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Innovation Management Methods and Strategies - Prof. Jimana, Schemes and Mind Maps of Bankruptcy Law

California Institute of the Arts (CalArts)Bankruptcy Law
Prof. Alib Jimana

An overview of innovation management, including the different types of innovation (incremental, breakthrough, and disruptive), the systems approach to innovation management, and the key elements required for successful innovation, such as leadership, operations, and building a culture of innovation. It also discusses the concept of open innovation, which involves using both internal and external ideas and paths to market to advance innovation. The advantages and disadvantages of open innovation, as well as different models and approaches. Additionally, it touches on essential concepts in innovation management, such as confirmation bias, ambidextrous organization, disruptive innovation, and paradigm shifts. Overall, this document provides a comprehensive understanding of the strategies and methods used to manage and foster innovation within organizations.

Typology: Schemes and Mind Maps

2022/2023

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WHAT IS INNOVATION?
• It is the act or process of introducing new ideas, devices, or methods.
• Innovation is the practical implementation of ideas that result in the introduction of
new goods or services or improvement in offering goods or services.
•Defines innovation as "a new or changed entity realizing or redistributing value".
• Others have different definitions; a common element in the definitions is a focus on
newness, improvement, and spread of ideas or technologies.
WHAT IS INNOVATION MANAGEMENT?
• Innovation management involves the process of managing an organization's
innovation procedure, starting at the initial stage of ideation, to its final stage of
successful implementation. It encompasses the decisions, activities and practices of
devising and implementing an innovation strategy.
• According to Gartner, an IT research and consultancy company, innovation
management is!
a business discipline that aims to drive a sustainable Innovation process or culture
within an organization.!
Oftentimes, these innovation management initiatives utilize a disruptive method of
change to transform business.
WHAT IS INNOVATION MANAGEMENT?
• In the age of digital transformation, organizations are faced with the need to innovate
more and innovate quickly. Innovation drives business growth and helps organizations
stay ahead of their competitors.
• Innovation management helps in generating new business models and creates new
products, services and technologies designed for the changing market. Proper
innovation management also boosts customer satisfaction and employee
engagement.
INNOVATION MANAGEMENT
METHODS
• Broadly speaking, innovation can be incremental, breakthrough or disruptive.
•Incremental: In an era where businesses are required to constantly reinvent
themselves, incremental innovation helps them thrive by constantly improving current
products, services, processes or methods.
•Breakthrough: A breakthrough innovation refers to technological advancements that
can boost the level of a product or service, within an existing category, ahead of its
competitors.
•Disruptive: Disruptive innovations are ideas that are capable of radically changing the
market behavior after being implemented
WHAT ARE THE KEY ELEMENTS OF AN
INNOVATION MANAGEMENT SYSTEM?
• The success factors to innovate effectively are structured in seven key areas:
context, leadership, planning, support, operations, evaluation, and
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WHAT IS INNOVATION?

  • It is the act or process of introducing new ideas, devices, or methods.
  • Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services.
  • Defines innovation as "a new or changed entity realizing or redistributing value".
  • Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies. WHAT IS INNOVATION MANAGEMENT?
  • Innovation management involves the process of managing an organization's innovation procedure, starting at the initial stage of ideation, to its final stage of successful implementation. It encompasses the decisions, activities and practices of devising and implementing an innovation strategy.
  • According to Gartner , an IT research and consultancy company, innovation management is a business discipline that aims to drive a sustainable Innovation process or culture within an organization. Oftentimes, these innovation management initiatives utilize a disruptive method of change to transform business. WHAT IS INNOVATION MANAGEMENT?
  • In the age of digital transformation, organizations are faced with the need to innovate more and innovate quickly. Innovation drives business growth and helps organizations stay ahead of their competitors.
  • Innovation management helps in generating new business models and creates new products, services and technologies designed for the changing market. Proper innovation management also boosts customer satisfaction and employee engagement. INNOVATION MANAGEMENT METHODS
  • Broadly speaking, innovation can be incremental, breakthrough or disruptive.
  • Incremental : In an era where businesses are required to constantly reinvent themselves, incremental innovation helps them thrive by constantly improving current products, services, processes or methods.
  • Breakthrough : A breakthrough innovation refers to technological advancements that can boost the level of a product or service, within an existing category, ahead of its competitors.
  • Disruptive : Disruptive innovations are ideas that are capable of radically changing the market behavior after being implemented WHAT ARE THE KEY ELEMENTS OF AN INNOVATION MANAGEMENT SYSTEM?
  • The success factors to innovate effectively are structured in seven key areas: context, leadership, planning, support, operations, evaluation, and

