MGMT10002 Lecture Notes - Lecture 5: Open Innovation, Absolution, Ambidexterity

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Managing innovation and change lecture 5
o Exploitation vs Exploration
Challenge: trade-off the pursuit of efficiency and effectiveness against the
need for change and renewal
Exploitation: incremental innovation, exploiting core competencies and
opportunities
Exploration: radical innovation
Exploration
o Future viability: over exploitation trap organisations in suboptimal equilibria and
leave them incapable of adapting. Exploration is critical to ensuring future viability.
o Agile organisation: the capability to adapt and change in response to environment
o Creative 1individuals and adaptability/innovation culture
Creative culture: collaboration, playfulness, risk taking
Creative teams: encourage encounters between people from different ranks
and departments, share the credit for ideas
Creativity require: psychological safety, embrace mistakes, personality and
relaxed environment.
Creative org: resources allocated to creative personnel and protects without
immediate pay off. Rewards innovation, absolution of peripheral
responsibility, freedom to choose and loose , playful, lots of open discussion,
teamwork and criticism, open channels of communication, decentralised,
overlapping territories, encourage to challenge their boss.
o Internal structures for exploration
Cross-functional new product development teams
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