Innovation doesnt just happen it is driven by

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! Innovation doesn’t just happen. It is driven by entrepreneurship . This powerful mixture of energy, vision, passion, commitment, judgement and risk-taking provides the power behind the innovation process. It’s the same whether we are talking about a solo start-up venture or a key group within an established organization trying to renew its products or services. ! Innovation doesn’t happen simply because we hope it will. It’s a complex process which carries risks and needs careful and systematic management . Innovation isn’t a single event, like the light bulb going off above a cartoon character’s head. It’s an extended process of picking up on ideas for change and turning them into effective reality. The core process involves four steps: recognising opportunities, finding resources, developing the venture and capturing value. The challenge comes in doing this in an organized fashion and in being able to repeat the trick. Further Resources More detailed discussion of these themes can be found in our companion books, Managing Innovation: Integrating technological, market and organizational change , now in its fifth edition, and Innovation and Entrepreneurship ’, now in its second edition. Peter Drucker’s famous Innovation and Entrepreneurship provides an accessible introduction to the
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subject, but perhaps relies more on intuition and experience than on empirical research. 7 And there are several other textbooks including those by Goffin and Mitchell 8 , Trott 9 , Schilling 10 and Dodgson, Salter and Gann 11 . There are several compilations and handbooks covering the field, the best known being Strategic Management of Technology and Innovation , containing a wide range of key papers and case studies, though with a very strong US emphasis. 12 A more international flavour is present in Dodgson and Rothwell 13 and Shavinina 14 . Case studies of innovation provide a rich resource for understanding the workings of the process in particular contexts. Good compilations include those of Baden-Fuller and Pitt, 16 Nayak and Ketteringham 16 and Von Stamm 17 , while other books link theory to case studies, for example Tidd and Hull 18 with its focus on service innovation. Several books cover the experiences of particular companies, including 3M, Corning, DuPont, Toyota and others. 19–22 Various websites offer news, research, tools, etc., for example AIM ( ) and NESTA ( ). References 1. Schumpeter, J. (2006) Capitalism, Socialism and Democracy, 6th edn. London: Routledge. 2. Baumol, W. (2002) The Free-Market Innovation Machine: Analyzing the growth miracle of capitalism. Princeton: Princeton University Press. 3. Bryson, B. (1994) Made in America . London: Minerva. 4. Utterback, J. (1994) Mastering the Dynamics of Innovation . Boston: Harvard Business School Press. 5. Bessant, J. and T. Venables (2008) Creating Wealth from Knowledge: Meeting the innovation challenge . Cheltenham: Edward Elgar.
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