MG2007

MG2007

1. Innovation:

   • A process that begins with an invention & results in the introduction of a new P/S/Proc to the market place. It is the exploitation of new ideas to change as an opportunity for a diff B/S.
     • Innov is capable of being learned & practiced & being presented as a discipline. Competitive advantage is achieved through acts of innovation.
       • Innovation should be approached in the broadest sense, including new technologies & new processes
         • "Innovation = Invention + Exploitation" - Roberts 1988.
   • The Innovation Process:
     • Starts with multiple ideas, soon narrowed. (Tunnel)
       • 1. Idea Generation
         • 2. Concept Development (Discovery, Scoping)
           • 3. Concept To Launch ( Build Business Case, Development, Testing & Validation, Launch)
   • Innovation V Invention
     • Invention: Formation of new ideas for P/S/Procs.
       • Constitutes of the initial creation of a new P/S/Proc,
     • Innovation: represents the practical fullfillment of one or many P/S/Procs
       • All about the practical application of new inventions into marketable P/S.
   • Irish Innovation: Ireland is home to:
     • 3/5 TG games companies
       • 9/10 TG Pharma companies
         • 17/25 TG Medical device companies
           • 9/10 TG ICT companies
             • 50%++ of TG Financial service firms
               • 3 TG Baby formula companies
   • Strategic Advantages Of Innovation
     • NOVELTY: P/S offered that others can't (also novelty of new process in a way others can't supply) EG: iPod, Online banking
       • COMPLEXITY: Difficult to learn new technologies which keeps barriers high. (Boeing 737)
         • LEGAL: Protection of intellectual properties (Licence, Viagra)
           • TIMING: Gain 1st mover/follower advantage. Lack of competitors (Amazon)
             • ROBUST PLATFORM DESIGN: Offering something for which other variations & generations can be built (Boeing 737)
               • COMPETENCE SHIFT: Computers V Typewriters
   • Incremental V Radical
     • Incremental:
       • Small continuous improvements to an existing P/S/Proc (iPhone 4, 5, 6..)
     • Radical:
       • Major changes, Alternatively, it is also introducing a completely new P to the market. (Electric car)
         • Disruptive innovations tend to provide improvements greater than those demanded
   • How do you measure success?
     • FINANCIAL: The level of profit generated by the innovation.
       • MARKET: Rate of adoption of the innovation or market penetration
         • TECHNICAL: The "elegance" of the design or improvement in performance & functionality
           • STRATEGIC: The building/sustaining of competitive advantage through development of superior P/S.
             • PROCESS: The compression of the time taken from idea conception to market launch.

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