MAN 690 - Innovation Management an der Universität Mannheim | Karteikarten & Zusammenfassungen

Lernmaterialien für MAN 690 - Innovation Management an der Universität Mannheim

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What is the concept of an innovation?

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Innovation can be understood as a concept that goes beyond invention, because it entails not only the invention, but all the necessary steps to commercialize said invention.

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What are some characteristics of innovation?

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Innovations can be very profitable, but risky/costly, often lead to imitation by others, are a process of creative destruction, often evoke resistance and require cooperation multiple actors.

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What is the Innovation Dilemma?

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The Innovation Dilemma describes the state of most firms: Firms are literally built to optimally fulfil their business function alas they are tuned to optimize established processes. Innovations as an out of the norm phenomena aren’t easily integrated into a company, but companies could lose their markets over time if they don’t innovate.

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How can innovations be classified according to Christensen?

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In the Christensen model, innovations can be sustaining/incremental or disruptive. If an innovation is disruptive, it can either be revolutionary (creating something (mostly) totally new) or evolutionary (combining already existing knowledge).

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What are some characteristics of sustaining innovations?

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Sustaining innovations are important for the existing business because they imply a continuous improvement of the product with normally short-term projects (<2 years). They usually make up about 95% of all innovations in an established company which normally tends to be very good with sustaining innovations. To generate good sustaining innovations, it is critical to listen to the customers’ needs and have in-depth knowledge about the technology. It takes creativity to match the needs with the technical solutions.

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What are some chracteristics of disruptive innovation?

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In comparison, disruptive innovations are very important for the long-term future of large companies, even negatively affecting the existing business. Projects tend to be longer than 2 years and large companies are really bad in developing disruptive innovations. To generate disruptive innovations, one has to anticipate the future needs of customers (listening to them might even be bad), has to have in-depth and broad knowledge of existing and emerging technologies (even outside the core technology field) and has to have creativity to match the innovation idea with a rough concept for a new radical solution.

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Why is it hard to attribute innovations to individuals and what are the consequences?

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The outcomes of an innovation process are hard to measure (long-time horizon; unclear (sub)goals)), is quite random and thus, is difficult to be attributed to an individual. Additionally, innovations are most of the times a team effort, making it harder to attribute individuals. But treating all team members equally can undermined the motivation of the top performers, effectively making them slack off or quit the company.

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What are the five organizational incentives?

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Economic opportunism

Market structure

Demand Side effects 

Technological Opportunities

Externalities

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How does the economic opportunism work?

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An economic view would view innovative activity as the result of a cost-benefit analysis whereas the innovation would be done by the company who has the highest benefits/lowest costs.

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How does the demand side effect incentive work?

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Demand side effects: are caused by two antecedents: Market attractiveness (market size and market growth influence innovate activity positively) and the form of the demand function (With increasing price elasticity, incentives for process innovations increase, those for product innovations decrease).


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How does the technological opportunities incentive work?

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The existence of and possibility to apply new inventions are driven in the long run by basic academic research, in the short run by trends and costumer groups, it varies strongly between different fields/industries and is subject to change if new scientific results become available.

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How does the externalities incentive work?

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Knowledge spillovers have multiple implications. They can reduce innovator’s profit, can be substituted by own R&D, can create additional incentives and may enable other firms to build on the knowledge, thus enhancing technological progress.

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Q:

What is the concept of an innovation?

A:

Innovation can be understood as a concept that goes beyond invention, because it entails not only the invention, but all the necessary steps to commercialize said invention.

Q:

What are some characteristics of innovation?

A:

Innovations can be very profitable, but risky/costly, often lead to imitation by others, are a process of creative destruction, often evoke resistance and require cooperation multiple actors.

Q:

What is the Innovation Dilemma?

A:

The Innovation Dilemma describes the state of most firms: Firms are literally built to optimally fulfil their business function alas they are tuned to optimize established processes. Innovations as an out of the norm phenomena aren’t easily integrated into a company, but companies could lose their markets over time if they don’t innovate.

Q:

How can innovations be classified according to Christensen?

A:

In the Christensen model, innovations can be sustaining/incremental or disruptive. If an innovation is disruptive, it can either be revolutionary (creating something (mostly) totally new) or evolutionary (combining already existing knowledge).

Q:

What are some characteristics of sustaining innovations?

A:

Sustaining innovations are important for the existing business because they imply a continuous improvement of the product with normally short-term projects (<2 years). They usually make up about 95% of all innovations in an established company which normally tends to be very good with sustaining innovations. To generate good sustaining innovations, it is critical to listen to the customers’ needs and have in-depth knowledge about the technology. It takes creativity to match the needs with the technical solutions.

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Q:

What are some chracteristics of disruptive innovation?

A:

In comparison, disruptive innovations are very important for the long-term future of large companies, even negatively affecting the existing business. Projects tend to be longer than 2 years and large companies are really bad in developing disruptive innovations. To generate disruptive innovations, one has to anticipate the future needs of customers (listening to them might even be bad), has to have in-depth and broad knowledge of existing and emerging technologies (even outside the core technology field) and has to have creativity to match the innovation idea with a rough concept for a new radical solution.

Q:

Why is it hard to attribute innovations to individuals and what are the consequences?

A:

The outcomes of an innovation process are hard to measure (long-time horizon; unclear (sub)goals)), is quite random and thus, is difficult to be attributed to an individual. Additionally, innovations are most of the times a team effort, making it harder to attribute individuals. But treating all team members equally can undermined the motivation of the top performers, effectively making them slack off or quit the company.

Q:

What are the five organizational incentives?

A:

Economic opportunism

Market structure

Demand Side effects 

Technological Opportunities

Externalities

Q:

How does the economic opportunism work?

A:

An economic view would view innovative activity as the result of a cost-benefit analysis whereas the innovation would be done by the company who has the highest benefits/lowest costs.

Q:

How does the demand side effect incentive work?

A:

Demand side effects: are caused by two antecedents: Market attractiveness (market size and market growth influence innovate activity positively) and the form of the demand function (With increasing price elasticity, incentives for process innovations increase, those for product innovations decrease).


Q:

How does the technological opportunities incentive work?

A:

The existence of and possibility to apply new inventions are driven in the long run by basic academic research, in the short run by trends and costumer groups, it varies strongly between different fields/industries and is subject to change if new scientific results become available.

Q:

How does the externalities incentive work?

A:

Knowledge spillovers have multiple implications. They can reduce innovator’s profit, can be substituted by own R&D, can create additional incentives and may enable other firms to build on the knowledge, thus enhancing technological progress.

MAN 690 -  Innovation Management

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