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Innovation (Stages of Successful Innovation (Ideation : Generating…
Innovation
Form of innovation
Continuous change
Frequent, relentless and endemic to the firm
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Punctuated equilibrium
assumes long periods of incremental change, interrupted by brief periods of radical change
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Types of innovation
Sustaining
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Leaves org. in their comfort zone of established markets, known customers and realizable business models
Disruptive
targets non customers and delivers a product or service that differs from the current product portfolio.
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Explain Innovation
- Comes about through organizational change
- Frequently involves experimentation
- A response to meet expectations
- A strategic differentiator
- Is necessary for long-term organizational survival
Innovation in an organization lies at the intersection of the answer to three significant questions:
- What is viable in the marketplace?
- What is desirable to the business?
- What is possible with technology?
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The value of innovation
- Communication of value is essential to ensuring innovation is sustainable. From this perspective,
value has two components:
- Is it desirable?
- Does it build our innovative capabilities?
Innovation essentials
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Support
- Infrastructure is needed to support IT innovation and experimentation.
- Some organizations create formal centers (or laboratories).
- Intranets are being used to solicit new ideas.
- Financial support is frequently provided through internal venture support
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Direct
- Strategic IT experimentation must be directed to ensure it is relevant.
- Link innovation to customer value.
- Link experimentation to core business processes.
- Use venture funds to guide strategic initiatives.
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Facilitating innovation
- Focus on achievable targets.
- Don’t rush to market.
- Be careful with “cool” technology.
- Learn by design.
- Link innovation to business strategy.
- Incubate innovation.
- Collaborate with vendors.
- Integrate business and IT.
- Send clear messages.
- Manage the process.
- Promoting learning agility.