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11 Pages
Innovation_M_ment
Course: ENGG 3005, Fall 2009School: Allan Hancock College
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Word Count: 221
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Management What Innovation is Innovation? Invention + commercialisation or Invention + implementation Novelty that delivers value to users More than just invention or creativity Revolutionary v evolutionary Radical v incremental Reasons for Innovation Market development & share Increased sales or market influence Enhanced technological competence Challenges in Innovation Position on the...
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Management
What Innovation is Innovation?
Invention + commercialisation or Invention + implementation Novelty that delivers value to users More than just invention or creativity Revolutionary v evolutionary Radical v incremental
Reasons for Innovation
Market development & share Increased sales or market influence Enhanced technological competence
Challenges in Innovation
Position on the Technology Life Cycle Innovator, lead users, early adopters, majority, laggards? Cost /Return on Investment timeframes Determining innovation competences for specific industries & firms
Innovators often have a specific vision, need or problem to is the catalyst for the innovation process.
Technology Life Cycle
Similar to product life cycle Fluid phase - radical innovation Transition phase - dominant design, tech. standard, radical process innovation Maturity - incremental process innovation Phases reflects culture & of structure firms
Elements of Innovation
Technological Market contexts One or both may change effecting firm capabilities or product/service attractiveness May change individual aspects / components or linkages between modules of components
Technological Forecasting
Various methods to determine technological trajectory, market direction and organisational strategy Scenario planning, Foresight exercises, Delphi polls, Technology `road maps, Technology S-curves
Technology Entrepreneurship
Technical skill Market vision Passion & perseveran...
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