This course focuses on enhancing your understanding of (1) how an internal venture is organized and (2) how to overcome resistance to your new venture ideas within the company. The course is specifically valuable for: • Employees who have creative ideas important to their company; • Managers seeking to assemble creative people and resources; • Technical specialists desiring to become part of an internal venture; and • Consultants who advise companies on ways to launch and grow internal ventures. You will learn strategies to help you launch a corporate venture with coursework focused on four key areas: • Examining how to audit a company's internal environment to establish a framework for its innovation capabilities; • Creating a plan for an organizational structure and operational format that incorporates key roles and players for internal ventures within the company; • Analyzing corporate culture to identify creative capabilities that leverage the company's best practices for innovation; • Evaluating innovation portfolios and compose innovation strategies that are best aligned with the implementation potential within the company. Try this course for FREE at https://www.coursera.org/learn/corporate-entrepreneurs-innovation-strategy
How does technology uncertainty influence an innovation in the marketplace?
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Del curso dictado por University of Maryland, College Park
Crafting Strategies for Innovation Initiatives for Corporate Entrepreneurs
16 calificaciones
University of Maryland, College Park
16 calificaciones
Curso 3 de 5 en SpecializationCorporate Entrepreneurship: Innovating within Corporations
De la lección
Innovation Environments and Capabilities
In this module, we will examine how to audit a company's internal environment to establish a framework for its innovation capabilities.
Conoce a los instructores
Dr. Thomas J. MierzwaLecturer of Technology Entrepreneurship
Maryland Technology Enterprise Institute (Mtech)
In this module we're going to look at how does technology uncertainty influence
an innovation in the marketplace.
And because it influences innovations in the marketplace, it's going to
make a difference for when you might try to launch an internal venture.
So, let's understand where technology is, it's everywhere.
Many industries are traditionally high tech, and most of what is happening,
with the Internet of Things today is moving in the direction of
being supported by forms of technology that we haven't seen before.
And so newer and newer opportunities are emerging because of the technology
that has become available.
And many other industries, not just the traditionally high tech industries,
are beginning to incorporate forms of technology that will
enable companies that are in those industries, like agriculture,
automotive manufacturing or consumer products development,
all of those industries also have the capability of applying
technology in ways that you can start an internal venture.
So, let's look at the forms of technology.
There's a physical structure, there's software, there's brainware, and
there's know-how.
And so, these different forms of technology
are all different ways in which technology can be applied and
leveraged to create an innovative idea, to create an innovative product, or
to improve a process with some innovative change to that process.
So, all these different forms of technology are things that can be
drawn upon.
And when we talk about interpreting technology, we're talking about employing
a practical application of knowledge for an engineering solution, okay.
Not just because the technology exists, do we use it.
But we are looking for a practical application of it.
And so, the way in which you accomplish a tasks using a technical process,
a technical method or some new technical knowledge,
is the way in which you translate or
interpret that technology for an innovative idea.
And finally, technology applications in production, or the use of sophisticated
devices, like computers, the Internet of Things or other electronic tools,
are also ways in which you can begin to leverage technology for an innovation.
And so, let's talk about forms of technology influence,
and then maybe look at the effects of uncertainty of that.
Now, there are several forms of uncertainty.
We're going to look market uncertainty.
We're going to look at uncertainty of the technology itself and
how that has an effect on the volatility of the marketplace.
So, technology uncertainty, first of all,
there are ways in which technology may not do what it promises to do.
And so, there is always be some uncertainty about whether the technology
or the company can function with that product or that service.
There is uncertainty over whether the new innovation or
the new idea that comes from an innovation will, actually function as is promised.
There's a lot of promise about how things are going to work and
then there's the reality of how it actually does work.
And so you get version 1.0 1.1, 1.2 and even 2.0, 3.0 and so forth.
So you get a constant improvement of a technology, because there was uncertainty
about how things work and there's always a constant form of improvement.
And there's uncertainty over a time table or
whether this technology is going to meet a timetable for the product development.
So there usually is a timetable for any product development, and
that usually is something that the producers really want to see happen
at a specific point in time, so they can move to a manufacturing mode.
And then, there's uncertainty on whether or
not a supplier will be able to deliver key components.
Maybe it's a material, maybe it's a component that's essential for
their new innovation.
It could be any number of things.
But suppliers are a source of uncertainty as well.
And then finally, there are concerns over unanticipated and
unintended consequences and obsolescence rates of new technologies.
So depending on the pace at which you are developing this new idea that has a form
of technology, but technology itself, some new technology may be disruptive.
It may just enter onto the scene and
it will change completely the pace at which your idea is emerging.
So, this is just a picture of all of the different forces that
are contributing to technology uncertainty.
And they all play a part in the planning and the control of what
happens to an innovation and what happens to an innovative product or
service that goes into a corporate venture.
Then, now let's talk about Market Uncertainty.
So we have some concerns about the type and
extent and predictability of customer needs.
This is always going to be the case.
Customer needs are going to be changed.
You'll not going to know everything about a customer need.
You going to know something about it but
you'll not going to know everything about it.
There's always going to be a certain amount of customer fear,
a consumer fear we could call it.
And uncertainly and doubt, because customers aren't as, let's say
as knowledgeable about the technology of the product or services being offered.
And so what happens is there is doubt,
there is uncertainty in the marketplace, and because of that uncertainty,
there maybe uncertainty because of lack of standards of the product,
it may be there is an absence of a dominant product design.
The customers don't really know anything they can relate to it.
And there may be a certain amount of uncertainty over the pace of
acceptance and adoption of other customers,
which may make customers comfortable enough to be able to adopt it.
So, those are all market uncertainty concerns.
And here again, we have a little diagram that shows
the five factors that really do contribute to market uncertainty.
So, then we have market uncertainty and technology uncertainty.
What does that contribute to?
Well, it's competitive volatility.
And so, when you have volatility strategic changers and competitor's offerings,
that is going to change what is done in the marketplace that's independent
of technology and it's independent of the customer perspective.
And there's a certain amount of uncertainty over rules of the game, for
instance competitive strategies and tactics.
What is possible?
Do regulations limit?
What competitive strategies can happen for a firm?
There could be uncertainty over end product forms and
there could be concern over competition within different product classes
versus the difference between brands of the same product.
So, all of these things contribute to a certain amount of volatility in
the marketplace.
So, what are the implications for this, for innovations and for
innovations that then become ingredients for an internal corporate venture?
So, you need to resolve technology uncertainty.
You need to have full understanding of
the level of technology acceptance in the marketplace.
And you need to recognize that creative destruction
will result in existing markets with obsolescent technologies and products.
So, the market is going to change.
So, the takeaways from this module discussion,
are that we recognize the level of technology understanding and
the level of technology sophistication of potential customer segments.
And typically, there's going to be a significant gap between
what a customer knows about the technology and
what the producers of the technology are able to produce.
And you need to have a realistic plan for
the adoption rate of any technology-based product or service.
That means that you're going to have to have a certain time frame that is
realistic for releasing a product, where customers in the marketplace
can actually accept this and adopt it and actually buy it and use it.
And so, you can have a history of its use for another adoption stages.
And finally, you need to clarify differences in your product's technology
and performance and current industry standards.
If you have some product or service that is way out in front
of some technology performance that is currently on the marketplace,
you're going to have to make it clear how that is acceptable and
understandable, and how that uncertainty can be reduced by customers.
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