Implementing Innovation

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Innovation Management

Setting up an innovation process and implementing an innovative company culture

Vygovskiy Dmitry

Contents

Introduction3
I5
1. Innovation types and modes5
2. Elements of innovation9
II11
2.1 Implementing innovation11
1. Kick-off by leadership11
2. Importance of strategy12
3. Processes to put in place14
4. Assessing innovation culture16
III Conclusion19
IV Literature20
V Appendix22
1)Table 122
2)John Bessant22
3)Alan Brache23
4)Dr. Gundling23

 
Introduction

Businesses exist in dynamic and competitive environments nowadays. Thus, the number one strategic goal of businesses is to gain and maintain competitive advantage. By programs of continuous improvements companies try to reduce costs, to enhance quality, and to increase speed of responsiveness to customer needs. Additionally, most businesses have some sort of innovation program on their agenda to stay ahead of (or at least keep in pace with) their competitors. Still, finding a common ground on what innovation is and what business elements to consider when implementing innovation seems intricate. The research on the topic of this term paper reveals a wide range of terms associated with innovation. Some examples are 'research and development (R&D)', 'product innovation', 'corporate entrepreneurship', 'intrapreneur','inventorpreneur', 'think tanks', 'continuous improvement', 'change program', 'market research', 'systems engineering' and 'optimization process'. This term paper lays the fundamentals to understand innovation and its implementation in businesses independent from the type of business on a strategic level. A gateway to innovation is the success story of the manufacturing company 3M. 3M is a diversified technology company serving customers and communities with innovative products and services. One of the award-winning products of the last century is the Post-it® note developed by two employees of 3M. In 1968 the researcher Spencer Silver developed an adhesive that was 'not working properly' as a glue. So he tried marketing his product within 3M to discover a use for his non-adhesive glue. Unfortunately his mission was without immediate success. Years later, the product developer Arthur Fry found a meaningful purpose for the 'non-working' thing. Subsequently 3M worked out a product to be marketed. Since then 3M's notes have been sold worldwide in 400 different variations of the original product .Innovation can be a function of an area or areas within a corporation whereas functions are performed by a diverse range of employees. Although the original product itself was developed in a research department, the latter idea for use of the product was the result of a need that arose by one person. Needless to say that the consequential implementation was a team-effort again. These functional areas are circumscribed in this term paper as the modes of innovation. The term 'innovation' is defined by 3M as follows: "New ideas + action or implementation which results in an improvement, gain, or profit." At first glance, some business areas seem to be hidden in 3M's definition where innovation can take place. Others describe these types of innovation within business strategy and business processes in a more elaborate way: "Innovation is not just releasing new products. It also encompasses implementing new business processes, fresh ways of doing things, radical alliances, brilliant new routes to markets and business strategies." Innovation needs time and is based on trial and error. The development of a breakthrough product isn't something you can do on the fly. It is the result of individual and corporate features coming together at a certain point of time. These are the elements of innovation, this term paper will look at. Thus, innovation can be summarized as the business process of inventing, developing, putting new concepts into practice and gaining benefit of new products, new...
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