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Module Teaching Objectives. To introduce students to the concept of innovation To explain why it is important for all types of firm or organisation and country economies To learn how to innovate and the role of ‘entrepreneurial management’ in this context. Module Learning Outcomes.

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Module teaching objectives

Module Teaching Objectives

  • To introduce students to the concept of innovation

  • To explain why it is important for all types of firm or organisation and country economies

  • To learn how to innovate and the role of ‘entrepreneurial management’ in this context


Module learning outcomes

Module Learning Outcomes

  • Understand what is meant by innovation

  • Understand what is meant by entrepreneurship

  • Assess why innovation and entrepreneurial management are important for wealth and value creation

  • Evaluate the potential importance of innovation and entrepreneurial management in your own organisation by using what you have learnt


Your expectations for module think note down for 1min and be ready to share

Your Expectations for module?Think /note down, for 1min and be ready to share


Module structure overview

Module Structure Overview


Module teaching objectives

Teaching innovation and entrepreneurship...

Tension

“There’s nothing quite like doing it…”

Entrepreneur

“This is how it should be done…”

University


Unit1 introduction to innovation entrepreneurship

Unit1: Introduction to Innovation & Entrepreneurship

Unit Learning Outcomes

  • Understand broadly what is meant by innovation

  • Understand broadly what is meant by entrepreneurship

  • Understand broadly why innovation and entrepreneurial management are important for the creation of social and financial value

  • Introduction to a basic organisational process model

  • Recognise the potential importance of innovation and entrepreneurial management in your own organisation


What is innovation what is your understanding of the term

What is innovation? What is your understanding of the term?

Brief class discussion


What is innovation participants in the ec lisbon council s 2010 innovation summit

What is innovation? Participants in the EC Lisbon Council's 2010 Innovation Summit

Listen to this video clip: What is innovation?

http://www.youtube.com/watch?v=2NK0WR2GtFs

Afterwards –

  • Write down as many of the innovation descriptions as you can!

  • Just who are these people? Where do they come from

  • Class Discussion


Module teaching objectives

Good Idea

Invention

INNOVATION: A Definition (E. Roberts)

Successful Exploitation and Implementation

INNOVATION

=

+

INPUTS

Group member

Knowledge, skills, effort

Entrepreneurial/ Innovation Management Process

OUTPUTS

adding value


Module teaching objectives

Evolutionary “Creative Destruction” Joseph Schumpeter

“This process of Creative Destruction is the essential fact about capitalism. It is what capitalism consists in and what every capitalist concern has got to live in….”

Schumpeter's Innovation Definition:

  • introducing new commodities or qualitatively better versions of existing ones;

  • finding new markets;

  • new methods of production and distribution;

  • new sources of production for existing commodities;

  • introducing new forms of economic organisations” (Schumpeter, 1942)


Module teaching objectives

Broad set of Definitions for Innovation:

  • Innovation is the process by which new ideas are successfully exploited to create economic, social and environmental value.BIS (2011) http://www.bis.gov.uk/innovation

  • ‘innovation is the process of successfully bringing something new into use, to a market or community, that satisfies need or latent demand’ (Gurling, 2010, Unit 1)

  • ‘A process starting with an invention or an idea, proceeds with the development of the invention/idea and results in the introduction of a new product, process or service to the market place” (Acs and Audretch, 1998)

  • Companies achieve competitive advantage through acts of innovation. They approach innovation in its broadest sense, including both new technologies & new ways of doing things’ (Michael Porter 2009)

  • At most simple level “Something new of value to the world, made to happen!”


Module teaching objectives

  • Without “new things” appearing in the marketplace:-

  • No stimulus to demand and supply

  • Jeopardises sustainable economic growth

  • Innovation is therefore an essential ingredient to a free-market economy to encourage growth in demand and supply – basic economics

  • Creative tides of destruction destroying old markets and replacing them with new ones


Innovation creates value

Innovation creates value

Types of Value

  • Economic

  • Financial

  • Social

  • Environmental

  • Aesthetic


Module teaching objectives

Innovation is not the same as Creativity

Creativity:The generation of new ideas

Innovation:The successful exploitation of new ideas


Module teaching objectives

Kuhn suggests

“creativity forms something from nothing but that innovation shapes that something into products and services “ (Kuhn, 1985).


