Class 1 594 - Global Innovation Management Global...

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Unformatted text preview: Global Innovation Management Global Innovation Management Innovation, Globalization and Commoditization Global Innovation Management From the Laboratory to the Marketplace Global Innovation Management is organized around the sequence of activities That are required to take a promising idea or invention And from it, craft a commercially successful innovation And Innovation is an Invention that has been Profitably Commercialized Global Innovation Management What is Innovation? Who does it well? Global Innovation Management Innovation The New Industrial Religion Firms describe innovation as key to increasing sustainable profits and market share Governments invest billions to attain or maintain supremacy in innovation or alternately reach for it when trying to explain why their people aren't competing The vernacular of innovation drives the pace of economics, politics, culture, and health Politicians, managers and the public maintain that competitive advantage is now predicated on successful innovation Global Innovation Management Risk and Reward Globalization and commoditization have advanced to a point now that makes it difficult for firms to sustain competitive advantage without constantly innovating Rates of return on successful innovations average over 50%, compared to those of traditional business that average in the range of 15% Improved profits come with elevated risk business and technological that confront investors and managers with new challenges Even when an innovation is successful, it may be difficult to figure out exactly why. Global Innovation Management What is Innovation? Innovation = Invention + Commercialization Innovation is constrained by your capabilities Innovation is constrained by not having Capabilities = Assets + Competences You buy, train or hire capabilities Global Innovation Management Definition: Innovation An Innovation is: Invention + Commercialization Freeman, The Economics of Industrial Innovation A new way of doing things that is commercialized Porter The new knowledge in an innovation can be either Technological, or Market related Global Innovation Management Understanding Innovation Innovation usually means Change Change management is an essential part of innovation management How successful a firm is at innovating depends on The firms capacity to collect and commercially use information The nature of that information itself Global Innovation Management Elements of Product Innovation New Product: Low cost Improved qualities New...
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This note was uploaded on 11/02/2011 for the course IDS 594 taught by Professor Staff during the Fall '08 term at Ill. Chicago.

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Class 1 594 - Global Innovation Management Global...

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