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    Ic Lo1

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    This document discusses innovation and commercialization in organizations. It begins by defining innovation as the successful implementation of creative ideas and the process of translating knowledge into economic growth. The document then covers nurturing innovation as a process that transforms intellectual resources into intellectual assets. Finally, it discusses evaluating innovation within organizations and creating a culture of innovation through characteristics like cooperation, risk-taking, and education.

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    Ic Lo1

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    70 views24 pages
    This document discusses innovation and commercialization in organizations. It begins by defining innovation as the successful implementation of creative ideas and the process of translating knowledge into economic growth. The document then covers nurturing innovation as a process that transforms intellectual resources into intellectual assets. Finally, it discusses evaluating innovation within organizations and creating a culture of innovation through characteristics like cooperation, risk-taking, and education.

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    This document discusses innovation and commercialization in organizations. It begins by defining innovation as the successful implementation of creative ideas and the process of translating knowledge into economic growth. The document then covers nurturing innovation as a process that transforms intellectual resources into intellectual assets. Finally, it discusses evaluating innovation within organizations and creating a culture of innovation through characteristics like cooperation, risk-taking, and education.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    70 views24 pages

    Ic Lo1

    Uploaded by

    Zilen Salam
    This document discusses innovation and commercialization in organizations. It begins by defining innovation as the successful implementation of creative ideas and the process of translating knowledge into economic growth. The document then covers nurturing innovation as a process that transforms intellectual resources into intellectual assets. Finally, it discusses evaluating innovation within organizations and creating a culture of innovation through characteristics like cooperation, risk-taking, and education.

    Copyright:

    © All Rights Reserved
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    of 24

    INNOVATION AND COMMERCIALIZATION

    Learning Outcomes

    LO1. Investigate how innovation is sourced and supported within different types of
    organizations.
    LO2. Explore the processing of different types of innovation within organizations
    LO3. Apply the process required to commercialize innovation within an organization
    LO4. Evaluate the range of methods for protecting innovation within organizations.
    Definitions of Innovations

    • All innovation begins with creative ideas . . . One


    definition for innovation is the successful implementation
    of creative ideas within an organization…

    • Innovation is the process that translates knowledge into


    economic growth and social well-being. It encompasses a
    series of scientific, technological, organizational, financial
    and commercial activities....

    • It is the process whereby ideas for new (or improved) “Technological innovations are defined as new products
    products, processes or services are developed and and processes and major technological modifications to
    products and processes.
    commercialized in the marketplace.

    INNOVATION = INVENTION + COMMERCIALIZATION


    Nurturing innovation is a process
    • In the university context, the process is to
    transform intellectual resources (thoughts,
    ideas and insights) into intellectual assets

    • Intellectual assets become intellectual property


    (“IP”) through legal protection. R&D represents only one of these activities and
    can take place during various stages of the
    • IP defines the value on which a company innovation process. It can play not only the
    depends for successful commercialization. role of the original source of the innovation
    ideas but also the role of problem solution
    • REFINEMENT of our Value Proposition: framework, which can be turned to at any
    stage of the implementation.

    INNOVATION = IP + COMMERCIALIZATION
    Overview of the innovation process
    Examples of Innovations at Work Environment
    • Systematic collection of all impulses that could lead to
    innovation

    • Creativity of employees

    • Ability to evaluate the possibility of the innovation idea

    • Good team work

    • Project-based approach and ability to manage projects


    Invention Vs Innovation: The Difference
    • Invention • Innovation
    • Formulation of new ideas for products, • Practical improvement of inventions
    services or processes into marketable products or services
    • Creation of a new product, service or • Introduction of a new product,
    process service or process into market
    • Driven by technology • Driven by consumer need
    • May not be commercialized • Results into commercialization
    • May be for non-economic or economic • Is usually for economic motive
    motive

    What was done with the microprocessor – hundreds of


    thousands of products = innovation

    Someone invented the microprocessor – a piece on the circuit board


    The Process: Turning Invention into Innovation
    7 Sources of Innovation

    Video: The Discipline of Innovation (7 sources


    examples):
    https://www.youtube.com/watch?v=FhK9j0NjUSk
    Optional Video for More Information:
    https://www.youtube.com/watch?v=F2Vr0x8-L-s
    3M and Post-it Notes

    http://www.3m.com/us/office/postit/pastpresent/history_ws.html
    Innovation Priority Among Fortune 100 Companies
    Challenges of Innovation
    Creating a Culture of Innovation – Characteristics of
    Successful Innovating Companies
    • Systematic collection of all impulses that could lead to innovation

    • Creativity of employees

    • Ability to evaluate the possibility of the innovation idea

    • Good team work

    • Project-based approach and ability to manage projects


    Conceptual Framework of Innovation
    Creating a Culture of Innovation – Characteristics of
    Successful Innovating Companies
    • Cooperation with external experts (universities, research laboratories…)

    • Proper rate of risk-taking

    • Employees’ motivation (the employees are willing to improve the product and the
    operation of the whole company)

    • Continued education of employees

    • Ability to finance the innovation activities

    Video: The 15 Characteristics of Effective Entrepreneurs:


    https://www.youtube.com/watch?v=sOjeQV5pHh4
    Creating a Culture of Innovation – Innovation Process
    1) Research and development (R&D)

    2) Production

    3) Marketing

    Innovation is an opportunity for something new, different It is always based on change


    Innovators do not view any change as a threat but as an opportunity

    Video: Creating a Culture of Innovation in the Workplace:


    https://www.youtube.com/watch?v=4-APGd20T3Y
    Creating a Structure and Culture of Innovation –
    Differences Between Business Thinking and Innovation
    Thinking
    Innovation thinking
    Business Thinking
    - Intuitive
    - Logical
    - Asks what if?
    - Requires proof to proceed
    - Holds multiple possibilities
    - Quick to decide
    - There is always a better way
    - There is right and wrong
    Developing Innovation Vision and Leadership
    Effective innovation leadership has three essential building blocks:

    1. Toolset : The collection of tools and techniques used to generate new options,
    implement them in the organization, communicate direction, create alignment, and
    cause commitment.

    2. Skillset : A framework that allows innovation leaders to use their knowledge and
    abilities to accomplish their goals. More than tools and techniques, it requires
    facility, practice, and mastery of processes.

    3. Mind-set: The attitudes and resulting behaviours that allow the tools and skills to
    be effective. The mindset is the fundamental operating system of the creative
    thinker and distinguishes those leaders who enable creative thinking and
    innovation from those who shut it down.
    Developing Innovation Vision and Leadership
    • Innovation Leadership Toolset
    - Prototyping
    - Brainstorming
    - Mind mapping

    • Innovation Leadership Skillset – Everyone has a role


    - Individual Contributors
    - Managers
    - Executive Leaders

    • Innovation Leadership Mindset


    - Curiosity
    - Paying attention
    - Customer-centric

    Video: Creativity in the Workplace: https://www.youtube.com/watch?v=U7nEgYOcb5c


    Fostering Innovation in Organizations

    Focus on “Jobs to be Done”


    Create Space for Innovation (Disruptive Strategy)
    Embrace Experimentation and Risk (Disruptive Innovation)
    Video: 7 Movies Every Entrepreneur Should Watch
    https://www.youtube.com/watch?v=s3x-_yRRUrk
    Reading and Case Studies

    https://www.london.edu/lbsr/diie-innovation-icons-amazon

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