Chapter 11: Managing Innovation & Change Flashcards
What is disruptive innovation?
Disruptive innovation refers to a new development that dramatically changes the way a sector or industry operates, especially by creating new markets and disrupting existing ones. It usually starts by targeting overlooked customer segments and gradually moves upmarket, eventually displacing established competitors.
What is reverse innovation?
Reverse innovation involves developing products in emerging or less developed markets and then adapting and distributing them in more developed markets. It challenges the traditional innovation flow (from developed to developing markets) and can lead to products that are cost-effective and well-suited to many markets.
What is the ambidextrous approach to innovation?
The ambidextrous approach to innovation is a strategy where a company maintains flexibility and adaptability by simultaneously pursuing both incremental and radical innovation. This approach balances the exploitation of existing resources and competencies (for steady improvements) with the exploration of new opportunities (for breakthrough innovations).
What are innovation roles and structures? What kind things are put in place to achieve this strategy of innovation?
Innovation roles and structures refer to the organizational design and roles created to facilitate innovation. This includes establishing dedicated innovation teams, appointing innovation managers, and creating structures like innovation labs. Clear roles and structures help in aligning innovation efforts with strategic objectives.
What is discovery? What kind of things are put in place to achieve this strategy of innovation?
Discovery in innovation refers to the process of exploring new opportunities and ideas through research, experimentation, and openness to new possibilities. Strategies to achieve this include investing in R&D, encouraging creative thinking, and maintaining a culture that supports risk-taking and exploration.
What is the difference between product and process innovation?
Product Innovation: Involves developing new or significantly improved goods or services. It’s focused on delivering new value to customers.
Process Innovation: Refers to implementing new or significantly improved production or delivery methods. It aims to increase efficiency and effectiveness in production or service delivery.
What is the bottom-up approach to innovation?
The bottom-up approach to innovation emphasizes ideas and initiatives from lower-level employees. It involves empowering all employees to contribute ideas and participate in the innovation process. This approach often leads to a more diverse set of innovations and can increase employee engagement and motivation.
What is horizontal collaboration and open innovation? What kind things are put in place to achieve this strategy of innovation?
Horizontal collaboration involves working across departments or outside the organization to foster innovation. Open innovation extends this by actively seeking and integrating external ideas and paths to market. Strategies include partnerships with other firms, crowdsourcing, and working with research institutions.
What is corporate intrapreneurship?
Corporate intrapreneurship refers to encouraging entrepreneurial behavior within an existing organization. It involves allowing employees to work on their innovative ideas and projects, providing them with autonomy, resources, and support to develop new products, services, or processes within the company.
What is an idea champion?
An idea champion is an individual who actively promotes and supports a new idea within the organization, overcoming resistance and garnering support from others to ensure the idea is implemented. They are typically passionate, persuasive, and possess the ability to navigate organizational politics.
What is an idea incubator?
An idea incubator is an internal entity within a company that supports the development of new ideas. It provides resources, mentorship, and support, often in a nurturing and protective environment, to help new ideas develop and grow before they are launched into the market or integrated into the company.
What is a new-venture team in an organization?
A new-venture team is a group within an organization specifically tasked with developing a new product or venturing into a new market. These teams are often given autonomy and resources to operate separately from the rest of the organization, allowing them to focus solely on their innovative project.
What are skunkworks in innovation?
Skunkworks refers to a small, often secretive group within an organization given a high degree of autonomy to work on advanced or secret projects. These teams are usually kept separate from the main organizational operations to allow for more freedom and creativity.
What is an in-house venture?
An in-house venture is a new business or project that is developed within and financed by an existing company. It allows the company to explore new markets or products without the risks associated with a standalone start-up.
What is Organization development (OD)?
Organization Development is a field of research, theory, and practice dedicated to expanding the knowledge and effectiveness of people to accomplish more successful organizational change and performance. OD involves interventions in the organization’s processes, typically by internal or external consultants, to improve organization effectiveness.
