Assume you are working for an organization with which you\'re familiar. They ask

Question

Assume you are working for an organization with which you're familiar. They ask you to help them develop a process that will help encourage innovation among employees. Using this week's lectures and readings, develop a draft of a recommended innovation process and explain why these steps are important. Include factors to watch during implementation. Please include references. Responses could include the following: Ask for clarification if you don't understand something Compare and contrast two or more definitions. How are they the same and how are they different? What do those differences mean? Are there missing steps in the process that might be helpful? Does this remind you of additional factors the company should consider?

http://www.elrha.org/hif/innovation-resource-hub/

http://www.fastcompany.com/3001702/rules-successful-skunk-works-projects

http://www.economist.com/node/11993055

Explanation / Answer

Managing Innovation:

Innovation, in general, is all about forming new ideas, result oriented thought process or a product or service. The ways in which an idea is translated into an invention of a product or service, where the customer or the user is willing to pay as compensation. The idea should be replicated through economical and optimal mode where it satisfies a specific need of an individual.

Innovation Management Framework:

Innovation management is the amalgamation of the management in which innovation as a process and managing the change effectively. It is very much applicable in the product, business process and organizational innovation as such. This could be either pushed or pulled based on the means of development.

Innovation is about creating a new idea, device, or method. It introduces new ideas, devices, or methods and generates value and it renews changes and adapts for betterment. One way of executing this is found, the next step is to manage the change which is also referred as managing the innovation and get through the cycle completely.

The approach and steps involved in managing innovation are as follows:

An Industry (Amazon) example that illustrates the Innovation Management Framework:

Actions that Amazon as a company is taking to drive innovation and research: Amazon does two different innovative approaches towards research and innovation. They are service innovation and open service innovation. The feedback Amazon gets on their online shopping portal is not just from Amazon or the manufacturer. It is from the consumer themselves, other consumers who have used it, commentators who review their product etc., Amazon doesn't pay for it. They get it for free. More purchase choices are made through this innovation without any cost. Source of more growth and profit for the company. The Same infrastructure they use to process all the information. They bundle them and make that a service. Amazon web services like the GE engine where you get power by the hour, in Amazon where you pay for the service you get. This is real growth accelerator for Amazon and for companies you pay only for what you need and it is a win-win for everybody. This makes Amazon stay apart and step ahead from other competitors in the online retailing industry.

In the above-mentioned example, Amazon does manage the innovation by Identification of their core capability which is the customer information and purchase behavior based on the products it offers.

They provide results in an incremental manner by making more purchase choices without any cost. They bundle the same information for the pay for service you get which is Amazon’s web services on what the customer need (tailor made) needs.

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