Kenneth Ketner's Wisdom on Fostering Innovation in Business.pptx
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Kenneth Ketner, an influential thought leader in the realm of business innovation, offers valuable insights into guiding organizations on how to foster innovation, embrace new technologies, and stay ahead of industry trends. His approach emphasizes a multifaceted strategy that integrates proactive measures and a forward-thinking mindset.Ketner advocates for a corporate culture that prioritizes creativity and risk-taking. Encouraging employees to think outside the box and experiment with new ideas creates an environment conducive to innovation.
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CONCEPTS OF INNOVATION MANAGEMENT2 Conce.docx
CONCEPTS OF INNOVATION MANAGEMENT 2
Concepts of Innovation Management
Abiodun Fasawe
NorthCentral University
TIM 7001: Changing Times: Managing Technology & Innovation in the 21st Century
Dr. Nicholas Harkiolakis
May 24, 2020
1
Introduction
Innovation mainly happens with the help of technology. It is through innovation that man people comes up with new ideas and solutions to problems we face in our day to day lives. Technology is a branch of knowledge that brings about innovation due to the evolution of technology. Technology involves the methods, skills, and processes together with techniques required in production and scientific investigations. Technology is considered to be broad and fits in categories of communication and information, computer science, and computer engineering among others. The above categories are subject to improvements or disruption by humans at any time. The manipulation of technology goes through a process called innovation. Technology is applicable in many fields such as mathematics, historical knowledge, scientific engineering, transport and linguistics, business, and environmental conservation practices among others. Comment by Dr. H: This is self-referencial. It like telling technology helps technology grow Comment by Dr. H: Where did you find this definition? Comment by Dr. H: Do you mean it grows through innovations Comment by Dr. H: What do you mean by this? Comment by Dr. H: Is there engineering that is not scientific Comment by Dr. H: There is no citation support in this paragraph. Please note that unless you support with citations from peer-reviewed research journal or government sources your material is considered an opinion piece and as such it is not appropriate for research writing.This is a serious issue and you need to address it throughout as it greatly impacts your grade
Innovation involves the creation and application of new ideas, thoughts or solutions in the day-to-day problems, expectations, and needs. For the idea to qualify to be an innovation, it should satisfy a particular need and at a cost. The ideas are converted into useful products. Innovation takes place to provide more effective and efficient products, services, processes, and technologies. These are made available for sale in the markets, society, or the government. Innovations are classified into two major categories: Comment by Dr. H: Whose problems, expectations and needs? Comment by Dr. H: According to whom?
· Evolutionary innovations also called continuous evolutionary innovation which is as a result of gradual improvements in technology and,
· Revolutionary innovations also known as discontinuous innovations. There are often disruptive and new.
Innovation is crucial in any organization and it presents the need to create a department and a manager for the same. It will require a deeper understanding of the consumer needs before undertaking th.
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CHAPTER 12Managing Innovation and Fostering Corporate Entrepre
CHAPTER 12
Managing Innovation and Fostering Corporate Entrepreneurship
Copyright Anatoli Styf/Shutterstock
1
Learning Objectives
After reading this chapter, you should have a good understanding of:
12-1 The importance of implementing strategies and practices that foster innovation.
12-2 The challenges and pitfalls of managing corporate innovation processes.
12-3 How corporations use new venture teams, business incubators, and product champions to create an internal environment and culture that promote entrepreneurial development.
12-4 How corporate entrepreneurship achieves both financial goals and strategic goals.
12-5 The benefits and potential drawbacks of real options analysis in making resource deployment decisions in corporate entrepreneurship contexts.
12-6 How an entrepreneurial orientation can enhance a firm’s efforts to develop promising corporate venture initiatives.
©McGraw-Hill Education.
2
Managing Innovation
Consider . . .
To remain competitive, established firms must continually seek out opportunities for growth and develop new methods for strategically renewing their performance.
How can innovation and corporate entrepreneurship activities become an avenue for achieving competitive advantage?
©McGraw-Hill Education.
