Keys to Innovation

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Del curso dictado por University of Virginia

Business Growth Strategy

302 calificaciones

University of Virginia

Business Growth Strategy

302 calificaciones

Curso 3 de 5 en SpecializationBusiness Strategy

Get the tools you need to analyze, evaluate and recommend specific actions organizations can take to grow their value and avoid common growth pitfalls. Learn to determine how best to build value, whether by scaling existing markets, entering established markets or creating new markets through innovation and acquisitions. Apply these concepts in case studies of industry leaders JetBlue, Starbucks, Intel Corporate Venturing and Tata Motors.

De la lección

Growth through Innovation

Introducing new ideas, processes, and products that disrupt the market is another common growth strategy. In this module, we'll unlock the keys to innovation, from building an innovative capability to appropriating value from innovation to determining an innovation strategy. Using the Real Options Analysis tool, we'll show you how to grow through innovation and good practices for doing so. The Intel Corporate Venturing case provides an opportunity for you to practice this tool and apply course concepts to a real-world scenario.

Growing through Innovation7:15

Innovation Strategies3:26

Developing an Innovative Capability6:49

Keys to Innovation3:55

Organizing for Innovation6:47

Appropriating Value from Innovations2:01

Intellectual Property Protection7:08

Complementary Assets4:07

Determining an Innovation Strategy5:21

Module Lessons1:27

Conoce a los instructores

Michael Lenox
Senior Associate Dean and Chief Strategy Officer
Darden School of Business
Jared Harris
Samuel L. Slover Research Chair in Business Administration
Darden School of Business

So let's talk about some keys to innovation.

First, once again,

this idea that innovators are able to integrate diverse knowledge.

So how you can do that?

Well, one, as I mentioned before,

is establishing effective lines of communication.

This might relate to the organizational structure,

perhaps having a flat organizational structure,

not one with a lot of hierarchy, might be advantageous for being innovative.

Creating cross functional teams, bringing people together across units of

the organization could be another way of integrating that diverse knowledge.

I think central is the vision set forth by the senior leadership of the organization,

being able to create a broad vision, creating these shared values and

ultimately managing the expectations around innovation

is gonna be key to bringing people together.

The second thing to think about, motivation and incentives.

Once again, what are the incentives to invest in creative search, for

example, R&D.

How is that organized?

How are people incentivized in those types of roles?

How can you establish high powered upside incentives?

Do your employees and do your innovators share in the wealth created or

the value created in an innovation?

This might mean giving greater ownership to the managers of the innovation process,

allowing them to have the flexibility and the freedom to pursue their innovations.

And then finally, we need to encourage risk taking, and

one way to do this is by sharing responsibility.

At some organizations what they'll do, especially in their R&D functions,

is they'll have team members be involved in multiple teams.

This has a couple advantages.

One, it increases knowledge flow between those teams.

And two, it removes the risk that, if I'm only working on one project and

it fails, then everything I've been working on was for naught.

If I'm working on multiple projects, then if one fails, that's fine,

I have my other project that I'm working on.

Finally we wanna think about ways to build this absorptive capacity we talked about.

This ability to bring in knowledge from outside the organization.

There are many reasons to invest in basic and

applied research, however, absorptive capacity could be an additional one.

Only with that scientific capability will you be able to perhaps assimilate

knowledge outside the organization.

And it's for this reason that you'll sometimes see organizations making, might

even think of radical investments in areas that seem far afield from where they are.

Google is famous for making investments in some areas that seem

very far away from their core search business,

including some around space technology and driver-less vehicles and the like.

You wanna reward individuals not only by in terms of financial incentives, but

you can also think of what we might call these non-pecuniary incentives,

non-financial incentives.

For many scientists they have standing outside the firm,

they're in a professional community.

So allowing those scientists to publish in academic journals and

the like, to go to conferences, to share their ideas, can be critical.

Now this might go counter to the secrecy that a lot of organizations like to

maintain.

So how do you maintain and

balance the secrecy with the desire to allow others to go out into the world?

Almost counter to this, you can often even think of ways in which you might

give away key ideas in order to be a player in larger knowledge exchanges.

There are companies like IBM who've taken vast parts of their patent portfolio and

made them free and accessible to the public.

Again, it's part about building this ecosystem so that you have others that

might generate ideas that you can then work on to develop innovation yourself.

Joint ventures, industrial consortium,

these are all different ways in which you can be in the loop.

Last but not least, I just wanna hit home this idea again that diversity in all its

forms is a great way to increase the innovative capacity of an organization.

Once again, only through diverse ideas do you often get the novelty that

leads ultimately to innovation.

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