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P TIM > Session5 > Flashcards

Session5 Flashcards

1
Q

Why innovation matters?

A

Innovation is crucial for societal and firm growth, enhancing productivity and development.

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2
Q

Stages of Industrial Revolution

A
  1. Industry 1.0 - Steam engines
  2. Industry 2.0 - Mass-produced steel
  3. Industry 3.0 - Robotics, ICT
  4. Industry 4.0 - Internet, AI, IoT
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3
Q

Innovation in firm longevity

A

Firms that innovate tend to survive longer, especially in dynamic markets.

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4
Q

Profitability and innovation

A

Innovative firms generally enjoy higher profit margins and stability over time.

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5
Q

Creative Destruction

A

Schumpeter’s gale: Innovation disrupts and replaces old structures with new ones.

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6
Q

Difference between invention and innovation

A
  • Invention: Discovering a new idea
  • Innovation: Applying new ideas in practice
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7
Q

Challenges in firm innovation

A
  • 84% of executives value innovation for growth
  • Only 6% are satisfied with innovation performance
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8
Q

Reasons for innovation failure

A

Top causes:

  • Organisation
  • Climate fostering innovation
  • Right idea selection
  • Portfolio management
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9
Q

Explore vs. Exploit dilemma

A
  • Explore: Try new ideas, high risk
  • Exploit: Optimise known strengths, low risk
  • Firms need a balance for sustained growth
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10
Q

Ambidexterity

A

Ability to pursue both incremental and radical innovations, linked to firm performance and longevity.

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11
Q

Managing ambidexterity tensions

A
  • Separation: Distinct units for exploration/exploitation
  • Contextual: Agile teams and programmes like Kanban
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12
Q

Examples of ambidexterity in action

A
  • Nespresso: Separate unit for flexible growth
  • Toyota: Kanban for lean innovation and improvement
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13
Q

Team innovation

A

Teams boost collective intelligence when:

  • Members show empathy
  • Turn-taking is equal
  • Diverse gender representation
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14
Q

Creating positive dynamics

A
  • Pixar uses caring feedback in ‘braintrust’ meetings
  • Builds a safe, collaborative environment for ideas
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15
Q

Changing behaviour to foster innovation

A
  • Goals
  • Incentives
  • Role models
  • Inspiration
  • Training
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16
Q

Effective incentives

A
  • Financial incentives: Effective but may hinder social behaviour
  • Non-monetary incentives: Better for cross-unit collaboration
17
Q

Inspirational Leadership

A

Leaders inspire through values, emotions, and by being role models (e.g., Buffet, Kamprad)

18
Q

Conclusion on innovation management

A

Key approaches:

  • Separation
  • Team focus

Change management strategies:

  • Goals
  • Incentives
  • Role modelling

P TIM (14 decks)

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