Just because a company is ahead in technology development does not mean it is also ahead in technology adoption.
According to Kotelnikov (2007), the "fast follower" who adopts an innovative design that captures the international market can make the most important economic contribution. Jack Welch, former CEO of General Electric, stresses the need to constantly find and implement better ideas quickly. The successful management of technology innovation is vital for strategic thinking, organisational capabilities, and maintaining a competitive advantage. While some argue that innovation managers should focus solely on technology innovation, other forms of innovation such as in business processes, marketing, organization, and supply chain have also resulted in significant corporate gains. Business model innovation focuses on changing the way organizations create and capture value.
Examples of situations where companies compete against each other, such as Compaq vs
.... Dell or Hub and Spoke Airlines vs. Southwest, are well-known. Marketing innovation involves creating novel marketing techniques that integrate fresh approaches in product design, promotions, or pricing. The responsibility of innovation management typically falls on the company's top management, usually the CEO, who collaborates with a team of innovators possessing domain expertise, imaginative problem-solving abilities, and inherent motivation.
3M is an example of a company that encourages innovation by utilizing proven long-term methods. One such method is setting stretch targets, such as achieving a certain percentage of sales from recently introduced products. This provides a clear and consistent message for the entire organization. Another method is allocating resources as "slack" which allows staff to explore and experiment with ideas in their free time. Additionally, the company encourages "bootlegging" where employees work on innovation projects on their own tim
and sometimes access resources in an informal way, which is often overlooked by management.
The ABCs of Innovation (2006) propose a staged resource support system to encourage internal entrepreneurial behavior, called 'intrapreneurship.' This system offers different levels of internal venture capital for innovators bidding against increasingly high hurdles, enabling them to take ideas forward without leaving the firm. Innovation involves various business areas and functions, and thus innovation managers' scope of work cannot be limited to specific areas.
According to the ABCs of Innovation (2006), limiting innovation to only technical aspects goes against the principles of freedom and creativity that are essential to the innovation process. Any attempt to impose such restrictions may actually have a negative impact on innovation by discouraging creative employees. Ultimately, it is up to top management to determine the areas in which innovation should focus, and their maturity will determine which ideas are pursued and which are dismissed. Source: www, retrieved on February 5, 2007.
The website "csus.edu/indiv/v/velianitis/101/Innovation.ppt" presents an article titled "America's Cutting Edge; Innovation Creates Industry, Opportunity" from The Washington Times, dated April 13, 2006 and included within a paragraph with enclosing the content.
A01. The management of intellectual property and innovation in small firms was edited by Blackburn, R. A. in 2003.
London's Routledge publication.
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