4.50(2)

Managing Innovation and Entrepreneurship

  • by admin
  • Course level: Expert
  • Categories Business
  • Total Hour 12h
  • Total Enrolled 0
  • Last Update October 4, 2019

About Course

This course discusses the basics every manager needs to organize successful technology-driven innovation in both entrepreneurial and established firms.

Description

Fiona Murray. 15.351 Managing Innovation and Entrepreneurship. Spring 2008. Massachusetts Institute of Technology: MIT OpenCourseWare, https://ocw.mit.edu. License: Creative Commons BY-NC-SA.

 

This course discusses the basics every manager needs to organize successful technology-driven innovation in both entrepreneurial and established firms. We start by examining innovation-based strategies as a source of competitive advantage and then examine how to build organizations that excel at identifying, building and commercializing technological innovations. Major topics include how the innovation process works; creating an organizational environment that rewards innovation and entrepreneurship; designing appropriate innovation processes (e.g. stage-gate, portfolio management); organizing to take advantage of internal and external sources of innovation; and structuring entrepreneurial and established organizations for effective innovation. The course examines how entrepreneurs can shape their firms so that they continuously build and commercialize valuable innovations. Many of the examples also focus on how established firms can become more entrepreneurial in their approach to innovation.

Technological innovation is increasingly the source of sustainable competitive advantage for firms around the world. However, building an organization to successfully and repeatedly bring technological innovations to market is a daunting managerial challenge. In this course we focus on the practices and processes that managers use to manage innovation effectively. Over the semester we will examine four aspects of technological innovation: exploring, executing, leveraging and renewing innovation. Our focus will be on entrepreneurial firms (new and established) and on firms that have been successful and unsuccessful in their innovation.

15.351 is designed to provide both a deep grounding in the field of technological innovation for managers and entrepreneurs whose goal is to play a leading role in innovation-driven firms. The course combines lectures, case analyses, visiting experts and student presentations. The readings are drawn from research in the management of technological innovation and technology-based entrepreneurship as well as from economics and organizational theory. The cases provide an extensive opportunity to integrate and apply these tools in a practical, business context, and draw from a wide variety of firms and industries: established and entrepreneurial, mainly from high technology and many originating at MIT.

The material moves deliberately between strategic issues (what should you do?) and organizational and managerial issues (how should you get it done?), though the focus of the course is more on examples of process and implementation. The course design is grounded in the belief is that it is particularly dangerous to separate strategy from implementation (the “why” from the “how”) when innovation is the issue because having a great idea is worth little or nothing if a firm cannot figure out how to commercialize or monetize that idea.

Innovation management can include a variety of topics; here are three clarifications about the approach we will take in this course: First, we will approach innovation issues from the entrepreneur and manager’s perspective. While most firms have specialized R&D, other functions must all interface with R&D. Indeed, building an organization that can continuously generate and commercialize innovations is one of the core concerns of top management. Thus any leader should be conversant with the leading thinking on innovation and should not leave this challenge to the R&D function alone. Second, this course will approach the management of innovation from a strategic perspective. As such, we will consider the relationship between processes and structures for innovation in firms, the strategies for exploitation and the environment in which these must be designed e.g., competition, rate of technological change, sources of innovation.

Readings, assignments, and cases will be used to highlight issues and problems that face leaders as they create and implement processes, structures and strategies to strategically manage their technological innovation. By completion of the course, you will have:

  1. A familiarity with current topics in strategic innovation management, such as innovation networks, idea brokering, open innovation;
  2. A familiarity with innovation processes and structures such as R&D team and incentive design, R&D portfolio management, idea generation processes, the pros and cons of various R&D organizational structures, and the challenges of innovation in large and small firms;
  3. An understanding of the strategies most effective for exploiting innovations;
  4. The ability to apply these concepts directly to real world situations;
  5. Skills to identify, evaluate, and resolve a variety of issues relating to poor innovative performance in large firms as well as entrepreneurial firms.

