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Innovation Management for BU syllabus

This document provides an overview of innovation management. It defines innovation and different types of innovation including product, process, position, and paradigm innovation. It discusses Schumpeter's distinction between invention and innovation. It also outlines the innovation process including stages from idea generation to commercialization. Approaches to studying innovation from a macroeconomic perspective and different frameworks for categorizing innovation are presented. Barriers and sources of innovation are mentioned.

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INNOVATION MANAGEMENT
Module 1 • Concept of Innovation • Historic Perspective • Types of Innovation • Innovation Process • Macroeconomic view of innovation • Approaches to innovations • Assumptions & Barriers to Innovation • Innovation Sources
Concept of Innovation “Technological innovations are defined as new products and processes and major technological modifications to products and processes. An innovation is considered performed if it is introduced to the market (product innovation) or implemented in the production process (process innovation). Innovation includes many research, technological, organizational, financial and commercial activities.
WHAT IS INNOVATION? • Invention • Technology • Innovation • Creating new or improved products, processes and services • Knowledge and learning • Uncertainty
Schumpeter’s distinction between ”Invention” and ”innovation” • An ’invention’ is an idea, a sketch or model for a new or improved device, product, process or system. It has not yet entered to economic system, and most inventions never do so. • An ’innovation’ is accomplished only with the first commercial transaction involving the new product, process, system or device. It is part of the economic system.
Historic Retrospective
Popular View of Science
Dimensions of Innovation – Product innovation: changes in the things (products or services) which an organization offers – Process innovation: changes in the ways in which they are created an delivered – Position innovation: changes in the context in which the product or services are introduced – Paradigm innovation: changes in the underlying mental modes which frame what an organization does the ‘4Ps’ of innovation
Oslo Manual • Product innovation – A good or service that is new or significantly improved. This includes significant improvements in technical specifications, components and materials, software in the product, user friendliness or other functional characteristics. • Process innovation – A new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software. • Marketing innovation – A new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing. • Organisational innovation – A new organisational method in business practices, workplace organisation or external relations.
Table A typology of innovations
Figure Overview of the innovation process
Stage-gate process IDEA Gate 1 Idea screening Stage 1 Preliminary evaluation Gate 2 Detailed evaluation Stage 2 Product definition Gate 3 Decision to develop Stage 3 Development Gate 4 Decision to test Stage 4 Testing Gate 5 Decision to commercialize Stage 5 Commercialization EVALUATION
Macroeconomic view of Innovation
Figure 1.7 Interactive model of innovation Source: Adapted from R. Rothwell and W. Zegveld (1985) Reindustrialisation and Technology, Longman, London.