Assessing Innovation Flashcards
What is innovation?
Innovation occurs when a new idea is brought to fruition and turned into a good or service that can be used and/or sold.
What are the pressures for innovation?
External:
- PEST-C
Internal:
- employees eager to experiment and try out new ideas
How can managers create an environment that encourages innovation?
Create an environment where:
- It is acceptable to fail
- There is funding available for experimentation and for trying new things
- It is good to share skills, ideas, experiences, and challenge each other
What are the ways of becoming an innovative organisation?
- Change working environment
- Leadership values, styles, and qualities
- Listening
- Kaizen groups
- Intrapreneurship
- Benchmarking
What is Kaizen?
Kaizen refers to a process of continuous improvement. This is a management approach in which employees regularly look for small improvements in the way they do their work.
What is the Kaizen process?
- Standardised work
- Make problems visible
- Develop counter-measure
- Determine route cause
- Hypothesise solution
- Test hypothesis
- Implement solution
What is intrapreneurship?
Intrapreneurship occurs when individuals come up with ideas within their division, department, team or business unit and follow them through.
What is benchmarking?
Benchmarking occurs when a business tries to match the approach and success of a particular process that is used by another organisation
What can a business get intellectual property protection for?
- The names of your products or brands
- Inventions
- The design or look of your products
- Things that are written, made or produced
What types oof intellectual property is there?
- Copyright
- Trademarks
- Patents
- Design rights
- Registered design
What does copyright protect?
- Literary works
- Art
- Photography
- Films
- Music
- Web content
- Sound recordings
How to gain copyright protection?
Automatic right
What do trademarks protect
Product names, logos, jingles
How can trademark protection be gained?
Needs to be registered
What do patents protect and how is it gained?
Inventions and products, tools, medicines
Needs to be registered
What do design right protect and how is protection gained?
Shapes of objects
Automatic right
What do registered designs protect and how is it gained?
Appearance of a product, including shape, packaging, patterns, colours, decoration.
Needs to be registered
What is disruptive innovation?
Disruptive innovation describes innovations that create new markets by discovering new groups of consumers.
What functional areas can innovation impact?
Human resources
- way in which employees are managed and rewarded must encourage them to bring ideas forward and share them
Finance
- money need to be made available for R&D
Marketing
- marketing research may stimulate innovation
Operations
- project management to develop new products, new skills and techniques to develop idea.
