...Personal Definition of Innovation Innovation has a different meaning to different people. Innovation in simple terms as I see it is creativity and problem solving. Thinking outside the normal realm of everyday life whether as an individual or an organization. Innovation is about addressing issues and challenges and brainstorming for new ways to grow as individuals. Innovation takes chaos and turns it into order. Creativity is a thought in our minds and taking that thought and improving on something that already exist or an idea of something new. Invention is taking that creative idea and put it into form that can be used. Innovation is taking this idea or product/idea to the market. Creativity consultant Joyce Wycoff (1991) defines creativity as "new and useful". Creativity is the act of "seeing things that everyone around us sees while making connections that no one else has made." (p. 22). Inventions are new to the world, never seen before or to put it into a better perspective, to discover something new. Nevertheless, innovation is about changing or improving something or some would say ideas to improve the quality of life or business. For example, the phone was an invention where cell phones are an innovation. In some form, creativity, invention and innovation work together to bring the idea/product to life. With the changes that have taken place over the last century, Organization has had to face the realization that in order to move...
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...Innovation in Entrepreneurial Organizations The nature of entrepreneurial organizations is that they have the capabilities and competencies to create a culture of embedded behaviors that support the constant focus on identifying and subsequently taking advantage of profitable opportunities. In other words, they exist to find and take advantage of opportunities that have the highest potential return. Bateman (2010) states that, “…an entrepreneurial venture has growth and high profitability as primary objectives. Entrepreneurs manage aggressively and develop innovative strategies, practices, and products” (p. 238). Entrepreneurial organizations do this by being willing to try new things, challenge the status quo, and test out new processes. They encourage creativity, risk taking, and continuous learning and improvement. However creativity must then be harnessed and developed by innovation and it takes innovation to turn great ideas into something of value. Thus innovation should be considered fundamental to an entrepreneurial organization’s success. What then is innovation? Bruton (2012) says it well when he concludes that innovation is, “…a process of intentional change made to create value by meeting opportunity and seeking advantage.” (Innovation, para. 1). And although product innovation is a very important aspect of their business, it is only one area that entrepreneurs are interested and excited about. Rasmussen (2013) explains, “The very nature of innovation is changing...
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...The Challenge of Breakthrough Innovations Table of Contents “The Breakthrough”…………………………………………………………………………………2 Dilemma/ Struggle of Established Firms……………………………………………………………3 Rules for Innovation………………………………………………………………………………….4 Building An Ambidextrous Organization………………………..…………………………………6 Conclusion and Recommendations………………………………………………………………….8 Reference……………………………………………………………………………………………...9 Appendix…………………………………………………………………..………………………...12 “The Breakthrough” One dictionary definition of breakthrough is: "a significant and dramatic overcoming of a perceived obstacle, allowing the completion of a process." But what really makes an innovation a breakthrough (radical, disruptive) one, rather than incremental, from a marketing point of view? According to Boston Consulting Group report, breakthrough innovations are defined as “innovative products that offer consumers significant new benefits through advances in technology, formulations, or applications or through more convenient packaging (Boston Consulting Group (BCG): A Disciplined Approach to Breakthrough Innovations). Christensen (1997) argues that a necessary condition for an innovation to be disruptive is that it “captures new markets in an original and unexpected way.” Academics of marketing literature differ in their opinion about a relationship between a significant new technology and disruptive innovation. Some authors believe that radical innovation goes hand-in-hand with a significant...
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...rather than opportunities for development In last days , the competition required unique and innovation products or services , therefore the main companies find out to apply hierarchy that * Encourage creative and innovation * Given opportunity to all employees to create products / services despite their function level. * Laminate management hierarchy to accept or reject new ideas Justification Studying management style and organization hierarchy in a major companies that is core function depend on innovation and creative like Apple , HP , Samsung will help us to more understand for why companies looking for hierarchy that support creative and innovation : * Companies like Apple that applied top down creative process and founded sub teams responsible for finalize all creative ideas . * Brilliant ideas like electrostatic display , tap slitter and LED technology , all officially rejected by management hierarchy . Therefore , the essential steps should be taken by companies is create and set an organization hierarchy encourage creative deviance . Alternatives to solve issue * Alternative 1: Applying the Flat structure that have a fewer level of management that support easily flow of creative and innovation idea . * Alternative2 : create department or function in organization hierarchy responsible for development and innovation as a focal point report to top management .the main job studies and evaluate new ideas . ...
