Innovation Management,Skills & Its Areas of innovation

1. What is Innovation management?

  • Innovation- It is the generation of new idea, device or process that is always ahead of other things and resides out of the box. Innovation is also described as the implementation of better solutions that meet new requirements or existing market needs. This is achieved through more effective products, processes, or ideas that are readily available to markets.

  • Innovation management- It is the process of managing innovation. It can be both product and organizational innovation. Innovation management consists of different set of tools that allow managers to cooperate with a common understanding of processes and goals.

2. Efficient way to learn innovation skills

  • Required Resources -To learn innovation skills there are various things like online learning, coaching, knowledge sharing,Online Training, tools, resources which require time, efforts & money.

  • Efficient way of learning -However one of the efficient method to learn innovation skills is Online learning process which include all these things together and saves time & is cost efficient.

3. Importance of Innovation in Business

  • Helps to understand why traditional business models are no longer reliable in today’s business context.

  • Helps to craft better business strategy & planning

  • Make your innovation management skills and strategic thinking more effective.

  • Helps to take bigger chances without incurring huge risk.

  • Improve personal ideation & hunting skills.

  • Develop leadership insights among personals.

4. How innovation help succeed companies

  • Enhance capabilities for organizations to create innovative products.

  • Increases innovation skills of employees in a time and cost effective way.

  • Develops a systematic approach to go forward with better ideas.

  • Helps to build sustainable innovation management capabilities for organizations.

  • Innovation processes helps to fulfill business targets.

  • It’s a sustainable Innovation Solutions through online learning.

  1. Important areas of innovation

    There are Six major areas of innovation which can be achieved through online learning innovation programs, tools & resources. All these major areas of innovation are mentioned below:-

  • Knowing how to identify and sort ideas.

  • What are the available channels, tools and resources.

  • Business plan elements – to ensure the idea can get a proper evaluation.

  • Stakeholder buy-in – to prevent premature death of ideas.

  • Development planning – the next step after the business plan.

  • Building inter-personal relationships.

Top 10 Masters in Innovation Management Worldwide

The Top 10 of best master programs that are entirely dedicated to innovation management. The ranking shows that France is strongly represented with 4 programs. English taught programs can be found in The Netherlands, China, Denmark and Spain.

1. MSc in Management of Innovation, Rotterdam School of Management, Erasmus University (Rotterdam, the Netherlands)

This one year, full-time programme (taught in English) at one of Europe’s top ten Business Schools is for recent bachelor graduates with a solid background in business administration, economics, science & business, engineering or industrial design and the ambition to become expert in innovation management. In this programme you will explore how organisations can gain competitive advantage through innovation by turning good ideas into a commercial success. Innovations may concern new products, services, processes and business models. Students gain an in-depth knowledge of innovation and innovation management by integrating the latest commercial, social, financial, technical and legal dimensions needed to turn innovative ideas into success.

2. MSc Management de la Technologie et de l’Innovation, EMLYON Business School (Lyon, France)

This one year program (taught in French) has recognized that innovation has become a major issue and a priority for companies facing globalizing markets. Companies eagerly seek managers who know how to implement innovation in all its forms to create true value. Constantly reviewed in the light of current issues in business innovation, this Specialized Master transforms its participants to real managers of innovation.

3. MSc in Innovation, Universidad Adolfo Ibanez (Santiago, Chile)

This Spanish taught master in Santiago, Chile has the objective to provide students with thorough knowledge of theories of innovation in all aspects, acquiring analytical models and implementation strategies based on a critical evaluation of a number of emblematic examples of innovations, some successful and others failed, at both the national and international level. Also, the program aims to develop skills that lead to successful innovation processes and improvements in the competitiveness of a company, based on the development of a innovation supportive culture. The program also aims to develop the creative skills of the students and ability to organize equipment and processes that are necessary to successfully innovate in any production system.

4. Management de la Technologie et de l’Innovation , Université Paris-Dauphine (Paris, France)

This master aims to train senior executives in the field of technology management and innovation. Engineers, scientists, managers and economists are those that will be able to promote firms’ ability to develop products, services and innovative processes. With its variety of academic and commercial partners and powerful alumni network, this master is a major training program in innovation management.

