Innovation in Practice I
Innovation as an engine of growth and as a source of productivity has lain at the heart of government policy for generations. It matters for businesses as a basis for enhanced competitive advantage and in times of recession it can provide the basis for survival. From a business perspective, innovation is about turning opportunity or need into new products and services, which can be commercially exploited.
Successful innovation involves the dynamic dance of two questions: what is needed and what is possible? What is needed means understanding customer needs and ensuring products or services design accommodates and responds to them. What is possible depends on resources, technology, social and economic conditions, behaviour of competitors and networks of connections. Innovation is about much more than new products or services but includes new processes, repositioning and the development of new business models. It also involves boundary crossing and strategic development and an understanding of both competitors and customers- the vital ingredients of business survival.
The objective of this module is to equip students to meet the challenge in managing innovation process especially in the small business environment. This module will discuss innovation primarily at micro level, focusing on the role of innovation in enabling firms to generate competitive advantage, and the types of problems faced by firms in their new product and process development. This module has two aspects in that it will consider changes in the environment such as technology and markets as important aspects for coming to grips with innovation and also consider the internal structure, processes, resources and especially core competencies with which the firm is endowed. In particular we will be looking at the links which need to be made between innovation activities and other business activities in the development and design of new products and services.
This module is a foundation for Innovation in Practice 2 in which students will be expected to interact with the business community, engage with business practice bringing theory and practice together and look at how innovation can support business growth and development.
Tutor: Danny Soetanto