Protecting innovation - Innovation Strategy
8 important questions on Protecting innovation - Innovation Strategy
What are the two sides of strategic management?
Resource-based view --> Resources, capabilities, competitive advantage, strategy, identify resource gaps and start again.
What is innovation strategy?
It determines where and when innovation is required to meet the aims of the organization and lays out in broad terms what is to be done about it.
Name two basic innovation strategies and their characteristics.
–First to market
–Commitment to creativity and risk-taking
–Close linkages to major sources of new knowledge –Close linkages to the needs and responses of customers
Innovation followership
–Late to market
–Imitating and learning from the technologicalleaders
–Commitment to competitoranalysis and intelligence
–Reverseengineering
–Costcutting and learning in manufacturing
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What are first-mover (innovation leader) advantages and disadvantages?
–Brand loyalty
–Technologicalleadership
–Preemption of scarce assets
–Exploitingbuyers’ switchingcosts
–Reapingincreasingreturnsadvantages
–Establishing standards
Disadvantage:
- High R&D expenses
- Undeveloped supply- and distribution channels
- Immature enabling technologies and complements
Discuss the decision areas in innovation strategy
Discuss the innovation Ambition matrix. What are core, adjacent and transformational innovations?
X-axis: How to win: Use existing, add incremental and develop new products and assets.
Core: Optimize existing products for existing customers
Adjacent: From existing business into new to the company business
Transformational: Breakthroughs for markets that don't yet exist
It is all about finding the right mix: if the mix is not known, costs will be cut in transformational activities
When implementing innovation, what are points to consider in allocating resources?
- Step-by-step approaches increase speed and facilitate closing down of projects
- Clear criteria for stopping projects
- Important to keep critical competences in the firm when acquiring innovations from the outside
Name 4 types of Intellectual property rights (protection)
- Trademark, a trademark protects words or symbols intended to distinguish the source of a good.
- Copyright, a copyright protects an original artistic or literary work
- Trade secret
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