Business of Innovation

Innovation is the process whereby new and improved products, processes, materials, and services are developed and transferred to a plant and/or market where they are appropriate. Management of Innovation is a comprehensive approach to managerial problem solving and action based on an integrative problem-solving framework, and an understanding of the linkages among innovation streams, organizational teams, and organization evolution. It is about implementation—managing politics, control, and individual resistance to change.
Goals and benefits of developing the knowledge system may be the ability to help customers with product questions, the ability to share information with constituents in a timely manner, the ability to interact with creative partners to increase innovation capabilities etc.Each of these goals mentioned could help the organizational performance by increasing service to customers, stakeholders and creative partners. Additionally, knowledge systems can provide an avenue for improved communications.
Innovation and Strategic Management should not only be approached from the functional level of the organization, but corporate level as buy-in creates an organization that is forever adapting and changing.
In this discussion the learner will demonstrate their understanding of innovation, which will lead to a more comprehensive approach to how strategic leaders use innovation to create a competitive advantage in their organizations. The attached video is succinct, but provide points that can be extrapolated for one to meet the objective of the study of innovation.

Discussion Instructions
• Use the video on innovation in the discussion description along with your assigned readings this week to understand and synthesize the process of Innovation.
• Write an initial discussion post by answering these questions below:
 In what ways can organizations effectively manage their innovation portfolio to achieve a balance between the need to invest in current products and services (exploitation) with the need to investigate new opportunities and markets (exploration), and what do you feel are the key success factors for implementing this strategy in a dynamic and uncertain business environment?
 How would you use the concepts in the video to innovate in the current business climate?

• Complete Discussion Question by Thursday evening no later than 11:59pm, and respond to at least two classmates by Sunday before 11:59pm est.
• You have to post your discussion before you can see any other replies.
• Use APA (Links to an external site.) formatting
Discussion Question Tips:
• Avoid repeating of explicit information in the text. Formulate answers that can be interpreted through various perspectives.
• Compare, contrast, and look for connections between articles assigned on a given day with each other or with past articles assigned for class.
• Look for gaps in authors’ reasoning or statements that you find problematic.
• Think about the broader issues that the author’s arguments point to. What are the broader implications?
• Look for connections between theoretical pieces assigned and concrete actions that can be taken to put them in practice.
• Consider connections to current event issues.
Make certain that all posts or responses address the question, problem, or situation as presented for discussion. You should extend the topic, but do not stray from the topic. When relevant, add to the discussion by including prior knowledge, work experiences, references, web sites, resources, etc. (giving credit when appropriate).
Discussions occur when there is dialogue; therefore, you need to build upon the posts and responses of other learners to create discussion threads. Contributions to the discussions should be complete and free of grammatical or structural errors.

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