Generation of ideas

Generation of ideas

So how do you find ideas?

Discuss then watch video:

Watch Video: Steve Jobs Where do ideas come from?

http://www.youtube.com/watch?v=NugRZGDbPFU


Module teaching objectives

The Creative Thinking Process

Incubation

Knowledge

Accumulation

Creative Process

Ideas

Evaluation

&

Implementation


Module teaching objectives

Individual or team – which is better?

Incubation

Knowledge

Accumulation

Ideas

Evaluation

&

Implementation


Module teaching objectives

  • “Design” links creativity and innovation

  • Shapes ideas to become practical and attractive propositions for users or customers

  • Design may be described as creativity to point to a specific end (Cox review on Creativity in Business: building on the UK’s strength 2005)

Idea/Invention

Design Application

Prototyping

Piloting

Innovation


Module teaching objectives

  • Innovations can be classified (or categorised) in many different ways

  • All to help think about what you can do to achieve successful innovation

  • So.....here are some categorisations ..


Module teaching objectives

Dimensions of innovations space

Transformational

Radical

Incremental

Perceived extent of change

Product Service Process

What is changed

(Tidd, Bessant and Pavitt)


Module teaching objectives

Tidd,Bessant & Pavitt’s: Definition of Innovation

  • Incremental Innovation – small improvements to existing products, services or processes- “do what we do but better”

  • Radical Innovation – Significantly different changes to products, services or processes - “ do what we do differently”

  • Transformational Innovation – Offering something that provides the platform on which other variations and generations can be built. (e.g. The wheel, printing press, internet – one thing, wide impact)


Module teaching objectives

Tidd,Bessant & Pavitt’s: Definition of Innovation

  • Product innovation – change in the things that (products/services) which an organisation offers

  • Process innovation - changes in the ways in which they are created and delivered

  • Position innovation-changes in the context in which the product for services are introduced ( Market)

  • Paradigm innovation which frame what the organisation does ( Strategic / Domain Transformation)


Module teaching objectives

Finnegan's Fish Bar: Video clip applying Bessant & Tidd’s innovation model to a Fish & Chip shop

http://www.managing-innovation.com/vr_finnigans.php

Take note of the innovation examples given, ready to discuss


Module teaching objectives

Innovation: the OECD Definition - 4 types of innovation identified in the Oslo Manual for measuring innovation:

Product Innovation: a good or service that is new or significantly improved.

Process innovation: involves a new or significantly improved production or delivery method

Marketing Innovation: Marketing innovation involves a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing.

Organisational Innovation : Organisational innovation involves introducing a new organisational method in the firm’s business practices, workplace organisation or external relations.

These innovations can be new to the firm/educational institution, new to the market/sector or new to the world


Module teaching objectives

  • Plus...... Service Innovation

  • A new or significantly improved service concept put into practice.

  • e.g. can be a new customer interaction channel, distribution system or a technological concept or a combination of them.

  • Service innovation always includes replicable elements that can be identified & systematically reproduced in other environments.

  • Service innovation benefits both the service producer and customers

  • Competitive edge for the service provider can be based based on some technology or systematic method.


Module teaching objectives

Technical / technological innovation

  • …a mix of physical appliances and human ways of doing things involving:

  • 1.Creating new knowledge

  • Generating technical ideas aimed at new and enhanced products, manufacturing processes and services

  • Developing those ideas into working prototypes; and

  • Transferring them into manufacturing, distribution and use

Sources: Scarborough and Corbin (1992); Roberts, E.B. (1988)


Module teaching objectives

  • Social Innovation – Mulgan and Albury 2003

  • “New ideas that meet unmet needs, social innovations – are all around us.

  • Include Fair trade and restorative justice, hospices and kindergartens, distance learning and traffic calming.

