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What are some basic types of innovations?

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What are some basic types of innovations?

In this module, we will examine how to audit a company's internal environment to establish a framework for its innovation capabilities.

Crafting Strategies for Innovation Initiatives for Corporate Entrepreneurs

Universidad de Maryland en College Park

4.2 (16 Ratings) | 1.6K Students Enrolled

Curso 3 de 5 en Corporate Entrepreneurship: Innovating within Corporations Programa Especializado

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

Impartido por:

Dr. Thomas J. Mierzwa
Lecturer of Technology Entrepreneurship

Transcripción

So in this module,

we're looking at what are some of the basic types of innovations?

And the reason why we want to look at different types is we want to have

an understanding of the range of types of innovations because there are a lot of

different ways that innovations show up.

And so by having an understanding of the spectrum of these innovations, you can

begin to recognize what opportunities might develop for many of these.

So let's start with the obvious one, one of the obvious ones, anyway.

It's product innovation.

And typically, a new innovative product is the result of

what we call a new product development process.

There are journals devoted to this.

There are engineering societies devoted to this.

And product innovations can be the new core products, or

they can be additions to product lines, or extensions of product families.

They can be any of these things, but they are about products,

usually some tangible thing that a consumer would buy and pay for.

So a process innovation is another example of an innovation type, and

they typically improve activities, often interrelated activities

that combine to produce a value-added result for customers.

Now, that may mean that the way in which something is done inside of a company,

it could be the HR process or how a company runs its HR department,

might lead to an improvement in the way in which it operates.

That would be a process innovation.

They're not selling that to somebody, but they are making that improvement and

that innovation effective in causing a positive change.

And some examples are things like just-in-time inventories,

total quality management, lean manufacturing, supply chain management,

and enterprise resource planning.

These are big categories,

but they often are ways in which process innovations show up.

So here we have a service innovation.

And in a service innovation, we really have some high level of

interaction with customers, for instance, a healthcare customer,

a banking customer, a government customer, an education customer.

And so the way in which the service is delivered and

the nature of the service can be an example of an innovative approach.

One example that you see,

part of what we're doing here in this MOOC is online education.

Online education is indeed a service innovation that's been around for

a while now.

But before it happened, there was no real way to convey and

conduct teaching to a wide variety of people the way we can do it now.

Some examples of service innovations are found in banks, mobile apps,

in mobile service offerings that they have for their customers, and in,

for instance, Amazon regional warehouses for quick and efficient delivery.

So if you have ever had something delivered, obviously you can have it

delivered by truck, but you can have it delivered by some drop box somewhere.

So those innovations really help the providing companies do things more

efficiently, save them money, and they are more convenient for the customers.

So a position innovation.

Now, what could that be?

[COUGH] In this this case, a position innovation is

a market-oriented Innovation that involves targeting a new offering with

a convincing story about its need, about its value, and about its cost leadership.

So what you're doing is it's kind of a marketing push out there.

You're conveying the value of that innovation.

And you're characterizing it as either something a customer might need,

something a customer might value, or something the customer could pay less for.

And all three of these things would be classified as

what we would call a position innovation.

So how do innovations emerge?

We could say that they emerge in a couple of different ways.

They can emerge incrementally, they can emerge radically, or

they can emerge in a disruptive way.

There's been a lot of discussion about what a disruptive innovation is,

but let's look at how some of these things play out.

Incremental innovations usually are improvements.

They're incremental improvements.

They're process improvements, often.

Sometimes they could be a physical improvement to a product, or

sometimes an incremental improvement to a service.

But they do the same thing that the company does, but they do it better, and

so incremental innovations add value.

Usually it's a small value or a modest value to the customer experience.

Some quick examples are razor blades, and

here you see a couple of different examples of those.

And razor blades are constantly being improved.

There's constant improvement and

incremental innovation with a razor blade experience.

[COUGH] When you see innovations as radical or, typically, breakthrough

innovations, they may be something that is much more than incremental.

They create entirely new trajectories of products or services.

And typically, a technology breakthrough or

a scientific discovery will trigger this kind of a radical innovation.

And so here are some examples.

I mean, a very simple example in the upper left is the candle and the light bulb.

Well, that's an old example, but it is an example of a radical innovation.

We're not using candles anymore.

We're using light bulbs, and

pretty soon we're going to use other forms of incremental innovations to light bulbs.

And cameras.

We went from black and white film to color

film to digital cameras, and so those are radical innovations.

And so when you see an innovation as disruptive,

a disruptive innovation triggers the creation of a completely new market.

And that market is based on consumer perceptions that it works good enough and

provide satisfactory value.

And it means that what is available in the marketplace is not good enough anymore.

So eventually, the new innovation disrupts existing markets and displaces

the incumbent product or the service, and so that's how it becomes disruptive.

And so some examples of that would be things like a Chromebook,

which is a very low-cost computer that, really,

I think is available to almost everybody, a medical device, or even Groupon,

which many people now use as a basis for how they can do their shopping.

So these are very disruptive ways in which shopping happens.

So other innovation vocabulary that you probably want to be aware of

are things like frugal innovation.

And typically, frugal innovation are those kinds of innovations that work

at the bottom of the pyramid.

A management innovation is something that is implemented in

a company at the companywide management level,

where you can implement total quality management or lead manufacturing.

And user-led innovation, where lead users, people who are way out ahead,

who are doing things that companies aren't doing yet, but

that the companies want to do.

Market-pull innovations, where there is a market need and

a company responds to that market need, or technology-push

innovations where a technology enables a certain form of innovation.

So the takeaway of this module is that having

an ability to recognize the various types of innovation, and how they are labeled,

and how they will increase your understanding of the innovation landscape,

where innovation actually fits in, and the presence of innovations

in everyday worlds around us, everyday marketplaces around us.

Crafting Strategies for Innovation Initiatives for Corporate Entrepreneurs

Universidad de Maryland en College Park

4.2 (16 Ratings) | 1.6K Students Enrolled

Curso 3 de 5 en Corporate Entrepreneurship: Innovating within Corporations Programa Especializado

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

Impartido por:

Dr. Thomas J. Mierzwa
Lecturer of Technology Entrepreneurship

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