3 Joseph G. Monks – he defines Operations Management (controlled manner) ====NEUMERATION==== Operations Management Resources Systems Transformation Value Addition Activities Objectives of Operation Management Customer service Resource Utilisation Operations Objectives 1. Product/service characteristics 2. Process characteristics 3. Product service quality 4. Efficiency 5. Customer service 6. Adaptability for future survival ============================================ Resources – are the Human, Material and Capital inputs to the production process. Human Resource- are the key aspects of an organization. Systems- the arrangement of components designed to archive objectives according to plan. ================================================================== Module 4 Intellectual Property – is a category of property that includes a intangible creation of human intellect. The most well-known are; copyrights, patents, trademarks and trade secrets. The term “Intellectual property” began to be used in 19th century then in 20 th century it began being in common place in the majority of world’s legal system. (Protection For Creation) Intellectual Property Rights- include patents, copyright, industrial design etc. Patents- form of right granted by the government to an inventor or their successor-in-title and excludes others for making their invention for a limited period. Copyright- gives creator of an original work exclusive rights to it, usually for a limited time. It does not cover ideas and information themselves, only the form or way they are expressed. Industrial Design Rights- (sometimes called “design right” or “design patent) protects the visual design of objects that are not purely utilitarian. Plan Varieties- (Plant Breeder’s Rights) rights to commercially use a new variety of plant. Trademarks- are a recognizable sign, design or expression which distinguishes a product or service. Trade design- is a legal term of art that generally refers to characteristics of the visual aesthetic of a product or its packaging Trade secrets- formula that is not generally known. There is no formal government protection granted. Each company must take measures to guard its own trade secrets.