Class notes week 5: Innovation and Strategy

"You can't control the waves, so learn to surf!"


Innovaton and strategy

• innovation and strategy are crucial for corporate management


• innovation strategy is a huge asset for the company


• company's knowledge to be further employed


• innovation is about gathering knowledge
  
• innovative thinking, creative problem solving


• have to be flexible because external is uncontrollable, but you have to support internals
  
• outsourcing the knowledge to grow

2 ways cto implement innovation

1. Rationalist (linear model)

represented by SWOT analysis

quick and easy to implement

Disadvantages: very narrow view, complexity, high risk approach, chances

2. Incrementalist

organisation have an imperfect knowledge of its environment

view things from at least 2 perspectives

deals with change quite well

potential, proactive

Innovation strategy development

- build in flexibility

- "dinamic capabilities" (making sure that the strategy can change as the world is changing)

- "blue ocean" - less competition, making competition irrelevant, doing something different

- Positions

1. national



2. competitive environment

- Paths to chose what the key value

present and likely future knowledge of technology

limits corporate competence

- Process that supports strategy

gaining and integrating knowledge

gathering more experience

Innovation strategy and sustainability innovation

Strategy along the whole process

has higher value cause brings all 3 elements together

positive

Innovation Strategy and vision

• vision has to be attainable
• there have to be balance between vision and strategy

Importance of leadership

• leadership is a key driver of innovation
• creative environment where innovation can be put in place
• the right leaderfrom the start

innovation leadership - companies bringing innovation and sustainability and commited to new knowledge, creativity, risk-taking, needs and response from customers

innovation followership- being late to the market based on imitating and learning from the experience of technological/sustainable leaders. (competitor analysis, reverse engeneering, costcutting and learning in manufacturing)

Source: class lecture slides

Video training

cuts, crops, music, effects, frames, editing etc.