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...Best Snacks Problem Solution Creativity and innovation are the lifeblood of modern organizations. Creativity and innovation can provide a company with a competitive advantage in an increasingly competitive global market. Individual and organizational learning, management practices and modern technology can enhance individual and organizational creativity. Sales at Best Snack have been slipping and the issue has been identified as a complacent corporate culture that has managed business in one way for too long. The organization needs a shakeup, a change of culture that embraces change, innovates and is continuously looking for the next big idea. Describe the Situation Issue and Opportunity Identification (At least four issues and opportunities must be identified) During the last check the snack food industry has changed. Consumers now buy product based on price rather than banned loyalty, Best Snack has historically been the number 1 or 2 snack vendor in the industry. Sales have slipped and stock prices have fallen over the last 2 years. Several smaller companies are pushing Best Snack and the company is in danger of losing even more market share. Best Snack due to the companies long standing success has been slow to change or alter any research, development or marketing activities. The organization has become complacent. Best Snack did not anticipate or see the changing nature of the snack food market. The company became comfortable in the way the organization...
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...disruptive/radical (ie breakthrough) innovations that have occurred in the past 25 years. What has been the nature of each of these innovations? In what way were they radical as opposed to an incremental improvement to an existing product process category? Why are they significant in your opinion and why did you select each of the five particular examples? What value did each innovation create and how did it do so? Do you consider that there has been any down side or value destruction in adopting these innovations? Why/Why not? Radical Innovation # 1:SOCIAL MEDIA 1. What has been the nature of each of these innovations? With Internet on the rise, and being widely available and used by everyone, especially the new generations, there was a need to ‘stay connected' as more and more people were travelling, and moving away from their home towns. 2. In what way were they radical as opposed to an incremental improvement to an existing product process category? Social Media is a radical innovation rather than an incremental innovation as there was no existing product which provided similar benefits/uses. Because of Internet, Social Media was possible and became into existence. The only close competitor of Social Media, which provided similar benefits, was the telephone and the mobile phone later on. 3. Why are they significant in your opinion and why did you select each of the five particular examples? I believe Social Media is a significant radical innovation, as not only it lets...
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...Entrepreneurship and Innovation Session 3: Entrepreneurial Strategy Baden U’Ren buren@bond.edu.au Level 4, Room 9 5595 2212 Overview Review of the readings Innovation and Entrepreneurship Entrepreneurship in a Corporate Context Entrepreneurial Strategy What is Innovation? Something NEW that creates VALUE What is Innovation? “Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service. It is capable of being presented as a discipline, capable of being learned, capable of being practiced” - Peter Drucker Source: Schaper & Volery (2007) Entrepreneurship and Small Business 2nd Edition. Wiley. p.69 Creativity ideas, concepts & inventions Innovation the process of development and commercialisation Entrepreneurship couples opportunities and resources Innovation Exploit Incremental Explore Radical Kirzner The producer-entrepreneur •Alert and responsive to opportunities that exist •Exploits disorder (gaps) to move the market back to equilibrium Schumpeter The innovator-entrepreneur: •Creates products and processes to disturb market equilibrium •Creates opportunities Innovation & Performance Some ‘stylised facts’ about the relationships between innovation and performance: Relationships between R&D, patents, new products and performance are strongest at the industry level, weakest at the firm level Returns from process innovation are typically...
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...Group Study Case: Service Innovation by Ali SEKBAN Mithat PERKÖZ Yasin Galip GENCER submitted to Assoc. Prof. Arzu İşeri SAY April 7, 2011 SERVICE INNOVATION In today’s business world, services and service industry has a great importance. Yet, it would be a mistake to attribute “service” concept only to service industry. Manufacturing firms need many services to deliver their goods to customers. Therefore, in recent years, services have become an important issue for them too. In this article, we will consider service innovations especially in terms of manufacturing firms and present a review about the issue. In the introduction section, we’ll give the definition of service and explain its importance in details. Then, as the main purpose of this review article, we’ll go into service innovations. Introduction There are lots of definitions for service concept. Among these, the followings are remarkable: “A Service is a product which is a process” (Shostack 1987), “Services are processes involving customer contact’ (Chase 1978)”. In other words, service is a product; however it is different from the product in the traditional sense. In general, there is a common distinction for service: “1- functional services: services offered by investment goods companies and service companies, 2- institutional services: services offered solely by services companies”. With regard to properties of services, the most important ones are the followings; “1- Intangibility...