  • Over last two centuries, innumerable social innovations, from cognitive behavioural therapy for prisoners to Wikipedia, have moved from margins to the mainstream.

  • As this has happened, many have passed through the three stages identified by Schopenhauer for any new ‘truth’:

  • ‘First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident” “


Module teaching objectives

Watch and listen: Skoll Foundation Video

An example of a social entrepreneurship starting with - Mohammed Yunus

Nobel Prize Winner Grammeen Bank for microfinance

http://www.youtube.com/watch?v=jk5LI_WcosQ

9 mins


Module teaching objectives

  • So who carries out innovation?

  • Entrepreneurs!

  • Where do we find them?

  • Individuals in independent new ventures – new venture entrepreneurship

  • Working inside organisations – intrapreneurs as individuals or teams

  • Organisational level – corporate entrepreneurship - many different types depending on the organisation characteristics and what needs to be done


Module teaching objectives

  • Peter Drucker on the relationship between Innovation & Entrepreneurship

“Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service. It is capable of being presented as a discipline, capable of being learned, capable of being practiced.”

Drucker 1991 HBR The Discipline of Innovation

32


Module teaching objectives

Innovation & Entrepreneurship

Different sides of the same coin!

Entrepreneurship

Innovation


Module teaching objectives

So what is it entrepreneurs do?

Class Discussion...


Module teaching objectives

Definition of Entrepreneurship: Individual

‘A Human Creative Act that buildssomething of value from practically nothing.

It is the pursuit of opportunityregardless of resources….to hand.

It requiresvision, passion and the commitment to lead others in the pursuit of that vision.

It also takes a willingnessto take calculated risks’

Source: Timmons New Venture Creation 3rd Edition


Module teaching objectives

Individual or Corporate entrepreneurship

‘Entrepreneurship is process by which individuals - either on their own or inside organisations - pursue opportunities without regard to the resources they currently control’

Stevenson, Roberts and Grousebeck 89


Module teaching objectives

Corporate Entrepreneurship Definitions

Sharma and Chrisman 1999

“ a process whereby an individual or a group of individuals in association with an established company, creates a new organisation or instigates renewal or innovation within the current organisation”

Stevenson and Gumpert 1990

“the process of discovering innovative opportunities, evaluating them and managing the innovation process to bring the innovation successfully into use”


Module teaching objectives

Entrepreneurship:

A pattern of management behaviour that produces innovation (individual, group or firm level)

  • Perceives and Identifies innovative opportunities

  • Takes ‘Risk’ in pursuing this opportunity

  • Finds and Gathers scarce resources into appropriate combinations to create an organisation, which delivers innovation and value to customer, founder, investor and stakeholder

  • Continually ‘reaches’ for the necessary resources to solve problems and foster firm growth (Baumol)


Module teaching objectives

Good Idea

Invention

Fitting the entrepreneurial management process onto innovation using Robert’s innovation model

Successful Exploitation and Implementation

INNOVATION

=

+

Entrepreneurial/ Innovation Management Process

INPUTS

Group member

Knowledge, skills, effort

OUTPUTS

adding or creating value

39


Module teaching objectives

Unit 2: Role of Innovation & Entrepreneurship in the Economy


Module teaching objectives

  • Why is entrepreneurship & Innovation so important?

  • Class Discussion

  • National Level

  • Organisation Level

  • Individual Level


Module teaching objectives

  • National Level - The impact of entrepreneurship / new firm starts / innovation on economic performance

  • Number of new enterprises linked to overall GDP performance ( Link of TEA / global entrepreneurship monitor to economic performance / OECD Audretsch & Thurik

  • I.e. positive effect of start-ups on economic growth.

  • In Developed Economies

  • Industry structure is generally shifting towards an increased role for small enterprises.

  • Extent and timing of this shift not identical across countries.

  • Shift in industry structures towards a greater role for SMEs heterogeneous / shaped by country-specific factors.


