MOOC Crafting an Innovation Strategy in an Ever-Changing World

Question 1

Innovation strategy

Answer 1

How to generate, capture and deliver value.

Where to invest resources, how to protect your innovations, which organisational structures and processes you need?

Question 2

Innovation vs overall firm strategy

Answer 2

Innovation strategy align with overall strategy and should be mutual support between the two

Question 3

Business roadmapping

Answer 3

Allows firms to link organisational and technological capabilities with its strategy goals

Question 4

4 points van Houten, CEO Philips

Answer 4

1. Company must choose what it competes on - cost, customer service or innovation?
2. Innovation can tackle current societal problems
3. Necessary to create constant fuel for innovation - needs eager passionate people
4. Need to look at market opportunities that are highly relevant

Question 5

Red queen effect

Answer 5

Company will have to constantly move and innovate to maintain competitive position

Question 6

3 customer needs

Answer 6

1. Basic needs - assumed not expressed
2. Performance needs - expressed once asked
3. Excitement needs - unmet needs, customers not aware until they are shown

Question 7

Conclusions customer needs

Answer 7

Substantial rewards for firms that address excitement needs
Consumers don’t always voice needs, observe also
Consumers need shifts - firms have to keep addressing excitement needs

Question 8

S-shape technology life cycle

Answer 8

Requires time and investment to to clear uncertainties
Technology develops fast with natural limit
After limit, returns on investment diminish
Are aggregates of managers perception - not accurate!

Question 9

Why natural limit

Answer 9

Dominant design e.g. bluray and HD DVD
Firms focus after on incremental innovation and more competitors enter market
Governmental regulation - instead of investing in new technologies, invest to comply with regulations

Question 10

Scenario planning

Answer 10

Envisions different future scenarios, assign probabilities to forecast future investment and innovation activities
e.g. fuel prices and customer preferences

Question 11

Disruptive innovation

Answer 11

Creating new industries and reshaping existing ones

1. Should not only focus on firms core business, should invest in technologies that could cannibalise own products
2. Needs of current customers not overshot, not at expense of new ones - focus on emerging needs