Class notes
College aantekeningen Innovation & Technology Management for IBA
- Course
- Institution
Aantekeningen Innovation & Technology Management for IBA
[Show more]
Seller
Follow
kimbroks26
Reviews received
Content preview
Innovation & Technology ManagementLecture 1 – 30/01/2023
Paradigm = a common cohesive understanding of how a certain phenomenon must be
interpreted and explained.
Paradigm shifts – a revolutionary situation occurs = the dominant paradigm loses its
momentum or relevance and is challenged by other paradigms with alternative propositions
or narratives.
Innovation = transformation of an existing state of things, to introduce something new.
Basically, involves an ‘’improvement’’ in how something is being done or offered. It also
suggests a contextual relevance – how are things done currently in each society and how
can they be improved. Innovation is processual:
1. Identify a need or a problem
2. Develop a feasible solution
3. Produce/manufacture and market the solution
4. Achieve adoption/diffusion of the innovation
Fixing ideas for useful definitions of innovation
- Economic innovation = process of change that introduces economic and regulatory
elements concerning the needs of people in a society, how they are met, how the
goods and services are produced
- From an entrepreneur’s/innovator’s perspective, a problem-solving process that
involves searching for new combinations of known information, knowledge
- The role of the entrepreneurial innovator (small or large firm) is to activate and
coordinate all the relevant factors to produce the innovation
Other definitions
- Application of knowledge to solve/address a problem
- Technical approaches to improve business operations
- Application of science for commercial and industrial objectives
- Theoretical and practical knowledge and skills, artefacts useful for developing
products and services, as well as their production and delivery systems and
mechanisms
Process view of innovation
1. Obtain and gather information and knowledge (what are the sources?)
2. Organize
3. Deploy for commercial purpose
Innovation often can be a resource-intensive, uncertain, complex, and untidy process
OECD = the Oslo manual considers innovation as a new or improved product or process (or
combination thereof) that differs significantly from the unit’s previous products or processes
and that has been made available to potential users (product) or bought into use by the unit
(process). The definition also includes organizational and marketing innovations
But why innovate?
- To increase RoA?
- To solve problems?
, - It depends on how firms frame their problems and how they go forward to solve
them
What triggers innovation?
- Unexplored/unexploited opportunities
- New discoveries/knowledge
- Scarcity
- Competition
Innovate to improve the Economic Value Pie
Technology-push and demand-pull factors
Rate and direction of innovative activity and the socio-institutional-techno-economic linkage
- The rate and direction of
innovative activity in a
society are determined
by these four importance
dimensions
- The linkages across these
four dimensions are
often intricate
, - At large, the stock of and diffusion of information/ideas; preferences, habits and
needs of people; distribution of wealth and knowledge, are major items to account
for to obtain a deeper understanding of the nature of innovation in each society
- An innovator will have to study the dynamics among these factors to better assess
opportunities and scope for creating new ones
Environmental factors shaping innovation
Competitive forces and innovation
- Ultimately firms care for
performance
- Specifically, expected
profitability = E{revenue-
cost}
- What factors influence
potential revenue?
- What factors drive potential
costs?
Innovation has become common
theme across industries. Different
industries and different firm-types within an industry pursue different kinds of innovation.
Innovations: functionally valuable, efficiency, and revenue generating
Types of innovation
1. Product innovation = involves production of goods or services that are entirely
new, or modified
2. Process innovation = involves changes in the method of production or delivery of
goods and services
3. Organizational innovation = refers to new forms of organization of business
operations
4. Marketing innovation = involves design/packaging of the product, mode of
promotion and placement on the market, as well as methods for determining the
selling prices of goods and services
5. Business-model innovation = the discovery of a fundamentally different business
model in an existing business
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 kimbroks26. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.83. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80364 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now