Module teaching objectives

UK “Innovation Nation” White Paper Mar. 2008

“Innovation is essential to the UK’s future economic prosperity and quality of life. To raise productivity, meet the challenges of globalisation and to live within our environmental and demographic limits, the UK must excel at all types of innovation.”

UK Coalition Government 2011

Innovation is the process by which new ideas are successfully exploited to create economic, social and environmental value. http://www.bis.gov.uk/innovation 2011


Module teaching objectives

Organisational level

Why innovate? EU Commission considers http://ec.europa.eu/enterprise/sme/innovation_en.htm#

“Innovation is now widely understood to be the driving force in economic growth. ( Addition CG- in a free market economy)

It is new products and services, and new methods for making or delivering them which add value to our economy, and enable us to improve standards of living.

SMEs are responsible for much of the innovation which leads to new higher value products and services (even if ultimately larger firms may take on production and mass marketing of such innovations), and so the European Commission seeks to promote innovation to SME’s and all organisations across Europe”


Module teaching objectives

OECD Fostering Entrepreneurship

  • Entrepreneurship & firm creation long been recognised as a vital force driving innovation.

  • With globalization & co-incident shift towards a knowledge-based economy, link between entrepreneurship policy & innovation received renewed attention.

  • By underpinning firm creation & firm expansion, entrepreneurship policies strengthen innovation, increasing productivity in the enterprise sector.

  • In return, policies fostering innovation will tend to spur firm creation as the results of R&D are commercialized.


Module teaching objectives

Individual level: The Organisation for Economic Co-Operation and Development

Towards an Enterprising Culture. (OECD (1989)

-

  • "An enterprising individual has a positive, flexible & adaptive disposition to change, seeing it as normal and as an opportunity rather than a problem.

  • To see change in this way, an enterprising individual has a security born of self-confidence, & is at ease when dealing with insecurity, risks & the unknown.

  • An enterprising individual has the capacity to initiate creative ideas & develop them into action in a determined manner.

  • An enterprising individual is able, even anxious to take responsibility, is an effective communicator, negotiator, influencer, planner & organiser. An enterprising individual is active, confident and purposeful — not uncertain & dependent“


Module teaching objectives

Reasons for intense focus on Innovation

  • Economic renewal / rejuvenation within the business environment (see J. Schumpeter, 1934) and enterprise

  • Response to accelerating pace of technological change, shorter life cycles, globalisation of markets(Krondatiev Waves) (Tidd, Bessant & Pavitt)

  • Value Creation and Competitive Advantage for those able to mobilize knowledge , technological skills and experience to create new products processes and services (Barney 91)

  • Socio - political cohesion improvement in communities as a means of furthering economic development through the third sector (Mort, Weerawardena & Carnegie 2003)


Module teaching objectives

CG Adapted Innovation and E’ship Management Model: Bessant and Tidd 2nd Ed 2011

Strategic Vision and direction

Recognise opportunity

Find Resources

Develop Venture by picking and deploying resources

Create Value

Entrepreneurial

Goals and Innovation Context

Learning


Dyson case study see electronic manual p 8 unit 1

Dyson Case Study: see electronic manual p 8 Unit 1

  • http://www.dyson.co.uk/about/story/

  • http://news.bbc.co.uk/1/hi/business/1802155.stm

  • http://news.bbc.co.uk/1/hi/uk/3046791.stm

    View, Read and Discuss


Module teaching objectives

Dyson Case Study: see electronic manual p 8 Unit 1

  • Where do ideas come from within the company?

  • How does the company encourage

    • Opportunity selection

    • Innovation development

    • Successful implementation ie the management process adopted

  • What barriers did he face in introducing the Dyson vacuum cleaner?

  • Is Dyson an entrepreneur? Why?


  • Your organisation task before next time

    Your Organisation: Task before next time

    • Ask around amongst your colleagues at work and find out what “new things” have been introduced in the past.

    • It is very easy to forget that the things that surround you were once probably new?

      • Eg zips, trainers, biros, plastic bottles....the same has probably been happening in your work context...

