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Unformatted text preview: What is innovation? What is innovation? Jaime Jorasch, Walker Digital (thinktank that launched Priceline.com) Innovation is difficult… 1. Technical uncertainty: Is it possible? 1. 2. Market uncertainty: Are they actually The art of herding cats market disappears 1. Management of creative processes: 2. Discontinuities: e.g. MP3, Skype—the going to buy it—and how will they use it? Can we make it happen? Can we make it happen? Bill Lloyd, CTO of Kodak Innovation is difficult… 1. Technical uncertainty: Is it possible? 1. Will they buy it? Will they buy it? Elizabeth Ryan (CEO/Breeze Hill Orchards) Innovation is difficult… 1. Technical uncertainty: Is it possible? 1. 2. Market uncertainty: Are they actually going to buy it—and how will they use it? Academic entrepreneurs – an Academic entrepreneurs – an oxymoron? Lance Stewart (VP/deCODE genetics; founder of Emerald Biostructures) What if people are not motivated? What if people are not motivated? “R&D Lab” mode of innovation Innovation is difficult… 1. Technical uncertainty: Is it possible? 1. 2. Market uncertainty: Are they actually The art of herding cats market disappears 1. Management of creative processes: 2. Discontinuities: e.g. MP3, Skype—the going to buy it—and how will they use it? … so why do we care about it? … • • • • • Productivity growth Quality Convenience Safety, health Environmental quality, resource conservation • Unintended consequences? Why do firms care about Why do technological change? • Productivity (process innovation) cost • New products, services market power Higher prices = higher profits • Regulation, e.g. environmental standards & constraints Competitive advantage But we have to do it! But we have to do it! Kevin McGovern (SoBe Beverage) Where do new technologies come Where do new technologies come from? • • • • Firms: R&D Inventor/entrepreneurs Government Universities, NIH, other research agencies • Science & Technology System/Innovation System Apple’s lessons Apple’s lessons 1. Not invented here and welcome 2. Focus on user needs 3. Ignore current market, focus on the future 4. Fail wisely • • Disruptive innovations Experimentation implies failure • Design for simplicity • Open innovation Key concepts Key concepts • • • • Innovation systems, industrial dynamics Creativity, NPD processes Business model & innovation strategy Open Innovation: boundaries of successfully innovating companies are “porous”! • Management of IPR, alliances, • Management of uncertainty COURSE OUTLINE COURSE OUTLINE 1. Technological change and economic growth Systems of Innovation 2. Innovation and firm creation • • • • Creativity Startup process University spinoffs; technology licensing Success factors of New Product Development Cases: A123Systems; Zipcar; DGT Guest speakers: Vice Provost Alan Paau/Cornell Technology Transfer; Jonathan Greene/ Distributed Generation Technologies 3. Innovation cycles (industrial dynamics) 3. Innovation cycles (industrial dynamics) Types of innovations Technological discontinuities Product/industry life cycle Cases: Kodak; BancZero Guest speaker: Cliff Lardin/Cornell EIR 4. The open innovation paradigm • • The closed vs. open innovation model Role of business model in profiting from innovation Cases: Xerox Parc; Herman Miller; Ballard (hydrogen fuel cells) 5. Integrating innovation and business strategies 5. Choice of innovation projects Alliance strategies Management of intellectual property Cases: Patagonia; D­Wave Systems Guest speakers: John Spoonhower/Kodak; Paul Carpenter/RIM 6. Team projects Local science­based startup companies Readings Readings • Course packet, available from the campus store • Melissa Schilling: Strategic Management of • • • Technological Innovation, McGrawHill, 2nd Ed! Henry Chesbrough: Open Innovation. Harvard Business School Press, 2003. Newspaper and business magazine articles (on line) Course website: http://blackboard.cornell.edu/ – Please enroll asap!! – Facebook group “AEM 437 Innovation Strategy” Grading Grading 1. Assignments (teams) 2. Case papers 3. Exams 4. Team project 5. Professionalism* Total 20% 10% 30% 20% 20% 100% * class attendance and participation; professional conduct during classes & projects; enthusiastic and high quality contributions to team work: assignments, presentations, and the final project. Reading for Thursday Reading for Thursday • Schilling (MS) Ch. 1 – How does technological change impact the economy? – Why is innovation important for firms? ...
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