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Fostering Innovation Success: Key Factors and Challenges

Explore the significance of innovation in competing industries, benefits, drawbacks, and reasons for project failures. Identify factors influencing successful innovation initiatives and organizational pioneering. Discover the impact of globalization, differentiation, and shorter life cycles on innovation outcomes.

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Fostering Innovation Success: Key Factors and Challenges

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  1. Discussion Questions September 6, 2012 POSTECH Strategic Management of Information and Technology Laboratory (POSMIT: http://posmit.postech.ac.kr) Dept. of Industrial & Management EngineeringPOSTECH

  2. Discussion Questions (1/4) • Chapter 1. Introduction • Why is innovation so important for firms to compete in many industries? Factors making innovation important • Globalization • Needs for differentiation • Shorter life cycle Innovation enables firms to • Introduce more product and service-variations, enabling better market segmentation and penetration • Improve existing products and services so that they provide better utility to customers • Improve production processes so that products and services can be delivered faster and at better prices

  3. Discussion Questions (2/4) • Chapter 1. Introduction • What are some of the advantages of technological innovation? Disadvantages?

  4. Discussion Questions (3/4) • Chapter 1. Introduction • Why do you think so many innovation projects fail to generate an economic return? • Technical uncertainty • Will the project result in a technically feasible product or service? • Market uncertainty • What features will customer prefer and what will they be willing to pay for them? • Overestimating potential return • Underestimating uncertainty

  5. Discussion Questions (4/4) • Chapter 1. Introduction • What factors do you think enable an organization to pioneer an innovation? • Advanced information technologies (Technical support) • Technology management strategies • Innovative leader • Organization’s culture open to new approaches

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