Lecture

Innovation: Novel vs. Innovative

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In course

MGT-411: Innovation management

This is a collection of lectures on "structured innovation systems," codified approaches to stimulating and managing the process of innovation. Some of the systems to be covered may be Design Thinking, Open Innovation, Crowdsourcing, Lean Innovation, and o ...

Description

This lecture delves into the distinction between novel and innovative concepts, exploring the challenges faced by innovators in various industries. It discusses the importance of understanding human behavior in the innovation process, emphasizing the need to balance risk-taking with market understanding. The lecture also touches on the dynamics of hardware and software development, the role of brands in the innovation landscape, and the significance of early adopters in driving innovation adoption. Additionally, it highlights the complexities of innovation in different sectors, such as the watchmaking industry, and provides insights into the critical factors that contribute to successful innovation.

Official source

Related concepts (32)

Innovation

Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity realizing or redistributing value". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.

Diffusion of innovations

Diffusion of innovations is a theory that seeks to explain how, why, and at what rate new ideas and technology spread. The theory was popularized by Everett Rogers in his book Diffusion of Innovations, first published in 1962. Rogers argues that diffusion is the process by which an innovation is communicated over time among the participants in a social system. The origins of the diffusion of innovations theory are varied and span multiple disciplines.

Open innovation

Open innovation is a term used to promote an information age mindset toward innovation that runs counter to the secrecy and silo mentality of traditional corporate research labs. The benefits and driving forces behind increased openness have been noted and discussed as far back as the 1960s, especially as it pertains to interfirm cooperation in R&D.

Risk

In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is "effect of uncertainty on objectives".

Brand

A brand is a name, term, design, symbol or any other feature that distinguishes one seller's good or service from those of other sellers. Brands are used in business, marketing, and advertising for recognition and, importantly, to create and store value as brand equity for the object identified, to the benefit of the brand's customers, its owners and shareholders. Brand names are sometimes distinguished from generic or store brands.

Related lectures (32)

Innovation: Novel vs. Innovative

Discusses innovation, learning from failure, creating value, challenges in hardware and software development, and the role of early adopters.

Innovation Fundamentals

Delves into the economic fundamentals of innovation, exploring historical context, entrepreneurial risk, societal challenges, and the role of private entrepreneurs.

Risk Management: Quantitative Methods

Explores risk management concepts, including VaR, ES, and measurement methods.

Innovation Management at CSEM

Explores the significance of innovation management, types of innovation, challenges, methods, and the Swiss innovation landscape.

Innovation in Emerging Markets: Technologies, Innovations, and Economies