Essay on Book Review of Making Innovation Work

1065 Words Mar 28th, 2011 5 Pages
Making innovation work: How to manage it, Measure it, and Profit from it
By Davila Epstein and Shelton

Summary
In this book the authors provide clearly defined methods and guidelines for creating and sustaining innovation strategies that best fit a specific company. The book covers a lot of topics about innovation from the management’s prospective. It starts from evaluation the innovation state of one company to how to design an innovation strategy while integrating /balancing innovations between technology and business model; it talks about how to manage innovation by fighting organizational antibodies (from bureaucracy to not-invented-here syndrome) and leverage technology to design innovation process; and finally it touches on how
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Innovation is so critical that it can't be outsourced entirely, but there is a middle way of doing it- partnering which can be done by partial and selective outsourcing (sharing).
 Instead of making breakthrough innovation there is also a defensive innovation strategy to help companies stay in the game. Play- not- to- lose as appose to Play-to-win. Companies can choose the one that better fit itself: Play-to-win or Play- not- to- lose by examining internal factors (e.g. technical capabilities, funding, top management vision…) and external ones (such as industry structure, competition, rate of technological change)
 To design an innovation measure system one needs to clearly understand the business model of innovation: input (resources devoted to the innovation effort), process (combine the inputs and transform them), outputs (the results of the innovation effort), and outcome (value creation).
 There are three roles of a well designed innovation measurement system. Plan( define and communicate strategy); Monitor(track the execution of innovation efforts); Learn (identify new opportunities such as new business or technology opportunities)

My favorite chapter: chapter 7 Rewarding innovation
It goes to detail to talk about reasons people are motivated (recognition, passion, vision and economic incentives) and the differences in incentive that make them most effective under a certain type of innovation project

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