session 17

• -innovation is the genesis of many new businesses
• -Mechanism for growth

- generate more money, more profits, and more jobs

The act of introducing novel and useful ideas into value-creating new products, new services, or new processes.

the generation of a novel and useful idea

combining creative ideas with resources and competencies to create a useful, value-creating new product, new service, or new process, - and then successfully commercialize it.

the ability to produce work that is useful and novel

• 1. inventors
• 2. users
• 3. R&D (research and development)
• 4. Others
• 5. University & Gov't
• 6. Networks

• innovation strategy- make innovation clearly part of business strategy.
• organizing for innovation- rather than organizing to keep the existing products/services/ processes going.
• managing day to day innovation process- to support new product development.

• •Technology, marketing, &
• manufacturing managers support innovation by ensuring that their people participate actively and
• effectively on teams

• •Senior business unit managers
• support innovation by ensuring that structure, processes, and other organizational mechanisms support the
• innovation teams

• •Senior managers support innovation
• by making sure that available resources flow smoothly to innovation projects

• •Senior managers make long term investments in
• technology, manufacturing, and other assets to support ongoing innovation

• strategy development-  -create the drive and focus for the long term... - identify and create new technology platforms
• business development-  search for new markets .. manage product portfolios .. manage for growth...
• Product development- -multi-functional teams .. - work on all phases to design and develop new products. 
• Capabilities development-  create new capabilities to support and enable the product development teams