Summary
Samenvatting Business Innovation (300321-B-6)
- Course
- Institution
I made a summary regarding the whole first year of Fundamentals of Business Innovation
[Show more]
Seller
Follow
lauraEBIsummaries
Content preview
1. The core process involves four steps:- Recognizing opportunities
- Finding recourses
- Developing the venture
- Capturing value
Incremental innovation: doing what we do better
Radical innovation: new to the world
Component level innovation: improvements to components new components for existing systems
System level innovation: innovation like new versions of a car, airplane, or tv or new generations
2. At the heart of an innovation strategy are three core questions:
- Analysis – what could we do?
- Selection – what are we going to do (and why)?
- Implementation – how are we going to do it?
Innovation strategy is about building the capability to work in a complex and changing environment.
Dynamic capability involves working with the organization’s paths, processes and positions. Three
key components of a dynamic capability innovation strategy:
- Competitive and national positions
- Technological paths
- Organizational and managerial processes
3. Resource-based view: competitive advantage driven by a firm’s valuable, rare, inimitable and non-
substitutable recourses. Heterogeneous, (not)
tangible.
Identifying capabilities:
- Identifying key attributes most successful
products/services.
- Mapping them to the resources/competencies
- Assessing potential for sustaining, protecting and exploiting these resources, including knowledge
management.
sustainable competitive advantage:
1. consistent difference in important attributes between the attributes offered by competitors.
2. This difference is the direct consequence of a capability gap between the producer and its
competitors.
3. Difference in important attributes/capability gap can be expected to endure over time.
Capabilities:
Regulatory: legal entities; Positional: not legal entities, result of endeavour; Positional: skills; Cultural:
characteristics of the organization.
factors to defend their innovative lead:
1. Secrecy 4. The learning curve 7. Standards
2. Accumulated tacit knowledge 5. Complementary assets 8. Pioneering radical new products
3. Lead times and after-sales service 6. Product complexity 9. Strength of patent protection
, 4. Components of an innovative organization:
1. Shared vision, leadership and the will to innovate 5. High-involvement innovation
2. Appropriate structure 6. Creative climate
3. Key individuals 7. External focus
4. Effective team working
characteristics that make a leader effective:
- Bright, alert and intelligent - Administratively and socially competent
- Seek responsibility and take charge - Energetic, active and resilient
- Skillful in their task domain - Good communicators
Leadership clarity is associated with:
- Clear team objectives - Commitment to excellence
- High levels of participation - Support for innovation
Six factors leaders should focus on:
- The rewarding of innovative behavior
- When forming teams use some heterogeneity to promote innovation
- Promoting a team climate of emotional safety, respect and joy
- The autonomy of individuals and teams for idea generation/creative problem-solving
- Setting time limits for idea creation and problem solutions
- Engage in the evaluation of innovative activities
Groups: individuals with nothing in common, Teams: characterized by a common vision
effective high-performance team working:
-clearly defined tasks/objects - conflict resolution mechanisms
-effective team leadership - bond with external organizations
-balance of teamroles
1. Forming 2. Storming 3. Norming 4. Performing
Characteristics that promote effective teamwork:
- Good goal - Collaborative - Appropriate use of the team
- Results-driven - Standards of excellence - Participation in decision-making
- Competent team - External support/recognition - Team spirit
- Commitment - Principled leadership - Embracing change
Negative impact team:
- Groups versus team: not treating a team as a real team
- Ends versus means: over-managing a team
- Structured freedom: not setting any limits for freedom, authority, autonomy etc.
- Support structures and systems: not providing enough support
- Assumed competence: not offering any coaching for necessary skills
Climate: patterns of behavior/attitudes/feelings that characterize life in the organization.
Culture: the deeper and more enduring values, norms and beliefs within the organization.
6 factors that influence innovation/entrepreneurship:
- Trust and openness - Conflict and debate
- Challenge and involvement - Risk-taking
- Support and space for innovation - Freedom
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lauraEBIsummaries. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.70. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53068 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now