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...GADE 3 Innovation Management Lecturer: Lopez, Urko The Why, What, and How of Management Innovation * Gary Hamel - Rodriguez Ugarte, Aitor 15th of February, 2015 INDEX INTRODUCTION 2 1. CONCEPT OF MANAGEMENT INNOVATION 3 2. WHY IS MANAGEMENT INNOVATION SO IMPORTANT NOWADAYS? 3 3. “DECONSTRUCT YOUR MANAGEMENT ORTHODOXIES” 4 4. SUMMARY OF THE ARTICLE 5 BIBLIOGRAFÍA 7 INTRODUCTION In this work I am going to analyze the management innovation. To do so, I am going to use Gary Hamel’s article “The Why, What, and How of Management Innovation” as guide to discuss this topic. To conclude with it, I am going to make a short summary about the article mentioning the main points of it. Source: Own elaboration Source: www.sintetia.com 1. CONCEPT OF MANAGEMENT INNOVATION Management innovation involves two concepts within it: Management and Innovation. On the one hand, management is one of the most important elements in an organization. It consists on coordinating activities and making plans for the future with the purpose to adapt to its environment and changes in it. On the other hand, as we analyzed the concept of Innovation in class the other day, I concluded that Innovation is the act of changing or creating a product or way of working in order to adapt to new environments or situations. So, what does Management Innovation mean? According to Gary Hamel “a...
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...From Processes to Promise: Ivanka Visnjic Business Models Research Lead, Cambridge Service Alliance Assistant Professor, ESADE Business School How complex service providers use business model innovation to deliver sustainable growth Andy Neely Director, Cambridge Service Alliance Founder members: Judge Business School The Cambridge Service Alliance The Cambridge Service Alliance is a unique global partnership between businesses and universities. It brings together the world’s leading firms and academics, all of whom are devoted to delivering today the tools, education and insights needed for the complex service solutions of tomorrow. About the Cambridge Service Alliance Founded in 2010 by BAE Systems, IBM and the University of Cambridge’s Institute for Manufacturing and Judge Business School, the Cambridge Service Alliance brings together world-leading organisations with an interest in complex service systems to: • Conduct insightful, yet practical research to improve the design and deployment of high-performance complex service systems. • Create and develop industrially applicable tools and techniques that deliver competitive advantage. • Provide an unparalleled network of academics and industrialists that share experience, knowledge and insight in how better to design and deploy high performance complex service systems. • Develop and deliver public and member-only education programmes to raise the skill levels of organisations. Joining the Cambridge...
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...many terms used in the business world today. Innovation, creativity, and design conditions that can be seen in companies that are successful and flourishing (Stamm, 2008). These terms are similar in various ways but yet different. Innovation, creativity, and design have multiple meaning depending on how they are used and the form they are used. Understanding the meaning of innovation, creativity, and design is necessary in order to compare and contrast them. Definitions Creativity is an ability that one has to view a task from different viewpoints that may be out of the norm or considered out of the box (businessdictionary.com, 2015). Innovation can be described as a process of taking a thought or idea and translating it into something that has a value in which a customer will pay a price to obtain (businessdictionary.com, 2015). Design is the rendering of a concept or idea into a drawing or model on which the particular item of the thought and translation are based (businessdictionary.com, 2015). Similarities When looking at each of these terms innovation, creativity, and design together they lead to success. Each of these terms builds upon one another. First one comes up with creativity then that creativity is woven into an innovation, and finally it's made into a design. There are similarities between creativity and design in the form of using creativity to come up with an idea and then use creativity to create a plan to bring the idea to life. People who come...