5. MBA in Innovation Management, State University of Management (Moscow, Russia)

The State University of Management is the leading Russian university in the field of management education. The main educational programs of higher education at the university are implemented in four forms: full-time, part-time (evening), distance studies and external studies. Today SUM is the also the largest Russian management university with over then 15.000 students in 17 bachelor, 8 master directions, 24 specialties and 55 specializations. There are 20 directions of postgraduate study with more than 800 students. Every year about 1500 specialists and business managers take a professional development course. SUM is a member of many international organizations and associations as The International Association of Universities (IAU), European Foundation for Management Development (EFMD), Central and East European Management Development Association.

6. MS Management de l’Innovation Technologique, Toulouse Business School (Toulouse, France)

This master programme (taught in French) aims to give participants the tools to operate within a technologically innovative business environment, international settings, and anticipate major changes. Students also learn to ignite strategy oriented creativity, identify the exploitation of new ideas and the opportunities of technical inventions to extract maximum value from markets and develop economically viable and sustainable activities. Also, students are trained in decision making, strategy development, technological innovation project management, and change management. Students develop leadership skills, negotiation skills, and collaborative skills within multicultural multidisciplinary teams. Eventually, students acquire the knowledge and expertise to be a manager, developer of innovative activity or designer.

7. MS Management Techologique et Innovation, Grenoble École de Management (Grenoble, France)

The objective of this Specialized Master is to enable students (in French) to build their professional profile and build their own network in order to facilitate subsequent entry into the job market. In this sense, its education is an approach based on “learning by doing”, which implies a systematic and practical application of the courses taught. It thus the program is strongly linked to outside parties, has presence in business life, uses case studies and tutored assignments conducted at the request of companies (e.g., on innovative project marketing, strategic analysis, business plans, technology, etc.)

8. MBA in Technology and Innovation Management, National Chengchi University (Taipei, Taiwan)

The Graduate institute of Technology & Innovation Management (TIM) in the college of commerce at National Chengchi University was founded in 1994. The MBA is taught in English and concentrates on 3 fields. These are basic business, basic management, and professional technology management. Professional technology management is further divided into four subfields, including technology management, innovation management, high-tech business strategies, as well as technological environment and policies.

9. MSc in Economics and Business Administration – Innovation Management, Aarhus University (Aarhus, Denmark)

This programme (English taught) creates a unique opportunity to experience the challenges throughout the new product development process and to develop a mutual understanding about the rationales on the technology as well as on the business management side. There is a broad empirical basis that such a mutual understanding is a key prerequisite for successful cooperation between R&D and marketing and ultimately for innovation success. The aim of the programme is therefore to enhance students’ understandings about strategies, structures, processes, people and cultures to develop successful innovations and to enhance the innovative capability of firms.

10. MBI – Master in Business Innovation, Deusto Business School (Bilbao, Spain)

This English taught program has the objectives to enable students to: promote the search for new business opportunities; improve the development, implementation and commercialization of strategic ideas; create a culture that fosters innovation and entrepreneurship within organizations; facilitate the integration of I+D+i activities and production/final service activities; experience innovation in practice through the Applied Innovation Project; develop themselves as a leader to transform the organisation´s ability to innovate.

Should I Talk About My Co-creation Partners?

Contemporary academic and practitioner thought no longer view firms as closed entities that transform inputs into outputs to create value. Instead, firms co-create value by interacting with consumers and other types of stakeholders during the innovation process (Mahr, Lievens and Blazevic, 2014). For example, Heineken engages consumers, professional designers, and internal Heineken employees to co-create a new club space, with the rationale that these seemingly unrelated, diverse stakeholders would combine their resources and produce creative outcomes.

Emerging research on consumers’ reactions to co-created products has mainly investigated how the average consumer reacts when he or she knows that a product is the result of co-creation activities between a firm and other consumers. In the context of co-creation with one stakeholder type, initial results of recent studies confirm the assumption that such information influences consumer attitudes. This influence can be positive as well as negative. For example, Schreier, Fuchs and Dahl, (2012) find that consumers are more likely to purchase breakfast cereals and T-shirts if they are aware that these products have been designed with users. Conversely, Fuchs, Prandelli, Schreier and Dahl, (2013) find that when luxury items are labeled as designed with consumers, consumers are less likely to buy these products.