improvement. Recommendations to companies and organizations are provided in each area.

  • The systems approach to innovation management recognizes that there are several interrelated and interacting elements or factors in an organization that must be in place to ensure innovation success.
  • The structure of the guiding standard for Innovation Management System covers seven key elements, one for each heading in the document. These headings are the same for all management system standards.
  • The guiding framework is applicable for all types of organizations, regardless of type, sector, or size. An organization can select the most relevant parts of the system to be implemented depending on its specific situation. KEY ELEMENTS
  • Context : The organization should track external trends and other relevant factors e.g. user preferences and technology developments, in order to identify both opportunities and challenges that can trigger innovation activities.
  • Leadership : Based on the understanding of the context, top management should demonstrate leadership and commitment by establishing an overall direction for innovation, including the necessary resources, structures, and responsibilities and by fostering a culture supporting innovation activities.
  • Planning : Innovation objectives and strategies should be developed at relevant parts of the organization based on the direction set by top management and the identified opportunities and risks.
  • Support : The support necessary to execute the innovation strategies should be put in place, e.g. people with the right competences, financial and other resources , tools and methods, communication and awareness creating activities as well as approaches for external collaboration and the protection of intellectual property.
  • Operations : Innovation activities are initiated in line with the strategies using the established support and the appropriate processes depending on the types of innovation to be achieved. Innovation initiatives can form one or more portfolios to facilitate management, measurement, and follow-up.
  • Evaluation : The performance of the Innovation Management System as a whole should regularly be evaluated to identify strengths and weaknesses.
  • Improvement : Based on the evaluation, the system should be improved by addressing the most critical gaps with regards to the understanding of the context, leadership, planning, support, and operations. IMPORTANCE OF INNOVATION MANAGEMENT
  • Crowd-sourcing innovation is an innovation activity that is slowly making its debut in the digital workplace and that too with high expectations. This practice encourages an active participation of employees pooling up ideas within the organization. It acts as a channel to obtain an appropriate and effective solution to complex business challenges.
  • Nurturing the internal side of open innovation amplifies participation. Forcing or mandating involvement may lead to frailties in due course of time.
  • To involve employees in ideation - make them understand how their ideas will contribute to the organization's success. Explain the significance of innovation, describe the potential they have in improving the organization's productivity, individual growth, rewards & recognition, overall—
  • Employees might get motivated by recognizing these values and participate in innovation. "IT'S NOT ABOUT IDEAS. IT'S ABOUT MAKING IDEAS HAPPEN" - SCOTT BELSKY 3. Run Awareness Campaigns
  • Creating innovative ideas that drive business growth don't just happen, it requires a strategic orientation to adopt the culture and generate new ideas. It is a proven way to encourage the widest range of participants in innovating.
  • Creating awareness by running campaigns is a proven way to generate interest to use the ideation space. This has a direct influence on capturing creative ideas stirring enhanced productivity, cut down operational costs and drive improvements from the bottom up in a short time period.
  • This campaign can be within your organization's social network via emails, news and events, announcements, posts etc. 4. Introduce A Common Space For Innovation With An Innovation Management Tool
  • Employees might not have a separate place and time to meet to discuss ideas addressing a common challenge. Introducing an innovation management platform can create a digital workplace environment in which employees can interact, collaborate & contribute ideas, and evaluate, select and provide the best innovative strategies across the organization from anywhere anytime.
  • Did you know? Markets and markets Research predicts that the Innovation Management market is projected to grow from an estimated USD
  • 421.6 Million in 2017 to USD 1,519.2 Million by
  • 2022, at a Compound Annual Growth Rate (CAG) of 29.2% during 2017-2022.
  • Incorporating innovation management software or tools like Wave can play a major role in fostering employee engagement and involvement in innovation using techniques like gamification. 5. Transparency
  • Transparency boosts the culture of innovation. It is essential that employees should know what the buzz is around the ideas shared, challenges posed by the organization, etc. Often employees are left in the dark having no clue on further steps on the ideas posted. This may create chaos and trust issues in the entire innovation initiative.
  • In such instances, social collaboration tools can provide a platform to employees where they can collaborate, communicate, engage and share the selection process updates in real time.
  • According to The Deloitte Millennial Survey 2017, Millenials want to work in places where they feel empowered and accountable - where they feel they can make a difference and have an impact. 6. Rewards And Recognition
  • Building an effective reward and recognition system is a key aspect of maintaining and encouraging innovation. Appreciation and recognition are essential to an outstanding workplace.
  • Employees want to be respected and valued by others for their contribution. When employees and their work are valued, they seem happy, loyal, satisfied with the organization.
  • Therefore developing an effective tool for rewards and recognition can encourage and keep employees continue to post their ideas to get recognized and rewarded their effort. ACHIEVING INNOVATION MANAGEMENT SUCCESS
  • For innovation management process to be successful, it is essential that the company support an innovation culture and make employees feel valued. This will encourage employees to generate quality ideas in return.
  • Organizations today are leveraging collaborative technology like social networking to get feedback, which helps in generating a steady stream of ideas from stakeholders both within and outside the company.
  • To make innovation management a routine part of business, many organizations follow a disciplined and cyclic approach. Ideation is the first step to innovation and incentives and feedbacks help encourage a steady flow of ideas. The next step in a well-managed innovation process is to identify the most valuable and viable ideas. Companies can then move forward to create prototype products based on the shortlisted ideas and implement them to see how they work. In the final step of full implementation, it is important to evaluate the outcome to see whether the desired business goals were met once the ideas were implemented.

