Managing innovation in/of a business - Lecture 4

Question 1

Why do you have to manage innovation?

Answer 1

1) Innovation is highly risky
2) Resources are limited

Question 2

What is the process of innovation?

Answer 2

It starts with a trigger which could be anything from anywhere.
1) PESTEL (Does this idea have a market?)
2) 5-Forces (Can this idea harvest profits?)
3) RBV (Could my capabilities and resources turn this idea into a product?)
4) Implementation (Review and improve)

Question 3

What are the three dimensions of elements?

Answer 3

1) The leader
2) The team
3) The organization

Question 4

Why is the dimension “leadership” critical?

Answer 4

According to the “upper echelon theory,” the organization is forged at the top