summary-book-strategic-management-of-technological-innovation-melissa-a-schilling - lOMoARcPSD Summary Book\"Strategic Management of Technological

Summary-book-strategic-management-of-technological-innovation-melissa-a-schilling

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Summary: Book "Strategic Management of Technological Innovation", Melissa A. Schilling Technology Strategy and Entrepreneurship (Technische Universiteit Delft) Verspreiden niet toegestaan | Gedownload door Jaap Haemers ([email protected]) lOMoARcPSD
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Summary Strategic Management of Technological Innovation (Schilling) Chapter one: Introduction Technological innovation : the act of introducing a new device, method, or material for application to commercial or practical objectives. The importance of technological innovation The increasing importance of innovation is due in part to the globalization of markets. Introducing new products helps firms protect their margins (stay differentiated), while investing in process innovation helps firms lower their costs. Innovation enables a wider range of goods and services to be delivered to people worldwide. The impact of technological innovation on society Gross domestic product (GDP) : the total annual output of an economic as measured by its final purchase price. Technological innovation increased the amount of output achievable from a given quantity of labour or capital. Next to this, GDP growth from growth in labour and capital inputs. Technological innovation : the creation of new knowledge that is applied to practical problems. The majority of effort and money invested in technological innovation comes from industrial firms. Innovation by industry: the importance of strategy The Innovation Funnel Many potential new product ideas go in the wide end, but very few making it through the development process. The strategic Management of Technological Innovation A firm’s innovation projects should align with its resources and objectives, leveraging its core competencies and helping it achieve its strategic intent. A firm’s organizational structure and control system should encourage the generation of innovative ideas while also ensuring efficient implementation. A firm’s new product development process should maximize the likelihood of projects being both technically and commercially successful. To achieve the above three things, a firm needs: 1. An in-depth understanding of the dynamics of innovation 2. A well-crafted innovation strategy 3. Well-designed process for implementing the innovation strategy. Chapter two: Sources of innovation Innovation : the practical implementation of an idea into a new device or process. Overview Sources of innovation as a system: 1. Firms 2. Individuals 3. Universities 4. Government-funded research 5. Private non-profits The ability to generate new and useful ideas is termed creativity . Creativity Novel work must be different from work that has been previously produced and surprising in that it is not simply the next logical step in a series of known solutions. The degree to which a product is novel is a function both of how different it is from prior work and of the audience’s prior experiences.
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