INNOVATION: OVERVIEW Business and Economics In business and economics, innovation can be a catalyst to growth. With rapid advancements in transportation and communications over the past few decades, the old world concepts of factor endowments and comparative advantage which focused on in area's unique inputs are outmoded for today's global economy. Economist Joseph Schumpeter, who contributed greatly to the study of innovation economics, argued that industries must incessantly revolutionize the economic structure from within, that is innovate with better or more effective processes and products, as well as market distribution, such as the connection from the craft shop to factory. He famously asserted that “creative destruction is the essential fact about capitalism". In addition, entrepreneurs continuously look for better ways to satisfy their consumer base with improved quality, durability, service, and price which come to fruition in innovation with advanced technologies and organizational strategies. A prime example of innovation involved the boom of Silicon Valley start-ups out of the Stanford Industrial Park. In 1957, dissatisfied employees of Shockley Semiconductor, the company of Nobel laureate and co-inventor of the transistor William Shockley, left to form an independent firm, Fairchild Semiconductor. After several years, Fairchild developed into a formidable presence in the sector. Eventually, these founders left to start their own companies based on their own unique ideas, and then leading employees started their own firms. Over the next 20 years this process resulted in the momentous startup-company explosion of information-technology firms. Silicon Valley began as 65 new enterprises born out of Shockley's eight former employees. Organizations In the organizational context, innovation may be linked to positive changes in efficiency, productivity, quality, competitiveness, and market share. However, recent research findings highlight the complementary role of organizational culture in enabling organizations to translate innovative activity into tangible performance improvements. Organization can also improve profits and performance by providing work groups opportunities and resources to innovate, in addition to employee's core job tasks. Peter Drucker wrote: Innovation is the specific function of entrepreneurship, whether in an existing business, a public service institution, or a new venture started by a lone individual in the family kitchen. It is the means by which the entrepreneurs either creates new wealth- producing resources with enhanced potential for creating wealth. According to Clayton Christensen, disruptive innovation is the key to future success in business. The organization requires a proper structure in order to retain competitive advantage. It is necessary to create and nurture an environment of innovation. Executives and Managers need to break away from traditional ways of thinking and use change to their advantages. It is time of risk but even greater opportunity. The world of

