The Three Stages Of Innovation Strategy

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John Steen's talk at the Brisbane Innovation Network meeting from 21 October 2009 discussing the three stages of innovation strategy through which we have seen firms evolve.

Business Technologie

The Three Stages of Innovation Strategy Dr. John Steen UQ Business School

Three General Stages?

Ideas = Innovation

Building an Innovation Capability (Source Hansen & Birkinshaw, 2007)

New Problems!

Innovation strategy (or strategic innovation…)

Market Leaders Choose ,[object Object],Product Leadership Operational Excellence Customer Intimacy “ Best product” Product Differentiation Operational Competence Customer Responsiveness “ Best total solution” “ Lowest total cost”

Three ways to connect innovation to strategy ,[object Object],[object Object],[object Object]

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CHAPTER 12 Managing Innovation and Fostering Corporate Entrepreneurship Copyright Anatoli Styf/Shutterstock 1 Learning Objectives After reading this chapter, you should have a good understanding of: 12-1 The importance of implementing strategies and practices that foster innovation. 12-2 The challenges and pitfalls of managing corporate innovation processes. 12-3 How corporations use new venture teams, business incubators, and product champions to create an internal environment and culture that promote entrepreneurial development. 12-4 How corporate entrepreneurship achieves both financial goals and strategic goals. 12-5 The benefits and potential drawbacks of real options analysis in making resource deployment decisions in corporate entrepreneurship contexts. 12-6 How an entrepreneurial orientation can enhance a firm’s efforts to develop promising corporate venture initiatives. ©McGraw-Hill Education. 2 Managing Innovation Consider . . . To remain competitive, established firms must continually seek out opportunities for growth and develop new methods for strategically renewing their performance. How can innovation and corporate entrepreneurship activities become an avenue for achieving competitive advantage? ©McGraw-Hill Education. Strategic leaders need to manage change. Changes in customer needs, new technologies, and shifts in the competitive landscape require that companies continually innovate and initiate corporate ventures in order to compete effectively. That is why managing innovation is an important strategic implementation issue. Innovation plays an important role in identifying venture opportunities and creating strategic renewal. Firms need to learn how to successfully manage the innovation process and develop corporate entrepreneurship activities. A firm’s entrepreneurial orientation can contribute to its growth and renewal as well as enhance the methods and processes strategic managers use to recognize opportunities and develop initiatives for internal growth and development. 3 Managing Innovation: Definition Innovation allows for Transformation of organizational processes Creation of new & commercially viable products & services Innovation requires new knowledge from Latest technology Results of experiments Creative insights Competitive information ©McGraw-Hill Education. Growth opportunities come through innovation. Innovation = the use of new knowledge to transform organizational processes or create commercially viable products and services. The sources of new knowledge may include the latest technology, the results of experiments, creative insights, or competitive information. However it comes about, innovation occurs when new combinations of ideas and information bring about positive change. In fact, the root of the word innovation is the Latin novus, which means new. Innovation involves introducing or changing to something new. It is a critical part of strategic implementation. 4 Question (1 of 2 ...

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Regression analysis: Simple Linear Regression Multiple Linear Regression

Regression analysis: Simple Linear Regression Multiple Linear Regression

Regression analysis: Simple Linear Regression Multiple Linear Regression

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0183760ssssssssssssssssssssssssssss00101011 (27).pdf

0183760ssssssssssssssssssssssssssss00101011 (27).pdf

0183760ssssssssssssssssssssssssssss00101011 (27).pdf

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Mondelez State of Snacking and Future Trends 2023

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4.

5. Building an Innovation Capability (Source Hansen & Birkinshaw, 2007)

6. New Problems!

7. Innovation strategy (or strategic innovation…)

8.

9.

10. innovationleadershipnetwork.org/blog/