      • Try and identify their categories using the previous slide labelled Dimensions of Innovation Space

      • Any people around who consistently “ make new things happen? Could you categorise them as having an entrepreneurial approach through successfully introducing innovation?


    Module teaching objectives

    CG Adapted Innovation and E’ship Management Model: Bessant and Tidd 2nd Ed 2011

    Strategic Vision and direction

    Recognise opportunity

    Find Resources

    Develop Venture by picking and deploying resources

    Create Value

    Entrepreneurial

    Goals and Innovation Context

    Learning


    Dyson case study see electronic manual p 8 unit 11

    Dyson Case Study: see electronic manual p 8 Unit 1

    • http://www.dyson.co.uk/about/story/

    • http://news.bbc.co.uk/1/hi/uk/3046791.stm

    • http://www.youtube.com/watch?v=vjD69XIv0xs

      (4min)

      View, Read and Discuss


    Module teaching objectives

    Dyson Case Study: see electronic manual p 8 Unit 1

    • Where do ideas come from within the company?

    • How does the company encourage

      • Opportunity selection

      • Innovation development

      • Successful implementation ie the management process adopted

  • What barriers did he face in introducing the Dyson vacuum cleaner?

  • Is Dyson an entrepreneur? Why?


  • Exercise if time in 3s 10min

    Exercise (if time) - in 3s. 10min.

    • Discuss your own organisations and/or sector.

    • What innovations can you think of within them?

      • Some may be quite old

      • Are they innovations created by your organisation or innovations that you use?

    • What type are they?

      • process, service, product?

      • incremental, radical?


    Your organisation task before next time1

    Your Organisation: Task before next time

    • Ask around amongst your colleagues at work and find out what “new things” have been introduced in the past.

    • It is very easy to forget that the things that surround you were once probably new?

      • Eg zips, trainers, biros, plastic bottles....the same has probably been happening in your work context...

      • Try and identify their categories using the previous slide labelled Dimensions of Innovation Space

      • Any people around who consistently “ make new things happen?” Could you categorise them as having an entrepreneurial approach through successfully introducing innovation?


    Your organisation task throughout module

    Your Organisation: Task throughout module

    • Can you think of any nagging work problems or opportunities that need action?

    • Start to think, and jot down ,ideas for solving these problems or taking advantage of the opportunity.

    • Can you get a few colleagues together, or suggest it as a subject for a work meeting?

    • We will look further at prompting ideas and creativity on Sat 3rd March.


    Module teaching objectives

    Contributions to Study of Entrepreneurship

    EFFECTS

    What?

    Economics

    Function by which growth in the economy is achieved

    CAUSES

    Why?

    Psychology

    Sociology

    Importance of the individual culture and community

    BEHAVIOUR

    How?

    Management

    How to achieve entrepreneurial behaviour and outcomes

    (Derived from Stevenson and JarilloSMJ 1990)


    Module teaching objectives

    What Characteristics do you associate with an Entrepreneur?


    Module teaching objectives

    The Entrepreneur… (from Southon & West, 2002)

    Entrepreneurs are:

    charismatic

    confident

    obsessed with work

    ambitious

    in a hurry

    arrogant

    manipulative

    impatient at times

    high in energy

    poor completers


    Module teaching objectives

    • Psychology: The Causes

    • Why do people behave as entrepreneurs?

    • Why do we want to know?

    • Picking the right people / economic growth

    • Psychological approach: Understanding the entrepreneurial personality

      • Personality Traits (Hisrich & O’Brien 82, Chell 91)

      • Cognitive Theories of Behaviour

    • Socio-cultural:

      • Environmentally contingent


    Module teaching objectives

    Personality Trait Approach:

    Internal Characteristics which explain Behaviour ? -

    Internal Locus of Control (Miller & Freisen 84)

    • Need for Achievement (McCelland 61)

    • Desire for Autonomy (McCelland 61)

    • Tolerance of Ambiguity and Uncertainty (Schere 82)

    • Risk Taking /Overoptimistic (Begley & Boyd 87)

    • Financial motivation?


