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Strategy & Innovation Management - summary of all lectures & articles
S&IM, summary of all lectures and all 20 articles
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Strategy and Innovation ManagementSummary of Brightspace content, lectures & Papers
MSc Business Administration – Strategic Innovation Management
Semester 1, block 1
Table of contents
Week 1: Introduction to strategy & innovation management ............................................................... 3
Week 2: Context: Organizational creativity, structure and leadership ................................................. 11
Week 3: implement: Innovation and strategy at the corporate level .................................................. 30
Week 4: search: sources of innovation ................................................................................................ 45
Week 5: Career week (so no lecture/readings/learning material) ....................................................... 59
Week 6: Select: uncertainty and strategy............................................................................................. 59
Week 7: Implement: innovation in MNCs ............................................................................................ 77
Week 8: Implement: design and structure ........................................................................................... 97
Week 8: Exam information/preparation/wrap-up ............................................................................. 120
,Strategy and Innovation Management 2
,Week 1: Introduction to strategy & innovation management
Lecture week 1:
There was only an introduction lecture, so no further information in the PowerPoint slides apart from
what is mentioned in the course manual.
Article 1: Pisano, G. (2015), You need an innovation strategy.
Why is it so hard to build and maintain the capacity to innovate? The reasons go much deeper than
the commonly cited cause: a failure to execute. The problem with innovation improvement efforts is
rooted in the lack of an innovation strategy.
A strategy is nothing more than a commitment to a set of coherent, mutually reinforcing
policies or behaviors aimed at achieving a specific competitive goal. Good strategies promote
alignment among diverse groups within an organization, clarify objectives and priorities, and help focus
efforts around them.
I have found that firms rarely articulate strategies to align their innovation efforts with their
business strategies.
The problem is that an organization’s capacity for innovation stems from an innovation system.
Innovation system = “a coherent set of interdependent processes and structures that dictates how the
company searches for novel problems and solutions, synthesizes ideas into a business concept and
product designs, and selects which projects get funded”
An explicit innovation strategy helps you design a system to match your specific competitive needs.
Idea in brief:
- The problem:
Innovation remains a frustrating pursuit. Failure rates are high, and even successful companies
can’t sustain their performance. The root cause is that companies fall into the trap of adopting
whatever best practices are in vogue or aping the exemplar innovator of the moment.
- The solution:
Managers should articulate an innovation strategy that stipulates how their firm’s innovation
efforts will support the overall business strategy. This will help them make trade-off decisions
so that they can choose the most appropriate practices and set overarching innovation
priorities that align all functions.
- The steps:
Creating an innovation strategy involves determining how innovation will create value for
potential customers, how the company will capture that value, and which types of innovation
to pursue. Just as product designs must evolve to stay competitive, so must innovation
strategies as the environment changes.
But Corning shows the importance of a clearly articulated innovation strategy—one that’s closely
linked to a company’s business strategy and core value proposition. Without such a strategy, most
initiatives aimed at boosting a firm’ capacity to innovate are doomed to fail.
Strategy and Innovation Management 3
,Connecting innovation to strategy:
Like the creation of any good strategy, the process of developing an innovation strategy should start
with a clear understanding and articulation of specific objectives related to helping the company
achieve a sustainable competitive advantage.
a robust innovation strategy should answer the following questions:
1. How will innovation create value for potential customers?
Choosing what kind of value your innovation will create and then sticking to that is critical,
because the capabilities required for each are quite different and take time to accumulate.
2. How will the company capture a share of the value its innovations generate?
Value-creating innovations attract imitators as quickly as they attract customers. Rarely is
intellectual property alone sufficient to block these rivals. if the suppliers, distributors, and
other companies required to deliver an innovation are dominant enough, they may have
sufficient bargaining power to capture most of the value from an innovation. Companies must
think through what complementary assets, capabilities, products, or services could prevent
customers from defecting to rivals and keep their own position in the ecosystem strong. One
of the best ways to preserve bargaining power in an ecosystem and blunt imitators is to
continue to invest in innovation.
3. What types of innovations will allow the company to create and capture value, and what
resources should each type receive?