Strategic leaders need to manage change. Changes in customer needs, new technologies, and shifts in the competitive landscape require that companies continually innovate and initiate corporate ventures in order to compete effectively. That is why managing innovation is an important strategic implementation issue. Innovation plays an important role in identifying venture opportunities and creating strategic renewal. Firms need to learn how to successfully manage the innovation process and develop corporate entrepreneurship activities. A firm’s entrepreneurial orientation can contribute to its growth and renewal as well as enhance the methods and processes strategic managers use to recognize opportunities and develop initiatives for internal growth and development.
3
Managing Innovation: Definition
Innovation allows for
Transformation of organizational processes
Creation of new & commercially viable products & services
Innovation requires new knowledge from
Latest technology
Results of experiments
Creative insights
Competitive information
©McGraw-Hill Education.
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4
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Breadcrumb:Table of ContentsSection 4: Technology and Innovation: ApplicationWeek 7Books and Resources for this WeekWeek 7 Assignment Signature Assignment RubricWeek 7 Assignment Signature Assignment RubricSend to BinderSubmit FeedbackDownload
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YOU
NEED
AN
INNOVATION
STRATEGY
It’s the only way to make sound trade-off
decisions and choose the right practices.
BY GARY P. PISANO
THE BIG IDEA
44 Harvard Business Review June 2015
Gary P. Pisano is the
Harry E. Figgie Professor
of Business Administration
and a member of the U.S.
Competitiveness Project at
Harvard Business School.
G
U
ST
AV
O
B
R
IG
A
N
TE
HBR.ORG
June 2015 Harvard Business Review 45
DESPITE MASSIVE
INVESTMENTS OF
MANAGEMENT
TIME AND MONEY,
INNOVATION
REMAINS A
FRUSTRATING
PURSUIT
IN MANY
COMPANIES.
my more than two decades studying and consulting
for companies in a broad range of industries, I have
found that firms rarely articulate strategies to align
their innovation efforts with their business strategies.
Without an innovation strategy, innovation
improvement efforts can easily become a grab bag
of much-touted best practices: dividing R&D into
decentralized autonomous teams, spawning inter-
nal entrepreneurial ventures, setting up corporate
venture-capital arms, pursuing external alliances,
embracing open innovation and crowdsourcing,
collaborating with customers, and implementing
rapid prototyping, to name just a few. There is noth.
Read attachedpages about 3-M and their approach to innovationRes.docx
Read attachedpages about 3-M and their approach to innovation
Research one of 3M’s innovations.
Write a full two page paper in which you respond to the following questions:
1. How did the creative thinking process work in the development of this product? Describe what took place in each of the four steps.
2. Analyze what type of innovation this was—invention, extension, duplication, or synthesis. What characteristics of the innovation have led you to this conclusion?
3. Explain which of the sources of innovative ideas discussed in this week’s reading help account for this product’s success and why?
Include a minimum of two sources
The Entrepreneurial Mind-Set in Organizations: Corporate Entrepreneurship
Thus, 3M’s philosophy was born. Innovation is a numbers game: The more ideas, the better the chances for a successful innovation. In other words, to master innovation, companies must have a tolerance for failure. This philosophy has paid off for 3M. Antistatic videotape, trans- lucent dental braces, synthetic ligaments for knee surgery, heavy-duty reflective sheeting for construction signs, and, of course, Post-it notes are just some of the great innovations devel- oped by the organization. Overall, the company has a catalog of 60,000 products.40
Today, 3M follows a set of innovative rules that encourages employees to foster ideas. The key rules include the following:
•
Don’t kill a project. If an idea can’t find a home in one of 3M’s divisions, a staffer can devote 15 percent of his or her time to prove it is workable. For those who need seed money, as many as 90 Genesis grants of $50,000 are awarded each year.
• Tolerate failure. Encouraging plenty of experimentation and risk taking allows more chances for a new product hit. The goal: Divisions must derive 25 percent of sales from products introduced in the past five years. The target may be boosted to 30 percent in some cases.
• Keep divisions small. Division managers must know each staffer’s first name. When a division gets too big, perhaps reaching $250 million to $300 million in sales, it is split up.
