Hansen: The innovation value chain

Question

Why aren't we better at innovation according to Hansen? (4)

Answer 1

1 Innovation challenges differ from firm to firm
2 There is no universal solution
3 Theory of the weakest link
4 The innovation value chain

Answer 2

1 External scouts: seeking good ideas from outside the company
2 Internal idea brokers: talking across the company to identify new combinations to develop new products/businesses
3 Internal venture capitalist: funding and overseeing new ideas in a phased manner with increasing levels of commitment
4 Champions: steering new businesses to success by providing them safe havens
5 Internal evangelists: trying to get the rest of the company to adopt new products/businesses.

Answer 3

Idea diffusion: concepts that have been developed still need to receive buy in. Within the organization new products/business/practices need to be supported and spread across desirable geographic locations, channels, and customer groups.

Answer 4

Idea conversion: new concepts won't prosper without strong screening and funding mechanisms. Ideas must be turned into revenue-generating products, services and processes. This can be done via:
-Good screening and initial funding
-Movement from idea to first result

Answer 5

1 Idea generation: how do you generate ideas?
-Look inside own functional groups for creative sparks (inhouse)
-Cross-unit collaboration (cross-pollination)
-Sourcing good ideas from outside the company and even outside the industry (external)