work is changing with the increase in the use of technology and both companies and businesses are becoming increasingly competitive. Companies will have to downsize and re-engineer their operations to remain competitive. This will affect employment as business will be forced to reduce the number of people employed while accomplishing the same amount of work if not more. All organizations can innovate including for example hospital, universities and local governments for instance , former Mayor martin O Malley pushed the city of Baltimore to use citiStat, a performance measurement data and management system that allows, city officials to maintain statistics on everything from crime trends to condition of potholes. This system aids in better evaluation of policies and procedures with accountability and efficiency in terms of time and money. In its first year, CitiStat saved the city $13.2 million. Even mass transit systems have innovated with hybrid bus fleets to real-time tracking at bus stands. In addition, the growing use of mobile data terminals in vehicles, that serve as communication hubs between vehicles and a control center, automatically send data on location, passenger counts, engine performance, mileage and other information. This tool helps to deliver and manage transportation systems Sources of Innovation Innovation may occur due to effort from a range of different agents, by chance, or as a result of a major system failure. I. According to Peter F. Drucker, the general sources of innovations are changes in industry structure, in market structure, in local and global demographics, in human perception, in the amount of available scientific knowledge, etc. II. In the simplest linear model of innovation the traditionally recognized source is manufacturer innovation. This is where an agent (person or business) innovates in order to sell the innovation.

One survey across a large number of manufacturing and services organizations found, ranked in decreasing order of popularity, that systematic programs of organizational innovation are most frequently driven by:

  • improved quality,
  • creation of new markets,
  • extension of the product range,
  • reduced labor costs,
  • improved production processes,
  • reduced materials,
  • reduced environmental damage,
  • replacement of products/services,
  • reduced energy consumption, conformance to regulations. These goals vary between improvements to products, processes and services and dispel a popular myth that innovation deals mainly with new product development. Most of the goals could apply to any organization be it a manufacturing facility, marketing company, hospital or government. Whether innovation goals are successfully achieved or otherwise depends greatly on the environment prevailing in the firm. Failure Conversely, failure can develop in programs of innovations. The causes of failure have been widely researched and can vary considerably. Some causes will be external to the organization and outside its influence of control. Others will be internal and ultimately within the control of the organization. Internal causes of failure can be divided into causes associated with the cultural infrastructure and causes associated with the innovation process itself. Common causes of failure within the innovation process in most organizations can be distilled into five types:
  • poor goal definition,
  • poor alignment of actions to goals,
  • poor participation in teams,
  • poor monitoring of results,
  • poor communication and access to information. Diffusion Diffusion of innovation Diffusion of innovation research was first started in 1903 by seminal researcher Gabriel Tarde , who first plotted the S-shaped diffusion curve. Tarde defined the innovation- decision process as a series of steps that include:
  1. First knowledge
  2. forming an attitude
  3. a decision to adopt or reject
  4. implementation and use
  5. confirmation of the decision

Once innovation occurs, innovations may be spread from the innovator to other individuals and groups. This process has been proposed that the lifecycle of innovations can be described using the 's-curve' or diffusion curve. The s-curve maps growth of revenue or productivity against time. In the early stage of a particular innovation, growth is relatively slow as the new product establishes itself. At some point, customers begin to demand and the product growth increases more rapidly. New incremental innovations or changes to the product allow growth to continue. Towards the end of its lifecycle, growth slows and may even begin to decline. In the later stages, no amount of new investment in that product will yield a normal rate of return. The second shows an emerging technology that currently yields lower growth but will eventually overtake current technology and lead to even greater levels of growth. The length of life will depend on many factors. Measures Henry et al. in their review of literature on innovation management found 232 innovation metrics. They categorized these measures along five dimensions; i.e.

