Lecture 9 - Innovation Management

Question 1

DEFINITION Innovation

Answer 1

Commercialization of the invention
- converting ideas into numbers
(What is desirable to the user?, What is possible with technology? What is viable in the market place?)

Question 2

DEFINITION Invention

Answer 2

new product/ process
- refers to new concepts/ products that derive from individual ideas/ research

Question 3

how does the innovation process look like? (flow)

Answer 3

Idea Generation -> Collaboration Improvement -> Evaluation & Selection -> Implementation

Question 4

What are the types for innovation?

Answer 4

Pushed: profitable application
- company driven
- acess to existing/newly invented technology
Pulled: solution for those in need
- based on finding areas where customers needs are not met

Question 5

What are Objectives in Innovation in a business

Answer 5

1. Increase turnovers
2. Customer acquisition
3. better branding
4. better communication
5. sense realization
6. Help in organizational development (culture, HR development, Human regulation)

Question 6

What is Innovation management and how is it successful?

Answer 6

• find most appropriate solution
• solution best suited to the circumstances
  sucessful: comapny needs to support innovation culture + make employees feel valued –> encourage generating quality ideas!

Question 7

Questions ask if you wanna sell more

Answer 7

1. Do we alter or improve the product?
2. Do we change or improve the process
3. Do we interfere in the market strategy
4. D0 we change the management strategy

Question 8

What are innovation tools?

Answer 8

Creativity can be trained!
1. Divergence tools: focus on the generation of as may ideas as possible
2. Convergence tools: strive to analyze, filter, merge ideas in order to select the best ones

Question 9

What is design thinking

Answer 9

human centered approach of innovation
1. understanding customer needs
2. rapid prototyping
3. generating creative ideas

Question 10

Steps of Design Thinking Process

Answer 10

1. Understand
   a. empathize
   b. define
2. Explore
   a. ideate
   b. prototype
3. Materialize
   a. test
   b. implement

Question 11

Benefits of design thinking process

Answer 11

1. User-centered process
2. leverages collective experise –> shared language amongst team
3. encourages innovation