To achieve these goals the course is divided into four modules. The first three modules cover the following three areas: exploring, executing and exploiting innovations. The fourth module is renewing innovation and examines how established firms re-energize their exploration, execution and exploitation practices to renew the innovation base of their firm:

  1. Module 1 – Exploring innovations — the processes used to explore innovations along the technology, market and strategy dimensions as the innovation moves from idea to market.
  2. Module 2 – Executing innovations — the structures and incentives organizations must put into place to effectively allow talented individuals (from different functions) to execute innovation processes.
  3. Module 3 – Exploiting innovations — the strategies that a firm must consider to most effectively exploit the value of their innovation, including innovation platforms that incorporate multiple product options, portfolios and standards.
  4. Module 4 – Renewing innovations — the processes, structures and strategies for exploring, executing and exploiting innovations that established firms can use to renew their innovation foundations in the face of potentially disruptive innovations.

What Will I Learn?

  • Familiarity with strategic innovation management Innovation networks, idea brokering, open innovation;
  • Familiarity with innovation processes and structures
  • R&D team and incentive design
  • R&D portfolio management
  • Idea generation processes
  • The pros and cons of R&D organizational structures
  • Learn strategies most effective for exploiting innovations;
  • Ability to apply concepts directly to real world situations;
  • Skills to identify, evaluate, and resolve a issues

Topics for this course

14 Lessons12h

Dynamics of technological innovation

Introductions
Technology Dynamics

Industrial implications of technological innovation

Competitive implications of market and technology dynamics

Systematizing innovation; “What’s the Big Idea;” IDEO

Scoping technology: Advanced Inhalation Research

Assignment

Iterating design: team New Zealand

Experimenting with markets: innovation at 3M

Capstone: Iridium

Organizing innovation teams: ‘The Bakeoff’

Organizing flexible processes; ‘Internet Time’ exercise

Incentivizing and organizing innovators: GSK

Organizing innovation between firms and communities; One Laptop Per Child, innovation communities (Visitor: Mako Hill)

Incentivizing and organizing external innovators: D-Wave

Negotiation innovation work between firms and academia (SpudSpy & negotiation exercise)

Assignment #2

Dynamics of the market for ideas; designing the value chain

Leveraging portfolio development: A123 (Visitor: Ric Fulop, Founder A123 Systems)

Capstone: leveraging platforms in online video gaming (Visitor: Cyrus Beagly, Sloan ’02)

Portfolio management processes: le Petit Chef

Internal vs. external sources of renewal: Intel

Renewing innovation; corporate venturing; IBM Alphaworks

Renewing innovation; internal venturing; GE imagination breakthroughs

Wrap-up

About the instructors

admin

Educom World Course Advisors

Hello there! Nice to meet you. We make amazing courses and programs available to you with the required permissions from authors, universities and educational partners.  Feel free to learn from carefully selected programs that will earn you important skills faster. All the best in your studies!
4.57 (7 ratings)

8 Courses

0 students

Free

Material Includes

  • Selected Lecture Notes

Requirements

  • This is a case-based course. The primary reading material for most sessions is a case study. Often there will be additional readings associated with a session. These readings provide some conceptual frameworks that may help you in your case analysis. These readings come from a number of different sources (including academic research articles, short articles from both popular and business presses, and case studies) and have been carefully chosen to reflect a variety of perspectives and stimulate your thinking. Not all class materials will be discussed to the same extent.

Target Audience

  • Anyone wanting to learn the truth about entrepreneurship & innovation
  • Anyone with an open mind towards innovation

Verizon CEO, Hans Vestberg Engages Our CEO, Emmanuel Nyame

contact us

Educational Communities Worldwide Inc.

P.O. Box 391 – Bloomington, IN. U.S.A.

Enquiry: info@educom.world

Mobile: +1 (812) 269-2865