Innovation Strategy (AEM 437) Prof. Aija Leiponen Applied Economics and Management This course for juniors and seniors explores firm strategies related to innovation and technological change. We focus on how the success of technological innovations—new products, processes, and services—depends on the firm’s business model. Other key topics include intellectual property rights and the management of technological uncertainty through organizational arrangements such as corporate venturing, spinoffs, and alliances. Technological change is a fundamental driver of economic development and performance, not only at the level of firms and industries but also economies. Innovation is the organizational process through which new …show more content…
Technology and development. (Jan 24) • Readings: Schilling Ch 1: Introduction • Video: Great Inventions 3. Institutions and incentives: Systems of Innovation (Jan 29) • Schilling Ch 2: Sources of innovation • Porter and Stern: Location Matters, Sloan Management Review, 2001 (on line) • Farhoomand: National Innovation Systems of China and the Asian Newly Industrialized Economies: A Comparative Analysis. Asia Case Research Centre, University of Hong Kong, HKU392. Handed out in class. INNOVATION AND FIRM CREATION 4. Creativity (Jan 31, Feb 5) • Video: Deep dive/IDEO Inc (Jan 31) • Creativity exercise in TEAMS (Jan 31) • Schilling Ch 12 (Jan 31) • E-clips: Howard Morgan (IdeaLab), Jaime Jorasch (Walker Digital) • Amabile: How to Kill Creativity? Harvard Business Review 1998 (course packet; writeup 1. For Feb 5) • Assignment 1 DL: The greatest technological challenge of our time (DL: Jan 31) 5. University startup process (Feb 7) • Audia & Rider: A Garage and an Idea: What More Does an Entrepreneur Need? California Management Review 2005 (online) • Scott Shane: Academic Entrepreneurship – University Spinoffs and Wealth Creation, Edward Elgar, Cheltenham, UK, 2004. Ch 10 (course packet). • Case 1: A123Systems, HBS case 9-606-114 (course
Alongside the entrepreneur spirit, Innovation is the process of taking new ideas and implementing them into the market. Key word being “new”, an innovation can be sometimes viewed as the application to better solutions that meet new demand-requirements, inarticulated needs or existing market needs. Innovative ideas range from: goods, services, products, processes, services, technologies or ideas that create value for which customers will pay for. For an idea to be an innovation, it must be replicable at an economical cost and must satisfy a specific need. This means is that one must be ready and willing put their new idea to the test. On the other hand, there is recognition that “innovation is also critical to cultural, environmental, social, and artistic progress as well” (Bullinger, 2006). With this stated, high-tech innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. From the start of modern man times, innovative ideas have paved the way for civilization to advance and develop into what we are today and at the same time, we have barely begin to chip away at the tip of the iceberg of our true human potential. Some scholars believe that innovation is a
BancZero widely used derivatives in its trading and asset and liability management operations. When it came to its trading activities, BancZero operated as a dealer in derivative instruments to meet clients’ risk management needs by arranging transactions that permitted customers to hedge their exposure to prices of securities and commodities, financial indices, and interest rates. They also acquired positions based on
In the context of creativity’s stated definition, we will proceed to group our arguments into three themes of factors: cognitive ability, expertise training, and environmental conditions. The human brain is highly adaptable and can continue to develop new cognitive abilities, even past adulthood (Norman, 2015). Proper cognitive expertise and training can help workers produce and operate in ingenious ways (Ginamarie, Lertiz & Mumford, 2004). Finally, the working environment can both motivate or stifle creative output. Managers can influence all three components: expertise, thinking skills, and motivation (Amabile, 1998).
Innovation and change that is brought about by it can completely redefine the playing field, new products and services can be created/built/designed. It can add efficiency to current work processes and services and also has the potential to build a whole new market place. All of this should increase a company’s earnings, profitability and competitive advantages over others
Tidd et al (2000) states, “the innovation is a business process of revolving opportunity into new ideas and of putting these into widely used practice. In term of the nature, there are five major types of innovations: novelty, competence shifting, complexity, robust design and continuous improvement. While in term of the extent of change, innovations can be divided into incremental, radical and
There are various internal and external factors that can influence the development of innovations positively or negatively. External factors may include firm size, market structure, degree of industry concentration, and macroeconomic factors. Size of the firm tend to be more positive related to innovation in manufacturing and profit-making organizations as compared to non-profit making organization, and relationship that involves size and innovation will become stronger if a non-personnel or a long transformation measure of size has been applied, as compared to application of a personnel or a raw measure of size. Depending on the competition within the market for example a positive competition with favorable atmosphere, the firm will be successful in its kind of innovation. The way industries have been structured and how they change over time may have effect to the innovation among organizations. Their standards, the institutional setting and the process of liberalization and privatization also affect innovation.
Harvard business essentials : managing creativity and innovation, 2003, Harvard Business School Press, Boston, Mass.
Innovation is normally used to denote the process that takes place when a product or a process is developed, from idea to market; the concept of invention only denotes the process that takes place when new ideas or solutions are generated. Baumol (2002) argues “is it possible to have lots of inventions and still lack innovations. Nevertheless, inventions are a necessary precondition for innovation”.
Innovation is the process by which ideas are created, selected and implemented to bring about profitable change to organisations. Innovations come as a result of an identified need for organisations to change their current processes, activities or operations. Andriopoulos and Dawson (2009) explain that organisational change is ‘new ways of organizing and working’. They explain that change occur in two dimensions – movement of state and scope of change.
Key goals of this paper will be to provide a structure for thinking about innovation across the fields, highlight important streams of research on innovation, suggest interrelationships, and provide taxonomy of related topics.
Technological - how the rapid pace of change in production processes and product innovation affect a business.
It is a widely accepted fact that innovation creates new industries which drives the business cycle and provides the basis for sustained economic growth and prosperity of an economy (Schumpeter, 1961). Innovation is an evolutionary, systematic process which results from various associational interactions among a number of actors in a given region (Cooke & Morgan, 2000). Under the influence of theories for fiscal decentralization, regional innovation systems and industrial clusters are becoming more and more popular in various countries across the globe. Top-down devolution of power for policy design and implementation has been accompanied by bottom-up demands and regional
I am applying for admission to the Ph.D. program in Management of Technology because I want to develop a career in the research and teaching of economics, management and the commercialization of innovation. I am primarily interested in factors that affect the competitive performance of disruptive innovative discoveries, product development, supply chains, how advancements of technology affect already established institutions and the roles start-ups play, the dynamics of innovation and long term business strategies. To truly be successful at my intended career path, I believe it is essential to have a strong knowledge of economics, management and innovation management as well as gain knowledge in research methods and supply chain management.
Firstly, the NAM university encourages commercialization of scientific results and it supports researchers via its innovation office. Each year, about 4 USOs emerge from the university. This environment enables the USO commercialization process as it was elucidated by some scholars like Simmons and Hornsby (2014), Bradley et al (2013), Shane (2004), Caiazza (2014) and Hindle and Yencken (2004). These factors are regarded as institutional factors which influence academic entrepreneurship (Farsi et al., 2014). Secondly, the interest of innovators and business team was evident from the beginning of the discovery. They have interest in solving societal problem and they always feel good when they notice their new knowledge is useful for society. One of the interview summaries quoted an innovator who