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...------------------------------------------------- Innovation A Multi-Dimensional Framework of Organizational Innovation: A Systematic Review of the Literature Emilie neven 5/11/2015 Intoduction After reading the article ‘A multi-Dimensional Framework of Organizational Innovation: A Systematic Review of the Literature’, it is clear to say that there is not one specific definition to the word ‘Innovation’. According to Schumpeter the term contained the novelty aspect, which makes every new ‘thing’ an innovation. With this in mind, I agree more with the definition stated in this article, because it includes different aspects all in one. Aside from the definition, a great number of papers have been written so far, regarding Innovation. Taking into account this previous research, we can say that there are different dimensions of innovation. However few papers discuss different dimensions across different areas at once, this article provides us with various dimensions of organizational innovation. As written in this paper, we can make several divisions when it comes to innovation. First of all there are two dimensions, namely; innovation as a process and innovation as an outcome. These two can be further divided. We have to remember that innovation as a process explains the why question and innovation as an outcome the what question. The latter is the most important dimension, due to its necessity and sufficiency. Furthermore can we divide three determinants of organizational innovation, namely; innovation...
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...Framework for Strategic Innovation A Framework for Strategic Innovation Blending strategy and creative exploration to discover future business opportunities ______________________________ by Derrick Palmer & Soren Kaplan Managing Principals, InnovationPoint LLC © InnovationPoint LLC www.innovation-point.com Page 1 A Framework for Strategic Innovation Authors Soren Kaplan is the author of Leapfrogging and a Managing Principal at InnovationPoint, where he works with organizations including Visa, Colgate-Palmolive, Medtronic, Disney, Philips, PepsiCo, and numerous other global firms. Soren previously led the internal strategy and innovation group at Hewlett-Packard (HP) during the roaring 1990’s in Silicon Valley and was a co-founder of iCohere, one of the first web collaboration platforms for online learning and communities of practice. He is an Adjunct Professor within the Imagineering Academy at NHTV Breda University of Applied Sciences in The Netherlands. He holds Master’s and Ph.D. degrees in Organizational Psychology and resides in the San Francisco Bay Area with his wife, two daughters, and hypo-allergenic cat. Learn more about his book Leapfrogging by visiting www.leapfrogging.com. Derrick Palmer consults on strategic innovation with global, Fortune 1000 and medium-sized businesses. His areas of focus include corporate strategy, consumer-inspired new product innovation, designing best-in-class innovation processes, and strategic...
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...Advanced Micro Devices (AMD): Strategic Plan for Managing Technological Innovation TM 583 – Section C Professor Edmead 8/21/10 Section 1 – Strategy TCO F – Given an organizational and industry context, identify and suggest a deployment strategy that will facilitate the success of a technologically-driven organization. Advanced Micro Devices (AMD), founded 1968, in Sunnyvale, California is a producer of Central Processing Units (CPUs), the main computing component in modern computers. AMD’s primary capability is the design and engineering of consumer, workstation, and server CPUs. Initially, AMD competed with Intel by reverse-engineering the original 8080 processors and then creating their own x386 variant, but a lack of funding stymied sustained, long-term innovation (Valich 2008). In many ways, this scenario is quite indicative of the role AMD has played throughout its history: the underdog. They leveraged their core competencies of microprocessor engineering by assimilating the designs and processes of competitors and then building upon that knowledge to create profitable (usually) products and services. However, AMD has experienced PR missteps (like the Phenom I TLB bug debacle on an already late-to-market product) from which they have struggled to recover. In order to re-gain the confidence of partners, suppliers, and consumers, AMD must prove, once again, that it’s not the size of the dog in the fight, but the size of the fight in the dog. 2 Looking toward...
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...Manage the innovation process Describe the practices and routines that an organisation can implement to help manage the innovation process and, in so doing, maximise the probability of success in innovation. In global market with shortening product life cycles for example when the life of some models of mobile phones or computer is just few months.(Tidd 1997) In Kucrmarshi (2003) opinion innovation could generate new way to extend profit margins if it successful and could became very powerful competitive weapon. Innovation in nowadays is the most important competitive advantage for a company. The future of many businesses depends on their ability to innovate, to be ahead of their competitors. Organisations have to go through a process of practice, mistakes and to bring together different knowledge, skills and ideas to manage innovation process to success.( Tidd and Bessant 2010) This essay will try to describe the practice and routines that any organisation can follow to achieve success in the innovation process. Definition of innovation The word innovation comes from the Latin word “innovare”, which means “to make something new” (Tidd and Bessant 2010). Innovation is a deceptive thing. People usually relate it to a development of a new or better product or process, but it is only one part of process called innovation (Trott 2008). Porter,M., 1990 defined “...approach innovation in its broadest sense, including both new technologies and new way of doing things...
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