Samenvatting innovation management and business modeling

Chapter 1: Innovation Management and New Business Development 1.1 What Are Innovation Management and New Business Development? Innovation management concerns the management of innovation activities. New business development is relatively new, more upcoming field and approaches innovation more from a market perspective and has a strong focus on the creation of markets. Innovation covers the creation of new: - Products - Services - Markets - Business models Innovation Management = ‘The management of the development of new products, processes, services and business models.’ Innovation Management ---> no new markets creation New Business Development ---> no new process creation Typical skills/activities for innovators: - Associating, i.e. connecting ‘seemingly unrelated questions, problems etc. from different fields’. - Questioning, i.e. asking questions about why things are the way they are and challenge status quo. - Observing, i.e. intensively looking at what people are actually doing and not taking the world for granted. - Experimenting, i.e. learning by creating imaginary or real image prototypes of products, services etc. - Networking, i.e. connecting to other people and institutions, internal and external to the firm. - Alertness, i.e. is a condition for detecting opportunities. 1.2 Paradoxes of Innovation Paradox (1): On one hand, innovation activities are characterized by high levels of uncertainty. On the other hand, most innovation activities aim at reducing uncertainty. Innovators generate uncertainty in the front-end phase, while they try to reduce it in the implementation phase. <------ important phases in innovation creation!