Date: Friday, 29th August
Venue: Borkum and Hare Room, 1st floor, New Commerce Building, West Campus.
Crafting Organizational Innovation Processes
Innovation is a crucial component of business strategy, but the process of innovation may seem difficult to manage. To plan organizational initiatives around innovation or to bolster innovation requires a firm grasp of the innovation process. Few organizations have transparently defined such a process. Based on the findings of an exploratory study of over 30 US and European companies that have robust innovation processes, this paper breaks down the innovation process into discrete stages: idea generation and mobilization, screening and advocacy, experimentation, commercialization, and diffusion and implementation. For each stage, context, outputs and critical ingredients are discussed. There are several common tensions and concerns at each stage, which are enumerated; industry examples are also given. Finally, strategies for and indicators of organizational success around innovation are discussed for each stage. Successful organizations will use an outlined innovation process to create a common framework for discussion and initiatives around the innovation process, and to establish metrics and goals for each stage of the innovation process.