innovation and corporate entrepreneurship chapter 12 built by stambaugh/2008 just because something...
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Innovation and Corporate Entrepreneurship
Chapter 12
Built by Stambaugh/2008 Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison
Jeff [email protected]
http://faculty.mwsu.edu/business/jeff.stambaugh
Today’s Objectives
Built by Stambaugh/2008
■ Know the issues of the innovator’s dilemma■ Understand the importance and types of innovation■ A few thoughts on personal entrepreneurship■ Understand the challenges associated with
innovation■ Corporate entrepreneurship: Understand the aims
and approaches
Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison
Opening Thoughts
Built by Stambaugh/2008
■ Entrepreneurship: A process of “creative destruction” through which existing products, methods of production, or ways of administering or managing the firm are destroyed and replaced with new ones
■ Mindset: If it ain’t broke, break it before one of your competitors does!
Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison
Creative Destruction
Built by Stambaugh/2008 Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison
Creative Destruction
Built by Stambaugh/2008 Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison
Not Proactive
Built by Stambaugh/2008 Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison
Innovator’s Dilemma
Built by Stambaugh/2008
■ Listening too much to current customers may cause you to miss next big thing (current needs vs. future needs)
■ On the other hand, can you protect your innovation from fast-followers?
Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison
Ways to Look at Innovation
Built by Stambaugh/2008
■ Process vs. Product■ Incremental vs. Radical
Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison
Challenges of Innovation
Built by Stambaugh/2008
■ Seeds vs. Weeds (or wheat from chaff)■ Experience vs. Initiative
■ Teams; value innovation exposure
■ Internal vs. External Staffing■ Building vs. Collaborating (or buying)
■ M&As … wise selection of alliance partners & know thyself
■ Incremental vs. Preemptive■ Event-pacing
■ Focused vs. Dispersed
Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison
Corporate Entrepreneurship
Built by Stambaugh/2008
■ Pursuit of new venture opportunities and strategic renewal
■ Blue Ocean strategy:■ Create uncontested space■ Make the competition irrelevant■ Create / capture new demand■ Break the value / cost trade-off■ Pursue differentiation and low-cost simultaneously
Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison
Failure: The Current Buzz Word
Built by Stambaugh/2008
■ People vs. Process■ Celebrate■ Did we learn (and how do we learn?)■ Did this strengthen internal competences or external
products / services
Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison
Approaches to CE
Built by Stambaugh/2008
■ Focused■ New Venture Groups■ Business Incubators
■ Dispersed■ Entrepreneurial cultures (flat, teams, failure, lots)■ Product Champions■ Exit Champions
■ Firms as VCs■ Risks?
Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison
Marissa Mayer’s Top 9Link
■ Ideas can come from everywhere
■ Share everything you can
■ You’re brilliant, we’re hiring
■ A license to pursue dreams
■ Innovation, not instant perfection
■ Data is apolitical■ Creativity loves
constraint■ Users, not money■ Don’t kill projects,
morph them
Built by Stambaugh/2008 Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison
Summary
Built by Stambaugh/2008
■ Innovation is essential to firm survival■ Innovation is harder than it looks!■ Corporate entrepreneurship: focused or dispersed
Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison