Innovation means creating new products and services. The globalization of markets has made innovation crucial for firms’ success and even survival. Many successful firms draw the majority of their profits from products and services that are less than five years old. This means firms have to innovate on a continuing basis just to maintain their competitive advantage. This makes innovation a core focus for managerial attention. How should innovation be managed? Innovation is about more than generating ideas; it is also about implementing these ideas and capturing value from them. In this course, we will explore the nature and characteristics of innovation. We will introduce key concepts that can be applied to understand how technologies develop and spread, and how this affects firms. Working from these concepts, we will then explore what they mean for managers and how they can inform your own innovation strategies and interventions.
Drawing on the experiences of leading innovators, this course aims to equip students with the skills to understand, and organise the innovation process within modern organisations. By the end of the course, you will understand and interpret managerial strategies associated with different types of innovation and the various ways in which innovations can be exploited for the benefit of an organization and society at large.