Importance of Innovation and Entrepreneurship
Imagine you are the CEO of an established company facing the threat of a technological discontinuity. What factors would influence your choice from the above strategies to respond to this threat?
1. What role has innovation played in the recent success of Team GB cycling, especially at the 2012 and 2016 Olympics?
2. What is the nature of this innovation, e.g. incremental versus radical? Does the term ‘marginal gains’ really capture this?
3. What types of innovation (giving examples from case) have been mobilised, e.g. product, service, organisational, etc?
4. Where did the ideas from these innovations come from?
The Sinclair C5 is an electric vehicle that had a top speed of 20 km/h when it was released in 1985. Enthusiasts have increased the maximum speed to 200km/h and now race them. How would you describe Sinclair’s innovation strategy in 1985?
A year was a long time in this fast changing market. So why did Amazon think it would be successful with a follower strategy in this market? If they weren’t relying on product innovation, what else do you think they were relying on for success?
Why is innovation and entre/intrapreneurship important to an organisation or an economy?
Nokia, the Finnish mobile phone giant, has struggled in recent years to maintain its market dominance of the last decade.
It is being squeezed at the low-end of the market by stiff price competition from Chinese manufacturers, in the mid-range, by companies such as Samsung and LG who have adopted the Google Android operating system, and at the high-end, by the Apple iPhone, in particular.
Nokia’s new Chief Executive, Stephen Elop, recently described the company as ‘standing on a “burning platform” surrounded by innovative competitors who are grabbing its market share’. In a memo to staff in February 2011, reported by the BBC, Elop noted
Nokia’s strategic response has been dramatic and humbling for such a dominant player. In April 2011, Elop announced that the company was to drop its Symbian operating system in favour of Windows Phone 7.
Radical product innovation has been promised. Whether Nokia has acted too late is yet to be seen, but what this case illustrates is the power of innovation to radically shake up a sector. Watch this space as the next few years are sure to be eventful for both Nokia and the sector!
QUESTION:
Drawing upon the Nokia mini case illustration for inspiration, but referring to your own experience, do you believe it is important for your organisation to be innovative?
Reflecting on your own organisational experience, has your organisation had to defend itself against radical innovation from competitors? If so, how has it responded or how might it have better responded? If not, how might you suggest an organisation respond?
Can you think of other examples of organisations that use innovative ways to differentiate otherwise fairly generic products?
Have there been innovations in the dominant “business” model within the sector in recent years? If not, what scope do you see for innovation in the way in which “business” is currently undertaken by your employer?
How would you describe the innovation strategy of the people who have increased the top speed by a factor of 10?
Imagine you are the CEO of an established company facing the threat of a technological discontinuity. What factors would influence your choice from the above strategies to respond to this threat?
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