  • inputs to the innovation process,
  • output from the innovation process,
  • effect of the innovation output,
  • measures to access the activities in an innovation process and
  • availability of factors that facilitate such a process. There are two different types of measures for innovation: the organizational level and the political level. “Where innovation is happening” Organizational-level

▪ "Bogota Manual" similar to the Oslo Manual, is focused on Latin America and the Caribbean countries. ▪ "Creative Class" developed by Richard Florida ▪ EIU Innovation Ranking ▪ Global Competitiveness Report ▪ Global Innovation Index (GII), by INSEAD Areas /focus on innovation rankings

  • High-tech companies
  • Manufacturing
  • Patents
  • Post secondary education
  • Research and development
  • Research personnel List of Top 10 countries as innovation Future of Innovation Jonathan Huebner, a physicist working at the Pentagon's Naval Air Warfare Center, argued on the basis of both U.S. patents and world technological breakthroughs, per capita, that the rate of human technological innovation peaked in 1873 and has been slowing ever since. In his article, he asked "Will the level of technology reach a maximum and then decline as in the Dark Ages?"In later comments to New Scientist magazine, Huebner clarified that while he believed that we will reach a rate of innovation in 2024 equivalent to that of the Dark Ages , he was not predicting the reoccurrence of the Dark Ages themselves. His paper received some mainstream news coverage at the time. John Smart criticized the claim and asserted that technological singularity researcher Ray Kurzweil and others showed a "clear trend of acceleration, not deceleration" when it came to innovations.The foundation replied to Huebner the journal his article was published in, citing Second Life and eHarmony as proof of accelerating innovation; to which Huebner replied. However, in 2010, Joseph A. Tainter, Deborah Strumsky, and Jose Lobo confirmed Huebner’s findings using US Patent office data. Additional verification was provided in a 2012 by Robert J. Gordon. Innovation and International Development The theme of innovation as a tool to disrupting patterns of poverty has gained momentum since the mid-2000s among major international development actors such as DFID,Gates Foundation's use of the Grand Challenge funding model, and USAID's Global Development Lab. Networks have been established to support innovation in

development, such as D-Lab at MIT. Investment funds have been established to identify and catalyze innovations in developing countries, such as DFID's Global Innovation Fund, Human Development Innovation Fund, and (in partnership with USAID) the Global Development Innovation Ventures. Government policies Given its effects on efficiency, quality of life, and productive growth, innovation is a key driver in improving society and economy. Consequently, policymakers have worked to develop environments that will foster innovation, from funding research and development to establishing regulations that do not inhibit innovation, funding the

