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Topics Covered
- Environmental complexity
- Strategy implementation
- Rational planning
- Dealing with uncertainty
- Customers and suppliers
- Entry barriers
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Talk Citation
Tidd, J. (2024, January 31). Crafting an innovation strategy [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved December 8, 2024, from https://doi.org/10.69645/MGGT8115.Export Citation (RIS)
Publication History
Transcript
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0:00
I'm Joe Tidd.
I'm a Professor of Technology
and Innovation Management
at the Science
Policy Research Unit
at the University of Sussex, UK.
This session is
about how we craft
and develop an
innovation strategy.
0:16
There are three aspects
that we need to manage in
an innovation
strategy to be very
different from
conventional strategy.
The first is how we deal with
complexity and uncertainty.
The second is how these
influence the type,
degree, and direction
of innovation.
Finally, how we develop or
acquire the resources and
capabilities to
actually implement
the strategy that
we've developed.
0:40
The first of these is to
deal with uncertainty.
This is the biggest
difference between
conventional strategy
and innovation strategy.
0:49
In conventional strategy, we
simply have an idea
of rational planning,
where we tend to
focus on competitors.
Who are our competitors?
How do we beat them?
What are they doing?
How we copy them in terms
of products and services?
However, in terms of
innovation strategy,
we focus much more on the
opportunities presented,
rather than simply looking at
emulating our competitors.
We don't try to define
ourselves in terms of
broad things like information
management or energy.
Rather we try to understand
what our capabilities are.
What we try to do is match
our strategic objectives with
what our internal
capabilities are.
Finally, we need to build
in complexity uncertainty,
rather than assume these away,
as we do in rational planning.
1:36
By focusing on opportunities,
we realize that we can
actually overcome many of
the conventional
constraints of strategy.
For example, you may
be familiar with
Michael Porter's Five
Forces framework.
This has several aspects,
it looks at competition,
new entrants,
substitutes, customers
and suppliers.
There's lots of nice
diagrams that present that,
but what we're arguing is,
in terms of innovation strategy,
that each of these
five so-called forces
can be overwhelmed.
For example, when competitors,
we may have new entrants,
we may have industry definitions
might change. In terms
of new entrants,
there might be
regulatory changes which
would change the
barriers to entry.
We saw that recently,
for example,
with the definition of
employment with Uber.
In terms of substitutes,
we tend to look only at
similar products and
services in which we compete
in existing markets,
but if we think about
innovation strategy,
we have a much broader range
of potential products
and services.
We need to have a
much broader view
of innovation strategy,
who our competitors are,
who our rivals are, who
the new entrants might be,
and therefore who our
customers and suppliers are.
All five of these forces are
challenged when we think in
terms of innovation strategy.