...INNOVATION IS WHOSE JOB? WHAT IS INNOVATION; A PRODUCT OR A PROCESS? A lot of thought and research has gone into the topic of Innovation. It is one subject that carries several definitions and opinions. The most common one being that Innovation is the act of coming up with new (mostly radical) ideas in form of products or a new technology. This particular definition paints a picture of some sort of paradigm shift from the conventional way of doing things. Today, however, Innovation has been found to encompass a wide range of business activities from pricing to costing models and service delivery options. In this regards, the guy that came up with the idea of turning wood into chairs is not more innovative than the guy that came up with the idea of putting cushions on it and/or how to market it and earn profit. The 5 Myths of Innovation addresses the basic assumptions generally made about Innovation. The authors seek to examine these assumptions and comment on its validity based on research and reported experience at the companies studied. The first myth is about The Eureka Moment. This talks about that áh’ feeling most often associated with a flash of insight or original idea. The article further states that a lot of companies organize big brainstorming events, ideation workshops, or innovation jams to try and come up with that sterling idea that will shake the world. As most often happens, nothing gets done after all these. The article makes a claim that the reason behind...
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...issues relating to the development of cultures and climates for creativity and potential new directions for future research. ABSTRACT The important role of creativity in brganizations is attracting an increasing amount of attention from both practitioners and researchers. In business journals and books, practitioners continuously emphasize the need for organizations to create conditions that s u p port creativity a s a means for promoting organizational effectiveness, and even survival, in the face of fierce competition and rapidly changing technological, economic, regulatory, and market conditions (e.g., Loeb, 1995; Verespej, 1994). Researchers have responded to calls for examining the innovation process in organizational settings by developing models of creativity and innovation (e.g.....
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...The paper introduces the category of “architectural innovation” on the basis that seemingly minor changes to technology which may earlier be classified as an incremental innovation can have competitive consequences of a radical one. The key concept is the distinction between component knowledge and architectural knowledge. The paper argues that firms concentrate on refining components within a stable architecture established by a dominant design, and consequently, their “information-processing capabilities” are shaped by the existing architecture. While building upon component knowledge, their architectural knowledge is outmoded and made obsolete by architectural innovations. Their resulting inability to identify or understand new interactions between components has serious competitive consequences. The conceptual framework of the paper is clear and straightforward. The main argument is advanced in a logical manner, and supporting premises (such as the way organizations manage knowledge) are supported by prior literature. Within the boundaries of the paper’s assumptions, the argument is persuasive. Furthermore, the application to the photolithographic alignment (PA) equipment industry justifies the model. The trends in the industry suggest the conceptual framework is largely accurate. Nonetheless, the assumptions made limit the usefulness of the concept. Firstly, the analysis of firms’ information-processing is restricted to communication channels, information filtering...
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...technological change propounds that the firms indulge into research and development. This leads to innovation. The innovation is non rival in nature i.e.it is available to entire economy. Because of this the model has scale effect. The cost of invention gets distributed among the population. Therefore lager the population less is the per capita invention cost. Thus population growth tends to raise growth. It is not reasonable to associate L empirically with the country’s population as the scale in the model tends towards two facts. First the amount of production for which the technology is employed in non rival manner. Secondly, the scope of patent. The countries may not define the proper unit in the first context if the idea is readily available. Countries may not be appropriate in the second context as well as the property right may be applicable internationally or there can be situation of monopoly if the secrecy is maintained. Although, Kremer opines that the scale effect can be visible over a longer period. It is widely accepted that this hypothesis is counterfactual and thus needs to be altered. b. What happens in this model if population, L, grows at a constant positive rate? Answer: if the population, L , grows at a constant positive rate the economy would not move to steady state with a constant growth rate. The higher level of population corresponds to higher innovation and thus more GDP and consumption. It have a scale effect. c. What types of modifications to the...
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...INTERNATIONAL CONFERENCE ON ENGINEERING DESIGN, ICED’07 28 - 31 AUGUST 2007, CITÉ DES SCIENCES ET DE L'INDUSTRIE, PARIS, FRANCE AN APPROACH TO INCREMENTAL INNOVATION THEORIES AND ITS METHODS IN INDUSTRIAL PRODUCT DEVELOPMENT Hannu Oja Tampere University of Technology ABSTRACT A quest for powerful tools to support creation of innovative solutions exists in industry. Majority of development efforts aims for incremental development of products, either by means of improved performance in use or during manufacturing process. New concepts or solutions on product’s functionality and behaviour (behaviour meaning how the functionality is delivered, response) are needed to bring benefits. Generic product development theories, models and methods are applicable for new product development, as their approach is linear and founded on functional requirements and means to execute them. However, in industry the product development activities preferably start from existing product or concept with pre-determined goals rather than from scratch. Creativity techniques and multidisciplinary workgroups have been referred in literature as means for creating innovations. However, these methods lack context of technical system and are general in nature and could be used for any problem with assistance of experienced moderator and a group of individuals. These techniques and methods are not included in this study. An approach from retrospective case study is presented. It was found that the mental process...
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...MGT 573: Creativity in Business Prof. L. Gundry Paper 1: “Myths of Innovation” Reflection Sean W. Campbell Overall, I found the book very insightful, creative, and thought provoking. Ultimately, it confirmed thoughts we already had about innovation and how novel ideas were born, it merely highlighted them for amplified recognition. We know that ideas do not just come from nothing, it is a product of our experience in every-day life and work. Innovation and inventions usually attribute their beginnings to already existing ideas and methods. The author, Scott Berkun, provides detailed ideas on how to foster innovation and creativity within the workplace. It’s also interesting to also realize Berkun’s own ideas about innovation came from past experience and knowledge of the process of creation. By studying how inventors and innovators worked and thought in the past, he was able to make educated and well-thought arguments towards the creation of the “myths.” So, what is Berkun’s message for managers? As Socrates once said, “The only true wisdom is knowing you know nothing.” This definitely applies to managers: the myth that managers know what to do. Subordinates take for granted that their superiors know what they are doing in the context of their business. While it is true that managers have the power to accomplish decisions others can’t, there exists the myth that they have the wisdom or experience to to do it effectively. We often place faith in our supervisors...
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...In 1992, Hewlett-Packard introduced the Kittyhawk, which was the smallest hard disk drive in the world at the time at 1.3” in diameter. The initial product held 20 megabytes of storage and could withstand a three-foot drop without losing any data. For HP, the possibilities of such a product seemed endless. As a result, the company launched the project with a rather ambitious goal; that is; for the project to succeed, it would have to meet the following requirements, as specified by Bruce Spenner, HP’s Disk Memory Division (DMD) General Manager: it would have to be ready for market in 12-months, generate $100-million in revenue within 18-months after launch, and make the break-even point within 36-months. However, by June 1994, after only two years of effort, the project’s sales failed to meet the projected forecast and Rick Seymour, the project leader, was left having to make some big decisions. Why did Kittyhawk fail? By applying course concepts, some of the reasons become clear. The Disk Memory Division was essentially an OEM supplier in high-performance markets and had technical competencies in sustaining technology improvements in disk drives. Under Spenner’s leadership, the Division was to become a major player in the growing disk drive market. Spenner’s “big-business fast” strategy is ultimately what caused the project to fail. Since HP was a company that specialized in sustaining technological enhancements, it managed the Kittyhawk project as though it was a sustaining...
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...Best Snacks Problem Solution Lashanna Dipiano MMPL/550 May 12, 2011 Phillip Norris Best Snacks Problem Solution Best Snacks, Inc is a 150 year old company that has been held publicly for more than 100 years. Although the company has enjoyed many years of success, it has recently failed sustain its success due to the lack of innovation and creativity over the last 5 years. In today’s business environment innovation is necessary to sustain success and is an integral part of the business model. The ability to learn faster, better, and more cheaply than the competitor can mean the difference between maintaining market leadership and barely surviving (Davila, Epstein& Shelton, 2006). To regain its long held standing as a leader in the snack industry Best Snack, Inc must implement a plan that focuses on creating a culture that cultivates innovation, developing management systems that are aligned with the new strategy, and creating a new product line that will bring the company back to the forefront in the snack industry. Describe the Situation Issue and Opportunity Identification Best Snacks, Inc has been a leader in the snack industry for many years. As the snack industry began to change to meet the demands of a consumer market that is more health conscious, Best Snacks has failed to meet the challenge. Best Snacks has been slow to adapt to change and stray away from its tried-and-true research, development, and marketing activities (University of Phoenix, 2006). The...