However, firms have increasingly started to include multiple stakeholders during the innovation process. For example, Carlsberg recently announced a collaboration with customers, suppliers and other stakeholders to advance sustainable packaging. Given this increased involvement of multiple, diverse stakeholders during the innovation process, insights regarding the impact of communication about stakeholder co-creation on consumer adoption of new products is highly relevant (MSI, 2014). Therefore, we wanted to investigate whether consumers also value stakeholder co-creation, and to what extent they value stakeholder co-creation more than consumer co-creation or internal development of new products.

Additionally, we aimed to explore the underlying mechanism that would drive such potential higher valuations for stakeholder co-created products. Do consumers think stakeholder co-created products are of better quality? Or do they think the firm brings in additional competences by collaborating with multiple stakeholders? Or both?

Furthermore, we were interested in whether adding more parties to the innovation process, or more diverse parties mattered for the consumers. Therefore, we studied the impact of stakeholder composition according to the number and diversity of stakeholders involved. This article gives a short overview of the main results and implications of this study, which is currently under revision in an academic journal. Initial results of a first study are available in (Kazadi, Lievens and Mahr, 2014).

The Study

We conducted two experiments with a total of 394 participants, where we exposed consumers to an artificial press article describing the launch of a new product. In the first paragraph of each press article, we provided information about the product’s development process, such that the text stated the product was developed internally, with consumers, or with various stakeholders. Each consumer only saw one type of article, which allows us to compare across groups and see where we find differences in willingness to pay. The products we used were a new type of olive oil (low complexity) and a laptop (high complexity). All other information in the article remained constant.

Next, participants completed a questionnaire that captured their attitudes towards the product they were shown, and how much they were willing to pay for it. To measure consumers’ willingness to pay, we asked each participant how much he or she would be willing to pay for the product shown (Homburg, Koschate and Hoyer, 2005). By standardizing these numbers, we ensured that we could compare them across product categories.

We find that overall, consumers are willing to pay more for products co-created with multiple stakeholders than internally developed products. Interesting however, the higher valuation is even more pronounced for complex products, as opposed for non-complex products.

When examining the potential underlying mechanism, we find that consumers’ appreciation for stakeholder-co-created products is driven by their positive perceptions of the producer’s “innovative capability”, rather than positive perceptions about the product’s quality itself. This implies that consumers see a firm, that includes multiple stakeholders during the innovation process, as more competent in creating new products.

Furthermore, our study shows that consumers have a higher appreciation for diversity in the stakeholders involved in innovation management, than a higher number of a particular type of stakeholder involved in the development process of a product. It seems that consumers value the combination of different competences higher than bringing in more of the same type of competences.

Implications for managers

For managers, our study results suggests that if they decide to open their innovation process and engage in co-creation, they should seek advantages beyond simply improved innovation processes. Co-creation—and for complex products, mostly stakeholder co-creation—has a unique effect on adoption of new products. Our results indicate that consumers will pay premiums of up to 33% if they realize that a laptop has been co-created with multiple stakeholders. Therefore, communicating, not only about a product’s characteristics, but about the external parties involved during the innovation process thus is beneficial.

Moreover, managers should explicitly communicate about the different types of stakeholders involved during the innovation process and, if possible, stress their diversity. For example, a video campaign that explicates how a product was developed, as it is often the case for complex products such as cars or computers, may stress the different external stakeholders involved in the process.

The effect of stakeholder co-creation on consumers’ adoption of new products, stems from consumers’ positive perceptions of the collaborative innovation capability of the firm. Thus, consumers’ increased likelihood of adopting the new product might not be limited to a specific product in question. If it spills over to the firm’s or brand’s other products, firms have a powerful incentive to engage in and communicate about stakeholder co-creation projects.

For advertisers, our study confirms the somewhat counterintuitive finding that advertisers may consider focusing on the process of developing a product rather than the resulting product. This may be done by including facts about the innovation process in display- or video advertising. For example, Apple has launched many of its recent products with a video explaining the innovation process and resulting benefits. One recommendation resulting from our study might be to include information about the various parties involved during the innovation process, and how they collaborated throughout the process, in such videos.