5.1 Innovation strategy in an ever-changing world

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Do curso por Erasmus University Rotterdam

Innovation Management

380 ratings

Erasmus University Rotterdam

Innovation Management

380 ratings

What is innovation management? How do firms bring in new business models and get new products and services to the market? Go on a nine-week journey through innovation management concepts, theories of idea generation, selection, strategy formulation and implementation in this MOOC in Innovation Management. In it, you will also learn the tools for implementing innovation projects yourself. Guided by world-class academics, you will develop an innovative mindset and expertise in how firms successfully create new ideas for marketing new products. The syllabus also includes sessions about innovation strategy, idea management and social networks. During this course, you will learn how to: • use the main innovation management terminology and concepts • explain the adoption life cycle and innovation adoption at the individual level • define creativity and explain how creativity can be stimulated • recognise and describe three types of idea management systems • explain what an innovation strategy is and why it is important • describe what a product portfolio is • explain how innovation projects should be selected and managed • explain the importance of teams, team structures and networks for innovation. Rotterdam School of Management, Erasmus University (RSM) is one of Europe’s leading business schools, and ranked among the top three for research. RSM’s primary focus is on developing business leaders with international careers who carry their innovative mindset into a sustainable future. Go to www.rsm.nl for more information. This nine-week MOOC in Innovation Management is taught in English. There is no fee to participate in the programme.

Na lição

Strategy - Innovation Strategy

Innovating is no longer a choice, but a business imperative. This imperative demands a clear strategic direction for the innovation activities. This week will introduce the central challenges and available solutions to develop and execute an innovation strategy. In addition, you will study the typologies and evolution of change in the business environment, and discuss tools that can help you make sense of your business environments. An important element in this module is that the change does not always occur independent of the firms, but firms are both subjects and agents of change. In particular, you will discuss how firms can shape their environment through disruptive innovations.

5.1 Innovation strategy in an ever-changing world5:35

Interview with Frans van Houten6:05

5.2 Innovation strategy in an ever-changing world - part 15:32

5.3 Innovation strategy in an ever-changing world - part 27:39

5.4 Disruptive innovation7:33

Conheça os instrutores

Serge Rijsdijk
Assistant Professor
Rotterdam School of Management, Erasmus University
Jan van den Ende
Professor
Rotterdam School of Management, Erasmus University
Sandra Langeveld
Teaching and research coordinator
Rotterdam School of Management, Erasmus University
Murat Tarakci
Assistant Professor
Rotterdam School of Management, Erasmus University
Stefano Tasselli
Assistant Professor
Rotterdam School of Management, Erasmus University
Daan Stam
Associate Professor
Rotterdam School of Management, Erasmus University
Dirk Deichmann
Assistant Professor
Rotterdam School of Management, Erasmus University

Welcome.

The innovation process is a complex, uncertain and challenging task.

The first step in the innovation journey is knowing in which direction you want to go.

In other words, to survive in today's ever changing business environment,

organizations need an innovation strategy.

Hi, again, I'm Murat Tarakci.

The topic of this video is Innovation Strategy,

an area about which I actively teach and conduct research.

We will discuss what innovation strategy is and why it matters.

At the same time, I will present several tools and

methods to help you craft an innovation strategy for your own organization.

How cool is that?

Let's start with a question.

Which of the following statements can be considered as innovation strategy?

The answer is none of the above.

Unfortunately, these statements don't go beyond being a wish list.

Anyway, innovation strategy is a central integrated an external oriented

gameplay that dictates how to generate, capture, and deliver value. More simply put

an innovation strategy answers questions such as

where to invest your resources, how to protect your innovations, and

which organizational structures and processes you need to set up.

Why does an innovation strategy matter?

Having an innovation strategy is important simply because no organization

has an infinite amount of budget or resources.

Because the business landscapes also continuously changes,

organizations need a clear strategic direction to make smart

resource investments so that they can stay competitive in the future.

An innovation strategy is different from a firm's overall strategy.

The business strategy aims at what the firm, as a whole, wants to achieve, and

how to achieve that goal.

Although these what and how questions sound familiar

to the ones in innovation strategy, here they capture a broader scope.

What and how questions in a business strategy relate to the product categories,

market segments in which the company positions itself relative to the competitors.

Consider IKEA's business strategy, for example.

IKEA positions itself in offering relatively inexpensive and

contemporary furniture to young people.

IKEA tries to differentiate itself in that market by offering high quality

products for very low prices.

A business strategy should also define the reach and stretch of these objectives.

IKEA's strategy has so far been based on organic growth rather than acquisitions,

wholly owning the stores rather than having joint ventures or franchises.

Business strategy also defines the sequence of strategic actions

such as when to expand or launch advertising campaigns.

Business strategy should explain how the firm plans to generate revenues.

If you consider the IKEA example again, the profits rely on scaling,

standardization, and high volume of operations,

where embedded supplier relationships are the main focus.

A firm's innovation strategy and business strategy should align and

support each other.

If the business strategy targets low cost manufacturing,

then the firm needs to define its innovation strategy towards investing in,

for example, small improvement projects that target operational excellence.

The link between innovation and

business strategies also explains what not to innovate.

If the business strategy is about creating economies of scale and

production of standardized products in large volumes, the firm then

should not invest in developing customized design products or services.

A useful tool to align business and innovation strategies is called: business roadmapping.

Roadmapping allows a firm to link to their organizational and

technological capabilities with their strategic goals.

Let's have a look at an example.

With an eye on the timing, roadmapping visualizes whether the current

capabilities and technologies employed in products and

services can help the organization in achieving its objectives.

In case current capabilities and technologies are not sufficient,

these tools also allow organizations to think about when and

how they can acquire those needed capabilities and technologies.

For example, they may set up a partnership with a university, such as

The Rotterdam School of Management, to acquire the technologies and knowledge they need.

Or launch leadership development programs

to inject leadership skills to their employees.

We have discussed that an innovation strategy should align and

complement with the business strategy.

Let's take a short break from this theoretical discussion and

hear about the innovation strategy of Philips from its own CEO Frans van Houten.

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