Strategic Technology and Innovation Management Final Exam.docx

Strategic Technology and Innovation Management Final Exam.docx

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Strategic Technology and Innovation Management Final Exam 1. Explain the differences between “innovation” and “invention.” An invention is a concept or idea that is completely of our own creation, creating ‘something’ new from scratch by utilizing specific knowledge and developing processes that have never been used before. In contrast, an “innovation” is often something that creates better and easier ways of doing something with items or ideas that are not new, they extract value from what we already know. Inventions often take copious amounts of time and are not easily grasped by others, while innovations are often how inventions are used. For example, the Xerox office copier was a completely new invention, developed from scratch to make copies in a time when this action was unable to be completed. An example of an innovation, however, would be the iPod, where Steve Jobs joined a variety of preexisting technology, like GPS and touch screen technology, into one, compact and easily accessible entity. 2. Explain the differences between “sustaining innovations” and “disruptive innovations”. In order to explain the differences between these two types of innovations, let’s look at the meaning of the words that precede them in them in this case. Sustaining, by definition, is to maintain and for that reason, sustaining innovations maintain a steady rate of improvement over time, no extreme highs or lows, but a consistent level of improvement. Sustaining innovations maintain their current customer base and seek to satisfy those who have already invested in their product. In contrast, disruptive technologies aim to make a splash in existing markets and also create new markets with their innovative technology. Disruptive technologies tend to stray away from trying to satisfy current customers and rather bring about a completely different set of values with their new innovation. These innovations set out to create a completely new set of desired values for future products. A good example of a disruptive technology would be Sony’s first attempts at a transistor radio created a completely new portable radio market by developing a product that was small and lightweight – a set of attributes that other radios did not provide. 3. Explain how “individual constraints” can affect innovation management in companies and startups. Individual constraints focus on the lack of innovative ideas on an individual basis, versus say a group, organization, or society as a whole. In order for there to be any kind of end product in the innovation process, there needs to be a simple idea to spark the whole thing. Without an idea there is no end product. These ideas come on the individual level, someone needs to recognize that there is a need for an innovative product or idea and be able to voice that idea to a group. An innovation can fail because on the individual level they do no think outside of the box or enough “raw” ideas in order to develop an innovative technology. The ability to think differently and recognize good ideas
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