Corporate Innovation Strategies
Managing innovation is quite different from managing operations; and, managing uncertainty inherent in innovation requires specific tools and thinking. Whereas operations are an established process driven by existing knowledge, innovation is a learning process that creates new applied knowledge. Operations generate today’s value; but, innovation creates tomorrow’s opportunities. With many markets increasingly becoming more and more competitive, those who innovate best will win the future.
During the past nine weeks, you were exposed to a variety of perspectives on innovation via case studies and a collection of readings. You analyzed company after company and situation after situation that
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I would then go ahead and understand their talent pool by reading up on the background of all the employees and what they are good at and what their business and personal goals are. I would then go through the larger company and locate talent in different fields that would complement the new business unit and bring them aboard to spur further innovation and create a platform for technology brokering between the larger company and the new business unit which would send information, expertise and technology both ways. Once this is in place the next steps would be trying to set a new culture by taking the positives from both the larger corporation and new business unit and utilizing them to come up with a new culture. The first thing that would need to be instilled is a desire for enlightened experimentation by organizing the new business unit for rapid experimentation. This will help in creating parallel experimentation; reduce cost of experimentation, increase speed of experimentation, increase iterations and disseminate knowledge quickly. Experimentation should be allowed to fail as many times as needed to avoid major mistakes in design later. Information needs to be anticipated and disseminated among the group regularly and quickly to solve issues and encourage quick learning. Encouraging of the new business unit to combine technologies that are older and newer should occur to