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...Blue Ocean Strategy MARKETING Individual assessment: Blue ocean strategy Do you think that the blue ocean strategy is a relevant tool to generate innovation, value and new customer? Summarize the benefits and the limitation of this strategy. What can corporate do to minimize the impact of this unavoidable imitation/competition? 1. Blue Ocean Strategy (BOS): Benefits, limitations and risks Blue Ocean Strategy signifies all the industries which are not in existence today. In this kind of strategy, the market spaces are unfamiliar, unpolluted by competition. In this strategy, the demand is created rather than fought over. There is sufficient chance for growth which is swift and profitable. Competition is inappropriate because the rules of the game are waiting to be set. 1.1. Benefits of Blue Ocean Strategy The Blue Ocean Strategy is appropriate tool to generate innovation, value and new customers. Considering the condition of CLV it is suitable for this organization to go for it to generate value and innovation. This strategy encourages organizations to attain new ways of thinking which are different than the competitors. With the help of this strategy, organizations can create a new area of demand namely a Blue Ocean and get rid of an intensely competitive market namely a Red Ocean. When any organization successfully creates new markets without competitors they can have a clear Blue Ocean. According to this strategy the organizations must not only focus on...
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...“In the innovation economy, the network will be the value innovation engine”. Provide an insightful review of the meaning of the statement along with at least two examples. An economy which is characterized by intangible assets like knowledge, innovative capabilities, technology and entrepreneurship are positioned at the centre of the model rather than as independent forces is the Innovation Economy. In such an economy, the key ingredient is the network. The main objective of the innovation economy is to boost higher productivity and lessen the prices. But the real problem with the objective is that it needed a proper collaboration between all the four forces. Network is the real bridge between the four forces which drives the innovation economy. The source of knowledge, the communication of technology, the idea of entrepreneurship and the driver of innovation is nothing but the Network. The perceived value of a user can be known through Network. In short, the innovation economy is driven entirely by network. Without network, the resources and communication could have been nearly impossible as they drive the innovation. And hence network is the value innovation engine for the innovation economy. From the above image, it is very clear that with the advancement in technology and increased pace of information sharing, the global boundaries have reduced and more or less turned blurry. The network is becoming stronger day by day and thus leading to a unique value innovation engine...
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...Samsung 3D-Television A strategic plan for a technological innovation FROM: Peter Fischer Erik Froode Alexander Johansson TO: Anu Wadhwa Lausanne, 2010-10-16 Table of content Samsung 3D-Television............................................................................................................................ 1 1. Background of the innovation ........................................................................................................ 3 1.3 1.3 1.4 The background of Samsung ................................................................................................... 3 The background of 3D-Television technology ......................................................................... 5 The competition ...................................................................................................................... 5 3D-TV technology ............................................................................................................ 6 The visible entertainment ............................................................................................... 6 1.4.1 1.4.2 1.5 What kind of innovation is 3D-TV? .......................................................................................... 7 2 ................................................................................................................................. Industry description .........................................................................