• Motivate the champions. When a 3M employee has a product idea, he or she recruits an action team to develop it. Salaries and promotions are tied into the product’s progress. The champion has a chance to someday run his or her own product group or division.
• Stay close to the customer. Researchers, marketers, and managers visit with customers and routinely invite them to help brainstorm product ideas.
•
Share the wealth. Technology, wherever it is developed, belongs to everyone.41 3-4c structuring the Work environment
Structuring the Work environment
When establishing the drive to innovate in today’s corporations, one of the most critical steps is to invest heavily in an innovative environment. A top-level manager’s job is to create a work environment that is highly conducive to innovation and entrepreneurial behaviors. Within such an environment, each employee has the opport ...
The technology perspective of strategy and organzation ppt
The prime driver of economic progress is technological innovation. The main goal of both society and organizations should be to foster the rate of technical progress since it is a key to elevating everyone’s economic well being. Enhancing a firm’s ability to innovate is often one of the top concerns of senior executives. Innovations accelerate both the revenue and profits of the firms.
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CONCEPTS OF INNOVATION MANAGEMENT2 Conce.docx
CONCEPTS OF INNOVATION MANAGEMENT 2
Concepts of Innovation Management
Abiodun Fasawe
NorthCentral University
TIM 7001: Changing Times: Managing Technology & Innovation in the 21st Century
Dr. Nicholas Harkiolakis
May 24, 2020
1
Introduction
Innovation mainly happens with the help of technology. It is through innovation that man people comes up with new ideas and solutions to problems we face in our day to day lives. Technology is a branch of knowledge that brings about innovation due to the evolution of technology. Technology involves the methods, skills, and processes together with techniques required in production and scientific investigations. Technology is considered to be broad and fits in categories of communication and information, computer science, and computer engineering among others. The above categories are subject to improvements or disruption by humans at any time. The manipulation of technology goes through a process called innovation. Technology is applicable in many fields such as mathematics, historical knowledge, scientific engineering, transport and linguistics, business, and environmental conservation practices among others. Comment by Dr. H: This is self-referencial. It like telling technology helps technology grow Comment by Dr. H: Where did you find this definition? Comment by Dr. H: Do you mean it grows through innovations Comment by Dr. H: What do you mean by this? Comment by Dr. H: Is there engineering that is not scientific Comment by Dr. H: There is no citation support in this paragraph. Please note that unless you support with citations from peer-reviewed research journal or government sources your material is considered an opinion piece and as such it is not appropriate for research writing.This is a serious issue and you need to address it throughout as it greatly impacts your grade
Innovation involves the creation and application of new ideas, thoughts or solutions in the day-to-day problems, expectations, and needs. For the idea to qualify to be an innovation, it should satisfy a particular need and at a cost. The ideas are converted into useful products. Innovation takes place to provide more effective and efficient products, services, processes, and technologies. These are made available for sale in the markets, society, or the government. Innovations are classified into two major categories: Comment by Dr. H: Whose problems, expectations and needs? Comment by Dr. H: According to whom?
· Evolutionary innovations also called continuous evolutionary innovation which is as a result of gradual improvements in technology and,
· Revolutionary innovations also known as discontinuous innovations. There are often disruptive and new.
Innovation is crucial in any organization and it presents the need to create a department and a manager for the same. It will require a deeper understanding of the consumer needs before undertaking th.
2016 - 2. Innovation as a core business process.pot
The document discusses innovation processes and capabilities. It defines innovation processes as a series of changes from ideas to new products and services. The main stages are beginning with a problem or challenge, generating ideas collaboratively, combining and evaluating ideas, developing ideas, and implementing ideas. It also discusses four types of organizational innovation capabilities - from unaware to creative dominant positions. Sustainable innovation requires the right strategy, processes, organization, linkages, and learning to bridge ongoing and disruptive changes.
Enterprise Agility: Pushing Innovation to the Edge of the Organization
To match the accelerating speed with which market sectors are changing, companies must take a broader approach to becoming innovative – an approach that we refer to as ‘enterprise agility.’ Explore three areas on how to unlock new value from innovation.