Certainly, technological innovation is a huge creator of economic value and a driver of
competitive advantage. But some important innovations may have little to do with new
technology. in thinking about innovation opportunities, companies have a choice about how
much of their efforts to focus on technological innovation and how much to invest in business
model innovation. Characterizes innovation along two dimensions: the degree to which it
involves a change in technology and the degree to which it involves a change in business
model.
Together they suggest four quadrants, or categories of innovation:
1. Routine innovation:
Builds on a company’s existing technological competences and fits with its existing
business model – and hence its customer base.
2. Disruptive innovation:
requires a new business model but not necessarily a technological breakthrough. For that
reason, it also challenges, or disrupts, the business models of other companies.
3. Radical innovation:
Is the polar opposite of disruptive innovation. The challenge here is purely technological.
4. Architectural innovation:
Combines technological and business model disruptions. Architectural innovation are the
most challenging for incumbents to pursue.
The innovation landscape map:
When creating an innovation strategy, companies have a choice about how much to focus on
technological innovation and how much to invest in business model innovation. This matrix, which
considers how a potential innovation fits with a company’s existing business model and technical
capabilities, can assist with that decision.
Strategy and Innovation Management 4
,The innovation landscape map:
A company’s innovation strategy should specify how the different types of innovation fit into the
business strategy and the resources that should be allocated to each.
different kinds of innovation can become complements, rather than substitutes, over time.
innovation strategy matters most when an organization needs to change its prevailing patterns.
Managing trade-offs:
As I’ve noted, an explicit innovation strategy helps you understand which practices might be a good fit
for your organization. It also helps you navigate the inherent trade-offs.
crowdsourcing. The idea is that rather than relying on a few experts (perhaps your own
employees) to solve specific innovation problems, you open up the process to anyone (the crowd).
Another example is open source software projects, in which volunteers contribute to
developing a product or a system.
Research by my Harvard Business School colleague Karim Lakhani and his collaborator Kevin
Boudreau, of the London Business School, provides strong evidence that crowdsourcing can lead to
faster, more-efficient, and more-creative problem solving.
Crowdsourcing is not universally good or bad. It is simply a tool whose strength (exploiting
large numbers of diverse problem solvers) is a benefit in some contexts (highly diffused knowledge
base, relatively inexpensive ways to test proposed solutions, modular system) but not in others
(concentrated knowledge base, expensive testing, system with integral architectures).
Another practice subject to trade-offs is customer involvement in the innovation process.
Strategy and Innovation Management 5
, demand-pull approach (finding customers’ highly challenging problems and then figuring out how the
company’s cutting-edge technologies can solve them) is limited by customers’ imagination and
willingness to take risks.
A supply-push approach—developing technology and then finding or creating a market—can be more
suitable when an identifiable market does not yet exist.
Again, the choice between a demand-pull and a supply-push approach involves weighing the trade-
offs. If you choose the former, you risk missing out on technologies for which markets have not yet
emerged. If you choose the latter, you may create technologies that never find a market.
Highly structured phase-gate processes, which tend to focus on resolving as much technical
and market uncertainty as possible early on, work well for innovations involving a known technology
for a known market. But they generally do not allow for the considerable iteration required for
combinations of new markets and new technologies.
The leadership challenge:
Creating a capacity to innovate starts with strategy. The question then arises, Whose job is it to set this
strategy? The answer is simple: the most senior leaders of the organization. Innovation cuts across just
about every function. Only senior leaders can orchestrate such a complex system. They must take
prime responsibility for the processes, structures, talent, and behaviors that shape how an
organization searches for innovation opportunities, synthesizes ideas into concepts and product
designs, and selects what to do.
There are four essential tasks in creating and implementing an innovation strategy. The first is
to answer the question “How are we expecting innovation to create value for customers and for our
company?” and then explain that to the organization. The second is to create a high-level plan for al
locating resources to the different kinds of innovation. Ultimately, where you spend your money, time,
and effort is your strategy, regardless of what you say. The third is to manage trade-offs. Because every
function will naturally want to serve its own interests, only senior leaders can make the choices that
are best for the whole company.
The final challenge facing senior leadership is recognizing that innovation strategies must
evolve.
Strategy and Innovation Management 6
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