Innovation Flashcards
10X Thinking
- breakthrough innovation - audacious & disruptive ideas, not incremental improvements but game-changing solutions, significant industry impact
- competitive advantage - sets apart from competitors, uncharted territories, new market opps, unique value propositions, market leader, challenge status quo
- stretching boundaries - challenge self-imposed limitations, question assumptions, explore unrealistic possibilities, expand horizons, unleash untapped potential
- motivation and inspiration - sparks motivation, instills sense of purpose for both individuals AND teams, drives extraordinary results, personal AND org performance
Examples of 10X thinking
- transportation: self-driving vehicles
- education: VR based immersive learning experiences
- energy: clea, renewable energy sources with 0 emissions
- communication: global free internet access using satellite tech
Blue Ocean Strategy
- break free from competition, create unique market spaces, emphasise differentiation and low cost
- uncontested markets - escape intense competition, sustained growth, identify unmet customer needs, innovate business models
- saturated markets - fresh perspective for growth and differentiation, instead of saturation and intense competition
- new ventures and strategic decisions - utilise when launching new business/products/services to differentiation; market expansion/ diversification
Examples of Blue Ocean
- Apple App Store - before this mobile software was often tied to device manufacturers
- Tesla - early stage it tied itself to electric vehicles; luxury electric cars, whereas many other brands were focused on hybrid
- Nespresso - unique capsule system with proprietary machines
- Netflix - pioneered online streaming
What are the features of a red ocean strategy?
- focus on beating the competitor
- exploit existing demand and market conditions
- compete for existing customers
- price-based competition
- incremental innovation
- highly competitive and crowded market
5 stages of design thinking innovation
1) empathise
2) define
3) ideate
4) prototype
5) test
Lean Startup - features?
methodolgy: iterative experimentation, promotes efficiency and reducing waste
Benefits: enhances startup success rates, optimises resource allocation, customer-centric through engagement => products that fulfil market needs
- agile DM - embrace rapid iterations, enabling adaptability to market changes
- risk reduction - validate assumptions early, minimising potential losses
- continuous improvement - cultivate culture of leaning, leverage insights and data-driven decisions for growth
Cultural and social dynamics
+ Entrepreneurship (- value creation)
+ LMX
+ Social face (- desirable image to others; sharing info; collectivist)
- Social boundaries
Knowledge and Information Dynamics
+ Knowledge spillover
+ Strong ties
+ Strategic and relational knowledge - idea promotion
Motivational and Psychological Factors
+ company will listen
+ when autonomy or time pressure was low, need for cognition had a positive relation with innovative bhv
+ cross level effects between individual proactive motivation, team innovation climate, and team motivation.
- psychological safety - contract breach lowered innovative bhvs
Organisation Structure and Governance
+ decentralised, more complex structures, and structures w harmony and/or low power differentiation, and low formazliation => facilitate innovation
+ positive relationship btwn size of org and product/process innovation
— high power distance - Taiwanese employees prefer top managers to have the control/autonomy
inverted U-shaped relationship - between CEO tenure and organizational inventiveness.
Team Dynamics and Leadership
+ effects for both task and goal interdependence upon team innovativeness .. BUT.. moderate lvls of influence
+ team climate - vision, support for innovation, task orientation => higher means correlations with innovativeness , than facets like structure/composition
+ transformational leadership - strongly correlations for opening-up phase, whereas transactional more effective for idea implementation (later) phase
+ high job involvement => innovative behavior was positively related to conflict with coworkers, and negatively related to satisfaction with coworkers (—> means that when there’s conflict, innovativeness rose)
— No effects were found for task and goal interdependence on innovative behavior in homogenous teams
+ heterogeneous teams, task interdependence positively predicted innovative behavior in those individuals who perceived high levels of goal interdependence.
Work Environment and Resources
+ external demands can have positive influence on group processes (e.g. cohesion, task focus, clarity of team objectives) therefore => pos impact on group innovation.
— BUT.. External demands have neg impact on group creativity.
+ environmental uncertainty enhances org innovation
+ organisations that provide: training, employee involvement practices, performance-based pay, flexible hours, job variety, autonomy
+ ’temps’ temporary employees facilitates innovation
— opposite results found in other studies tho..
+ market competition
+/- slack resources - contradictory findings; (+) this type of resource enhances org innovation (-) some found that managers in declining organizations, and more available slack spent significantly less on R&D investment
