Challenges in Innovation Management

Seminar Paper , 2011 , 9 Pages , Grade: A

Business economics - Business Management, Corporate Governance

Through innovation process, organizations develop and implement the new ideas by engaging people over a period of time. Organizations to attain competitive advantage pursue innovation strategy and this pursuant make organizations interact with external environment alongside internal environment. Through interaction, organizations map their resources with the market demands and by doing so, organizations go through the renewal process. The management of innovation process is very critical element of organizational strategies and it bestows various challenges in front of organizations’ management. Organizations need to take care of these challenges to be successful in their pursuant of innovation.

Table of Contents

• The meaning of Innovation
• Innovation- A core renewal process
• Challenges
  • Technology and Practices mapping with market needs
  • Challenge of radical change
  • Conflict of Interest
• Van de Ven on Challenges
  • The challenge of managing attention
  • Managing the idea to good currency
  • Proliferation of Innovation
  • The challenge of leadership

Objectives and Key Themes

This document examines the challenges faced by organizations in managing the innovation process. It aims to provide an understanding of the complexities involved in matching products, services, and systems to market demands while navigating the uncertainties of technological advancements.

• The meaning and nature of innovation, including its relation to invention and core renewal processes.
• The critical elements of the innovation process, including the interaction between internal and external factors.
• The various challenges faced by organizations in managing innovation, such as aligning technology with market needs, managing radical change, and navigating conflicts of interest.
• The concept of managing attention and its importance in the innovation process.
• The role of leadership in overcoming the challenges associated with innovation and its proliferation.

Chapter Summaries

• The meaning of Innovation: This chapter establishes a definition of innovation, differentiating it from invention. It explores different classifications of innovation and highlights the key factors influencing innovation, including market forces and technological advancements.
• Innovation- A core renewal process: This chapter emphasizes the transformative nature of innovation as a core renewal process for organizations. It uses examples like Continental Tires to illustrate how innovation can necessitate significant organizational restructuring and renewal of core practices.
• Challenges: This chapter delves into the specific challenges that organizations encounter while pursuing innovation. It examines the difficulties of aligning technology and practices with market needs, managing radical change, and navigating potential conflicts of interest.
• Van de Ven on Challenges: This chapter presents Van de Ven's perspective on the challenges of managing attention, managing the idea to good currency, the proliferation of innovation, and the role of leadership in navigating these challenges.

Keywords

This text focuses on the management of innovation processes, exploring concepts such as invention, core renewal, technology mapping, radical change, conflict of interest, attention management, and leadership in the context of innovation. It delves into how organizations can effectively manage innovation to attain competitive advantage in a constantly evolving market.

• College: BI Norwegian Business School
• Course: Theories of Innovation
• Grade: A
• Author: Anuj Kumar (Author)
• Publication Year: 2011
• Pages: 9
• Catalog Number: V206727
• ISBN (eBook): 9783656335979
• ISBN (Book): 9783656336747
• Language: English
• Tags: challenges, innovation, management