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...profitdestroying complexity, companies need to identify their innovation fulcrum, the point at which the level of product innovation maximizes both revenues and profits. Innovation Versus Complexity What Is Too Much of a Good Thing? by Mark Gottfredson and Keith Aspinall Reprint R0511C To get at the roots of profit-destroying complexity, companies need to identify their innovation fulcrum, the point at which the level of product innovation maximizes both revenues and profits. Innovation Versus Complexity What Is Too Much of a Good Thing? COPYRIGHT © 2005 HARVARD BUSINESS SCHOOL PUBLISHING CORPORATION. ALL RIGHTS RESERVED. by Mark Gottfredson and Keith Aspinall Walk into the In-N-Out Burger restaurant on Fisherman’s Wharf in San Francisco, and one of the first things that may strike you is the number four. Four colors: red, white, yellow, and gray; four cash registers with four friendly faces behind them; and just four items on the menu. You can buy burgers, fries, shakes, and sodas. All the ingredients are delivered fresh to the store, where they’re prepared in the open kitchen behind the cashiers. You’ll see a few folks eating at the restaurant’s tables or tucking into their food outdoors on patio benches, but most customers come in with a handful of cash—no credit or debit cards, thank you—and head back out with their meals. Four is In-N-Out Burger’s innovation fulcrum—the point at which the number of products strikes the right...
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...Building relationships for technological innovation Introduction and purpose importance of cooperation across firm boundaries, in interfirm relationships and networks Relationships, networks and technological innovation IMP Perspektive = value of interfirm relationships for decades one basic assumption of the perspective is that firms are embedded in the networks of other firms, to which the focal firms have substantial continuous relationships, which, furthermore, are connected to each other value of firms actions, investments and efforts at technological innovation is dependent on what other firms do, which, in turn, is dependent on the structure and the processes in relationships between firms in the wider network relationships = mutually oriented interaction between two reciprocally committed partners episodes = limited in time and may concern the production of deliveries, etc three layers: activity links, actor bonds, resource ties tree functions: relationship itself, respective firms involved in relationship, parties with which firms have relations Resource ties, actor bonds and activity links - Resource ties - develop as the counterparts interact and become aware of each others resources, i.e., as they learn - learning includes knowledge into which resources the counterpart has access to and how the resources are used at present - knowledge may give rise to ideas about how the resources...
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...Breakthrough innovations in operationsnot just steady innprovement-can destroy competitors and shake up industries.Such advances don't have to be as rare as they are. 84 HARVARD BUSINESS REVIEW Deep Change How *^ Operational Innovation Can Transform Your Company by Michael Hammer I N 199T, Progressive Insurance, an automobile insurer based in Mayfield Village, Ohio, had approximately $1.3 billion in sales. By 2002, that figure had grown to $9.5 billion. What fashionable strategies did Progressive employ to achieve sevenfold growth in just over a decade? Was it positioned in a high-growth industry? Hardly. Auto insurance is a mature, ioo-year-o!d industry that grows with GDP. Did it diversify into new businesses? No, Progressive's business was and is overwhelmingly concentrated in consumer auto insurance. Did it go global? Again, no. Progressive operates only in the United States. Neither did it grow through acquisitions or clever marketing schemes. For years. Progressive did little advertising, and some of its campaigns were notably unsuccessful. It didn't unveil a slew of new products. Nor did it grow at the expense of its margins, even when it set low prices. The proof is Progressive's combined ratio (expenses plus claims payouts, divided by premiums), the measure of APRIL 2004 85 How Operational Innovation Can Transform Your Company financial performance in the insurance industry. Most auto insurers have combined...
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...Leadership Supporting Innovation in Organizations Introduction Leaders come in all shapes and sizes; this is evident from the many varieties of leaders in many different organizations. Whenever there is a crisis, all leaders have to step up and become innovative thinkers in order to successfully achieve the goals set forth. But there are some leadership practices that support and foster innovation within organizations. “Among the factors that influence employees’ creative behaviors and performance, leadership has been identified by many researchers as being one of the most, if not the most important” (Jung, Chow, & Wu, 2003, p. 526). Leaders have the ability to affect an employees’ creativity by catering to their needs and motivation, and by setting up an organizational culture and environment that will allow for employees to attempt different methods of thinking and speaking up with ideas or concepts without fear of being punished. (Jung, Chow, & Wu, 2003, p. 526) Leadership Practices Supporting Innovation A few key practices particular, in my opinion, spurs innovation, including leading people, strategic planning, participative management, and change management. A final leadership practice – transformational leadership – is an essential practice in supporting innovation in organizations. Leaders who can effectively lead their members ensures that members are motivated and develops an environment that supports innovation. “Leaders who have good skills...
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