Who are the main sources of new ideas?
- consumers
- existing companies/markets
- distribution channels
What are the methods of generating ideas?
-brainstorming
-focus groups
-problem inventory analysis
-desk research
-
What are some approaches to innovating?
- identifying/ creating new opportunities
- new ways of serving existing markets
- growing new markets
- rethinking services
- meeting social needs
- improving operations
What are the dimensions of innovation?
Product
Process
Position
Paradigm
How can a business innovate in relation to product?
either change what it offers slightly or radically
How can a business innovate in relation to position?
when a product or service is introduced and the dynamics of the market subsequently changes
How can a business innovate in relation to paradigm?
most extreme
reinvents the way of thinking or the way of doing things
What are the two main types of innovation?
Knowledge push
Need pull
What are the other types of innovation part from knowledge push and need pull?
-due to regulation
-recombinant
copycat
-crisis driven
mass customisation
user led innovation
What kind of environment is often found in the public sector?
- risk averse
- bureaucratic
- slow moving
- blame oriented
What are the four search spaces?
- operational organisation (solely operations)
- organisational transformations (product, tech used, market, leadership etc)
- reframe
- co-evolve (complex factors not in the control of the business)
What is a corporate spin off?
new company formed of an existing one
large company distributes shares in the new company to existing shareholders
What are the advantages to spin offs?
- separate different business concepts
- leadership more effective, have their own expertise, focus on managing own operations
- business risk decreased by keeping them separate
What are the potential disadvantages of spin off?
leadership may be diluted and resources may have to be spread out