Innovation management
1) Innovation is the introduction of a new idea, product or process into the marketplace. It involves invention plus commercialization.
2) Organizations must innovate on a continuing basis to survive in a rapidly changing economy. The goals of innovation include improving quality, creating new markets, and reducing costs and environmental damage.
3) Sources of innovation include organizational structure, management tenure, slack resources, and interunit communications. Types of innovation include product/process, open/closed, incremental/radical, and modular/architectural innovations.
CHAPTER 12Managing Innovation and Fostering Corporate Entrepre
CHAPTER 12
Managing Innovation and Fostering Corporate Entrepreneurship
Copyright Anatoli Styf/Shutterstock
1
Learning Objectives
After reading this chapter, you should have a good understanding of:
12-1 The importance of implementing strategies and practices that foster innovation.
12-2 The challenges and pitfalls of managing corporate innovation processes.
12-3 How corporations use new venture teams, business incubators, and product champions to create an internal environment and culture that promote entrepreneurial development.
12-4 How corporate entrepreneurship achieves both financial goals and strategic goals.
12-5 The benefits and potential drawbacks of real options analysis in making resource deployment decisions in corporate entrepreneurship contexts.
12-6 How an entrepreneurial orientation can enhance a firm’s efforts to develop promising corporate venture initiatives.
©McGraw-Hill Education.
2
Managing Innovation
Consider . . .
To remain competitive, established firms must continually seek out opportunities for growth and develop new methods for strategically renewing their performance.
How can innovation and corporate entrepreneurship activities become an avenue for achieving competitive advantage?
©McGraw-Hill Education.
Strategic leaders need to manage change. Changes in customer needs, new technologies, and shifts in the competitive landscape require that companies continually innovate and initiate corporate ventures in order to compete effectively. That is why managing innovation is an important strategic implementation issue. Innovation plays an important role in identifying venture opportunities and creating strategic renewal. Firms need to learn how to successfully manage the innovation process and develop corporate entrepreneurship activities. A firm’s entrepreneurial orientation can contribute to its growth and renewal as well as enhance the methods and processes strategic managers use to recognize opportunities and develop initiatives for internal growth and development.
3
Managing Innovation: Definition
Innovation allows for
Transformation of organizational processes
Creation of new & commercially viable products & services
Innovation requires new knowledge from
Latest technology
Results of experiments
Creative insights
Competitive information
©McGraw-Hill Education.
Growth opportunities come through innovation. Innovation = the use of new knowledge to transform organizational processes or create commercially viable products and services. The sources of new knowledge may include the latest technology, the results of experiments, creative insights, or competitive information. However it comes about, innovation occurs when new combinations of ideas and information bring about positive change. In fact, the root of the word innovation is the Latin novus, which means new. Innovation involves introducing or changing to something new. It is a critical part of strategic implementation.
4
Question
(1 of 2 ...
University Industry Partnership For Innovations
Managing innovations and creating winning partnerships between universities and industry is key to wealth creation. Universities can play an important role in supporting firms through various stages of the innovation process when firms face constraints, ambiguity, or resistance to change. EPIC Lanka has identified several areas for collaboration between industry and universities, including joint research, technology transfer, industry training and employment opportunities, and curriculum development. This can help both universities and firms promote innovations for profitability, growth, and sustainability.
Independent Research- R&D_Innovation Update
This document outlines a report on the strategic impact of R&D and innovation. It discusses the correlation between R&D spending and innovation, current theories around their relationship, and examples of successes and failures of company research efforts. The report provides recommendations for how companies can better organize their R&D to drive innovation, including emphasizing commitment, compensation, and tolerating failure in research projects.
LEADING DISRUPTIVE INNOVATION
1) A recent study from Cambridge University identified four ways to foster disruptive innovation within established firms: encouraging risk taking, accepting failure, making organizational buy-in easy, and developing incentive programs for radical projects.
2) The study also identified common barriers to disruptive innovation, such as organizational inertia, cultural resistance, lack of incentive, and aversion to risk.