  • It is understood as the systematic encouragement and exploration of a wide range of internal and external sources for innovative opportunities, the integration of this exploration with firm capabilities and resources, and the exploitations of these opportunities through multiple channels.
  • For business, open innovation is a more profitable way to innovate, because it can reduce costs, accelerate time to market, increase differentiation in the market, and create new revenue streams for the company. So there's a lot of opportunity for business to profit from open innovation. Hundreds of companies around the world now have executives with the job title, Manager of Open Innovation. And there are now dozens of
  • Open innovation providers: software companies, intermediaries, and consultants- providing products and services in open innovation. If nothing else, the presence of these newly-founded open innovation providers suggests that the concept has met a market test.
  • Open innovation is "the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively." Open innovation can be understood as the antithesis of the traditional vertical integration approach where internal R&D activities lead to internally developed products that are then distributed by the firm. As my definition suggests, there are two facets to open innovation. One is the " outside in " aspect, where external ideas and technologies are brought into the firm's own innovation process. This is the most commonly recognized feature of open innovation. The other, less commonly recognized aspect is the " Inside out " part, where un and under-utilized ideas and technologies in the firm are allowed to go outside to be incorporated into others' innovation processes. ADVANTAGES
  • Open innovation offers several benefits to companies operating on a program of global collaboration:
  • Reduced cost of conducting research and development
  • Potential for improvement in development productivity
  • Incorporation of customers early in the development process
  • increase in accuracy for market research and customer targeting
  • Potential for synergism between internal and external innovations
  • Potential for viral marketing DISADVANTAGES
  • Implementing a model of open innovation is naturally associated with a number of risks and challenges, including:
  • Possibility of revealing information not intended for sharing
  • Potential for the hosting organization to lose their competitive advantage as a consequence of revealing intellectual property
  • Increased complexity of controlling innovation and regulating how contributors affect a project
  • Devising a means to properly identify and incorporate external-innovation
  • Realigning innovation strategies to extend beyond the firm in order to maximize the return from external innovation MODELS OF OPEN INNOVATION OPEN VERSUS CLOSED INNOVATION
  • Companies use innovation to generate and apply knowledge, develop new products and services, new business models, and ultimately obtain business results.
  • Traditionally, companies innovated only using internal resources. The main reasons were the non-commercial focus of the scientific community and their need to protect their valuable assets.
  • Such companies prioritized the volume of resources, the number of projects, and the investments in innovation.
  • Consequently, organizations with closed innovation models tend to have big research departments generating plenty of in-house knowledge. The more, the better.
  • These organizations typically measure innovation performance using ratios like the percentage of R&D spending. However, it is well-known that this ratio, alone, only shows the project investment volume but does not reflect the actual business outcome.
  • Nowadays, companies that use closed innovation models usually encounter the following issues:
  • The internally generated knowledge is incomplete. The contribution of external sources is a must since technology is evolving very fast globally.
  • Sometimes, this knowledge does not make it to market, either because it does not exactly meet the market needs or because it takes too long. In fact, when innovation is too slow, either the knowledge becomes obsolete or business priorities change.
  • The priority is to keep the same resources and budget year after year. Besides, external innovation is viewed as a competitor, hence the infamous "Not invented here
  • The so-called open innovation has emerged recently as a new innovation model. It encourages companies to use the existing external knowledge rather than reinvent the wheel. This way, it is considered positive to establish links with other companies, universities, tech centers, and other knowledge sources.
  • This type of innovation was born at the beginning of the century due to the arrival of the Internet which enabled an easy connection with available knowledge anywhere in the world.
  • This is what happens in organizations that use open models:
  • The company collaborates with external knowledge generators.
  • The main focus of the innovation department is to connect and integrate in-house teams with external knowledge sources.
  • Internal innovation still remains but it focuses on the creation of knowledge that cannot be found outside, as long as this is marketable.
  • Today, open innovation has been adopted by many companies all over the world as a way of accelerating the innovation cycle, reducing risk and doing more with less.

interface (API) are common

examples of product platforms.

This approach is common in

markets with strong network

effects where demand for the

product implementing the

framework (such as mobile

phone, or an online application)

increases with the number of

developers that are attracted to

use the platform tool-kit. The high

scalability of plat-forming often

results in an increased complexity

of administration and quality

assurance.

IDEA

COMPETITIONS

  • This model entails implementing

a system that encourages

competitiveness among

contributors by rewarding

successful submissions.

Developer competitions such as

hackathon events fall under this

category of open innovation.

This method provides

organizations with inexpensive

access to a large quantity of

innovative ideas, while also

providing a deeper insight into

the needs of their customers and

contributors.

Customer Immersion