L4 revision: ITOD Innovation Processes

What are the four main types of firms identified in the innovation process?

• Startups, Established firms, Research institutions, Government agencies

• Startups, Established firms, Research institutions, schools

• Freelancers

• Non-profit organizations

Describe the basic process of innovation.

• The basic process of innovation includes identifying a problem, generating ideas, developing prototypes, testing, and implementing.

• Identifying a solution, generating problems, developing ideas, testing, and implementing.

• Implementing a product, generating feedback, developing ideas, and identifying a problem.

• Generating ideas, developing prototypes, identifying a problem, and marketing.

How have innovation models evolved over time?

• Innovation models only focus on technology-driven approaches.

• Innovation models are exclusively based on government policies.

• Innovation models have evolved from linear to interactive and collaborative approaches, including close and government-driven innovation.

• Innovation models have evolved from linear to interactive and collaborative approaches, including open and user-driven innovation.

What is meant by 'dynamic capability' in an innovative organization?

• Dynamic capability is the ability of an organization to adapt and innovate in response to changing environments.

• Dynamic capability refers to the financial resources of an organization.

• Dynamic capability is the ability to maintain the status quo in a stable environment.

• Dynamic capability means having a rigid structure that resists change.

List some key elements needed for an innovative organization.

• Emphasis on uniformity and sameness

• Strict hierarchy with no collaboration

• Key elements include a culture of innovation, supportive leadership, diverse talent, and a flexible organizational structure.

• Key elements include a culture of invention, supportive leadership, diverse talent, and an inflexible organizational process.

What does it mean for a firm to be 'unaware/unconscious' in terms of innovation?

• The firm is leading in market innovation trends.

• It means the firm is really recognizing or leveraging opportunities for innovation.

• It means the firm is not recognizing or leveraging opportunities for innovation.

• The firm is fully aware of its innovation capabilities.

How does a reactive firm differ from a strategic firm in innovation?

• A reactive firm responds to external pressures for innovation, while a strategic firm proactively seeks and plans for innovation.

• A reactive firm is numb to external pressures for innovation, while a strategic firm randomly seeks and plans for innovation.

• A reactive firm is always more innovative than a strategic firm.

• Both firms have the same approach to innovation and planning.

What role do competencies play in fostering innovation?

• Competencies are solely focused on technical skills and do not impact innovation.

• Competencies hinder creativity by enforcing strict guidelines.

• Competencies enable individuals and teams to generate ideas and indulge freely in altercations.

• Competencies enable individuals and teams to generate ideas and implement innovative solutions.

Explain the significance of continuity/routines in an innovative organization.

• Continuity disrupts creativity and innovation.

• Continuity and routines foster stability, trust, and misalignment in innovative organizations, enabling unsustained creativity and ineffective experimentation.

• Continuity and routines foster stability, trust, and alignment in innovative organizations, enabling sustained creativity and effective experimentation.

• Routines limit collaboration and flexibility.

Why is the ability to innovate important for organizations?

• Innovation is only necessary for large corporations.

• Innovation is irrelevant in stable markets.

• Innovation is fun for organizations to tryout but also help companies remain competitive and responsive to market trends.

• Innovation is crucial for organizations to remain competitive and responsive to market changes.