3) While the study focused on manufacturing case studies, the characters Megan and Potter discuss how the findings are equally applicable to other industries like services, retail, and exploration.
Cim
The document discusses creativity and innovation in business, covering topics such as the characteristics and components of innovation, different models of the innovation process, factors that influence innovation, and how organizations can foster cultures and structures to promote innovation. It provides an overview of key aspects of managing innovation, including organizing structures for innovation, strategies to encourage a creative climate, and approaches to research and development management.
Being competitive is very different than achieving sustainable com.docx
Being competitive is very different than achieving sustainable competitive advantage. Achieving competitive advantage needs to be a core part of strategy and instilled within the management philosophy so that the organization will continually be innovative and entrepreneurial and this strategy is the foundation of the organizational culture. Competitive advantage requires organizations to do the following:
· Adapt to external environmental changes
· Be customer driven and focused
· Have flexible strategies and processes that can meet the needs and diverse requirements of customers, suppliers, distributors, regulators, and stakeholders
· Be able to quickly respond to the fast pace of change in the environment by recognizing and taking advantage of opportunities that emerge
· Proactively meet and exceed the needs of customers in light of existing competition
· Actively engage in R & D to continuously prioritize the development of new products, services, processes, markets, and technologies
Organizations that are more adaptable, focused, flexible, responsive, proactive, and engaged in R & D are in a more favorable position not only to adapt to the complex, dynamic external environment but to generate change within that environment and sustain competiveness. Innovation and entrepreneurship are the key sources of sustainable competitive advantage as evident from leading entrepreneurs such as Richard Branson (Virgin Group), Bill Gates (Microsoft), Pierre Omidyar (eBay), and Mark Zuckerberg (Facebook). Continuous innovation, entrepreneurial activity, and an ability to bring about positive changes are the key success factors (KSFs) that define corporate performance in the dynamic, complex, knowledge economy of the 21st century.
The Role of Innovation, Entrepreneurship, and Strategy in Achieving Sustainable Competitive Advantage
Innovative and entrepreneurial organizations develop a strategy that can effectively lead to the commercialization of the new and novel products or services in the marketplace with a sustainable competitive advantage. Strategic management and entrepreneurship are dynamic processes that are intended to enhance organizational performance (Kuratko & Audretsch, 2009). Strategic management focuses on how competitive positioning can create advantages for organizations that, in turn, enhance performance (Porter, 1980, 1996) and achieve sustained competitive advantage. Strategic planning requires top management to focus beyond the current external environment and envisage the organization's market position in the short, medium, and long term. It necessitates the ability to evaluate the resources and core competencies in terms of how they can be utilized to create new sources of value.
Innovation and entrepreneurship are the key to successfully developing competitive advantages. The challenge is to develop innovation and entrepreneurship as a core competence of the organization. In a global competitive economy, the most successf.
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Breadcrumb:Table of ContentsSection 4: Technology and Innovation: ApplicationWeek 7Books and Resources for this WeekWeek 7 Assignment Signature Assignment RubricWeek 7 Assignment Signature Assignment RubricSend to BinderSubmit FeedbackDownload
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YOU
NEED
AN
INNOVATION
STRATEGY
It’s the only way to make sound trade-off
decisions and choose the right practices.
BY GARY P. PISANO
THE BIG IDEA
44 Harvard Business Review June 2015
Gary P. Pisano is the
Harry E. Figgie Professor
of Business Administration
and a member of the U.S.
Competitiveness Project at
Harvard Business School.
G
U
ST
AV
O
B
R
IG
A
N
TE
HBR.ORG
June 2015 Harvard Business Review 45
DESPITE MASSIVE
INVESTMENTS OF
MANAGEMENT
TIME AND MONEY,
INNOVATION
REMAINS A
FRUSTRATING
PURSUIT
IN MANY
COMPANIES.
my more than two decades studying and consulting
for companies in a broad range of industries, I have
found that firms rarely articulate strategies to align
their innovation efforts with their business strategies.