    Module teaching objectives

    Watch and listen: Skoll Foundation Video

    An example of a social entrepreneurship starting with - Mohammed Yunus

    Nobel Prize Winner Grammeen Bank for microfinance

    http://www.youtube.com/watch?v=jk5LI_WcosQ

    9 mins


    Module teaching objectives

    Problems with the Trait approach

    • Little predictive power: no guarantee of entrepreneurial performance

    • Personality traits change over time

    • Ignores influence and interaction with the Environment: Social and Cultural, Nature and nurture debate

    • Difficulty in distinguishing the innate from learnt patterns of behaviour


    Module teaching objectives

    Socio-cultural Approach

    Environment acts as stimulus

    • Geographic and Demographic Factors (Urban / Rural, Location / Cluster effect, Age Profile etc)

    • Economic Factors (Economic Climate, Legislative Environment, Specific Govt Assistance Schemes)

    • Social Factors (Class,Gender, Education, Family antecedents, Experience, Cultural background)

    • Market / Technology Development Environment acts as stimulus


    Module teaching objectives

    Personality traits + Environmental Factors + Individual Attitudes & Motivation + Learning = Behaviour

    Cognitive Theories:Entrepreneurial Behaviour Models

    Behaviour modified by interaction with the environment


    Module teaching objectives

    Management approach

    A pattern of management behaviour that produces innovation (individual, group or firm level)

    • Perceives and Identifies innovative opportunities

    • Takes ‘Risk’ in pursuing this opportunity (link to self-confidence)

    • Finds and Gathers scarce resources into appropriate combinations to produce an organisation to deliver that innovation(s)

    • Continually ‘reaches’ for the necessary resources to solve problems and foster firm growth (Baumol)

    • Decision-making based on bias and heuristics; networking; opportunism


    Module teaching objectives

    • Sharon Wright - Magnamol

    • Where did Sharon get the idea?

    • Which roles is Sharon currently fulfilling and what does she want from the Dragon/ Dragon to fund?

    • What risks has/ is she taking? (you may have to infer). What do you think spurred her on to take the risks?

    • What resources is Sharon using currently?

    • What characteristics does Sharon have that have helped her succeed, and so impressed the Dragons?


    Module teaching objectives

    CG Adapted Innovation and E’ship Management Model: Bessant and Tidd 2nd Ed 2011

    Strategic Vision and direction

    Recognise opportunity

    Find Resources

    Develop Venture by picking and deploying resources

    Create Value

    Entrepreneurial

    Goals and Innovation Context

    Learning


    Module teaching objectives

    Entrepreneurial Management Style (after Stevenson & Gumpert , 1989)

    ‘PROMOTOR’‘TRUSTEE’

    ‘Entrepreneurial’‘Administrative’

    ProactiveDisinclined to change

    Tolerant of uncertainty and ambiguityGuards resources

    Able to make incremental changes in Interested in maintaining

    response to environmental pressuresthe status quo

    Q: What type of manager is your manger?


    Module teaching objectives

    Which Types is G-tec here of Organisation (Burns and Stalker, 1961)

    • Routines and competencies similar to existing organisations

    • Copied routines

    • Decisions base on ‘rational’ and ‘scientific’ principles

    • Formal planning and budgeting

    • Risk averse resource maximisers

    • Structured heirarchy

    • Competencies and routines significantly different to others

    • Decisions based on cognitive biases and heuristics

    • Incremental change to direction and resource allocation expected.

    • New resource combinations

    • Overconfidence and optimism

    • Resource leveragers; use rather than own

    • Flat organisation structure

    ‘mechanistic reproducer’ ‘organic innovator’

    Where does your organisation sit on this continuum?


    Summary

    Summary

    • Defined innovation & considered types of innovation

    • Considered the importance of innovation for different groups

    • Assessed entrepreneurship from different perspectives.

    • Started to consider entrepreneurial management............more Saturday 10th September


    Module teaching objectives

    Lesson Plans/ Process


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