Innovation is the process that generates value through the creation, development, and implementation of new technologies, products and services. For commercial organisations value may be expressed as increased market share, revenues, profit or shareholder returns. For public sector organisations value is focused on improved efficiency and enhanced service delivery.
Processes need to be managed, and therefore innovation is a
management task. This comes as something of a surprise to many
organisations. Some believe that innovation is a mysterious phenomenon that occurs randomly as a series of ‘light bulb’ moments. Others believe that innovation can be achieved by throwing copious amounts of money into a room full of boffins, microscopes and whiteboards and then standing well back. Good luck with these approaches. A few organisations believe that innovation is not required at all, and instead focus on relentless cost cutting. They then receive an unpleasant surprise when their customers eventually leave for innovative competitors who
can better serve their needs.
In order to better understand and (hopefully) avoid these pitfalls
Innovation Management has become a rapidly growing area of interest for both management practitioners and academic researchers.
This Innovation Management Masterclass by expert Dr Mike Kennard is designed for Business, Management, Engineering and Technology students studying Innovation Management based courses, particularly at Masters and MBA level. In addition, this Masterclass is also aimed at professional managers, executives and directors charged with ‘innovating’ (this means you).
The Masterclass covers the drivers for innovation, why companies that don't innovate become extinct, definitions of innovation, characteristics of innovation, a risk exercise and short case study on Apple's iPhone. Further information and advice on innovation management is available at www.mikekennard.com.