Without an innovation strategy, innovation
improvement efforts can easily become a grab bag
of much-touted best practices: dividing R&D into
decentralized autonomous teams, spawning inter-
nal entrepreneurial ventures, setting up corporate
venture-capital arms, pursuing external alliances,
embracing open innovation and crowdsourcing,
collaborating with customers, and implementing
rapid prototyping, to name just a few. There is noth.
Read attachedpages about 3-M and their approach to innovationRes.docx
Read attachedpages about 3-M and their approach to innovation
Research one of 3M’s innovations.
Write a full two page paper in which you respond to the following questions:
1. How did the creative thinking process work in the development of this product? Describe what took place in each of the four steps.
2. Analyze what type of innovation this was—invention, extension, duplication, or synthesis. What characteristics of the innovation have led you to this conclusion?
3. Explain which of the sources of innovative ideas discussed in this week’s reading help account for this product’s success and why?
Include a minimum of two sources
The Entrepreneurial Mind-Set in Organizations: Corporate Entrepreneurship
Thus, 3M’s philosophy was born. Innovation is a numbers game: The more ideas, the better the chances for a successful innovation. In other words, to master innovation, companies must have a tolerance for failure. This philosophy has paid off for 3M. Antistatic videotape, trans- lucent dental braces, synthetic ligaments for knee surgery, heavy-duty reflective sheeting for construction signs, and, of course, Post-it notes are just some of the great innovations devel- oped by the organization. Overall, the company has a catalog of 60,000 products.40
Today, 3M follows a set of innovative rules that encourages employees to foster ideas. The key rules include the following:
•
Don’t kill a project. If an idea can’t find a home in one of 3M’s divisions, a staffer can devote 15 percent of his or her time to prove it is workable. For those who need seed money, as many as 90 Genesis grants of $50,000 are awarded each year.
• Tolerate failure. Encouraging plenty of experimentation and risk taking allows more chances for a new product hit. The goal: Divisions must derive 25 percent of sales from products introduced in the past five years. The target may be boosted to 30 percent in some cases.
• Keep divisions small. Division managers must know each staffer’s first name. When a division gets too big, perhaps reaching $250 million to $300 million in sales, it is split up.
• Motivate the champions. When a 3M employee has a product idea, he or she recruits an action team to develop it. Salaries and promotions are tied into the product’s progress. The champion has a chance to someday run his or her own product group or division.
• Stay close to the customer. Researchers, marketers, and managers visit with customers and routinely invite them to help brainstorm product ideas.
•
Share the wealth. Technology, wherever it is developed, belongs to everyone.41 3-4c structuring the Work environment
Structuring the Work environment
When establishing the drive to innovate in today’s corporations, one of the most critical steps is to invest heavily in an innovative environment. A top-level manager’s job is to create a work environment that is highly conducive to innovation and entrepreneurial behaviors. Within such an environment, each employee has the opport ...
The technology perspective of strategy and organzation ppt
The prime driver of economic progress is technological innovation. The main goal of both society and organizations should be to foster the rate of technical progress since it is a key to elevating everyone’s economic well being. Enhancing a firm’s ability to innovate is often one of the top concerns of senior executives. Innovations accelerate both the revenue and profits of the firms.
Innovation model for organizations
Research on understanding innovation model and the need for developing an innovation model in an organization.
Open Innovation Strategy - MIT ID Innovation
Want to know the detailed dimensions of the Open Innovation Strategy? MIT ID Innovation offers several courses in Innovation that address its benefits and future aspects.
For more details, visit : https://mitidinnovation.com/recreation/introduction-to-open-innovation-strategy/
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CHAPTER 12Managing Innovation and Fostering Corporate Entrepre
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- 1. Kenneth Ketner's Wisdom on Fostering Innovation in Business
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- 3. Ketner advocates for a corporate culture that prioritizes creativity and risk- taking. Encouraging employees to think outside the box and experiment with new ideas creates an environment conducive to innovation.
- 4. In addition, he underscores the significance of staying attuned to emerging technologies. By actively monitoring and adopting cutting-edge advancements, businesses can position themselves at the forefront of their respective industries. his guidance extends to the strategic implementation of technology, emphasizing its role in enhancing efficiency and competitiveness.
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