I management of innovation is part of management of

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i. Management of innovation is part of management of technology ii. Managing innovation requires fostering an environment where innovative thought is encouraged – not merely said to be encouraged. iii. Managing innovation involves leading a firm from existing processes and products to something more valuable— purpose of technology is to create value for the firm and this focus must be maintained. iv. Management of innovation creates an environment that is proactive, encourages creativity and risk taking. The acid test comes when a well thought out, apparently valuable project yields no benefits. How will management react? VII. The Process of Managing Innovation a. Making Decisions —certain characteristics characterize firms that manage innovation well. Among these are: i. Separate funds for innovation ii. Periodic reviews of informal proposals that come from a wide range or corporate sources. iii. Clear direction and follow-ups iv. Extensive boundary spanning activities that encourage exploration of what others are doing and cross breeding of ideas v. Realistic expectations vi. Openness to “newness” 1-5
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vii. Individuals who are ask lots of questions, are willing to learn new skills, take risks, and have strong “fit” between personal values and organizational goals. VIII. Overview of the Study of MTI a. Strategy Perspective: Strategic management is the firm’s effort to analyze its environment and its own strengths and weaknesses and then consciously choose the competitive path it wants to follow. There are typically three distinct processes: planning, implementation, and evaluation and control. b. Making Strategic Decisions A key strategic decision is whether new technology is to be obtained from within the organization or externally o If technology is generated within a firm than how the firm is structured to encourage innovation is important as well as other means of encouraging innovation. o If technology is purchased from another firm, key issues are the integration of technology, and perhaps the nature of the firm that produced the technology c. Tools for Strategic Management Financial analysis tools Project management tools Tools to manage portfolios of technology Dealing with waves of change – e.g. the record industry 1-6
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