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Topics Covered
- Value creation
- Key demands of innovation strategy
- The 4Ps of innovation space
- Sustainable advantage
- Creating capability
- Resource development
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Talk Citation
Tidd, J. (2024, January 31). Dimensions of innovation space [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved December 5, 2024, from https://doi.org/10.69645/MTWN6797.Export Citation (RIS)
Publication History
Transcript
Please wait while the transcript is being prepared...
0:00
I'm Joe Tidd and
I'm Professor of
Technology and
Innovation Management at
the Science Policy Research Unit
at the University of Sussex, UK.
0:11
There are three aspects
that we need to manage in
an innovation strategy
that are very
different to a
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 and finally,
how we develop or acquire
the resources and
capabilities to
actually implement
the strategy that
we've developed.
0:34
The second aspect of innovation
strategy is having dealt
with uncertainty and identified
the sources and types,
is to then how do
we respond to those
in terms of the types and
degree of innovation?
0:48
Innovation contributes
to value creation in
a whole number of ways
and if you look at
these household examples: Apple,
Amazon, Netflix, Ryanair,
two things strike you.
One is that they create
value in different ways.
Amazon - it's about things
like choice, price.
In terms of Netflix,
it's availability,
convenience, and scope.
Apple, arguably, it's
an integrated ecosystem
with aesthetic design of
its products and services.
You see that innovation
contributes to value creation
in very different ways,
so that's the first point.
The second point is all of
these examples demonstrate
that there's not one single
way to create value.
Each of these companies
combines different types of
capabilities and resources to
create some unique offering.
1:35
One way of trying to understand
the opportunities for
innovation and how
you create value from innovation
is the idea of innovation space.
This is really a way of
trying to understand
the different options available
in terms of innovating.
The way that we try to think
about it is to break it
down into four
dimensions or aspects.
The first, which is
probably the more
familiar, is
products innovation,
changes in what something does.
When we say product we
include many services,
particularly services that
have some tangible core.
The idea is how do we
change what we offer?
What the client or
the customer values?
That's probably the
most familiar one.
Then we move on to
process innovation,
changes in the way
that we deliver,
create those products
or service offering.
These are often invisible to
the end user unless something
goes horribly wrong.
The idea about process innovation
is to improve quality,
reduce cost, or
potentially to allow you
to do things others can't
do or can't do well.
Process innovation is less
well-managed in most cases.
But it's a very
powerful dimension in
innovation space. And the last
two will be even less
familiar, I guess.
One we call position,
and that's really
about trying to
understand how the context
of the application or
adoption affects the
focal innovation.
For example, you might
have a product or a
technology that's applied,
say, in a military context
or a space context.
You might say how
might we reposition
that focal technology
or innovation
in a consumer market or context?
It's thinking about where
else could you apply
the focal technology to
help to create value?
Finally, paradigm really mops up
the rest, and that's things
like platform innovation,
ecosystems and business models.
It's not just looking at
the focal innovation
but looking at how
the focal innovation
fits in some
sort of system to create
and deliver value.
The idea behind this
innovation space is really
to make you think about
the degrees of freedom,
the options available beyond
simply if you like
product development.