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Chapter 1

Notes from Chapter 1 of Managing Innovation textbook


Department
Business Administration
Course Code
BUS 338
Professor
Anthony Chan
Chapter
1

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Chapter 1: Innovation what it is
and why it matters
1.1 Introduction
Innovation is driven by the ability to see connections, to spot opportunities and to
take advantage of them. But it is not just about opening up new markets it can
also offer new ways of serving established and mature ones.
Technology often plays a key role in enabling radical new options.
Or you can find scope for improvement on an old product, often using old
technologies in new ways.
Innovation is not confined to manufactured products; plenty of examples of growth
through innovation can be found in services.
1.2 Why innovation matters
Competitive advantage is most likely to be with organizations that can mobilize
knowledge and technological skills and experience to create innovation in their
offerings (product/service) iand the ways in which they create and deliver those
offerings.
Innovation matters, not only at the level of the individual enterprise but also
increasingly as the well-spring for national economic growth.
What characterizes successful small/medium sized enterprises (according to
StatsCan)
oInnovation is consistently found to be the most important characteristic
associated with success
oInnovative enterprises typically achieve stronger growth or are more
successful than those that do not innovate
oEnterprises that gain market share and increasing profitability are those
that are innovative
Nature of innovation: it is fundamentally about entrepreneurship
New product development is an important capability because the environment is
constantly changing.
While new products are often seen as the cutting edge of innovation in the
marketplace, process innovation plays just as important a strategic role.
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