Innovation Project Management

2Types of Innovation

• Learning Objectives for Project Managers and Innovation Personnel
• To understand the different types of innovation and their characteristics
• To understand that, in some forms of innovation, many team members can be external to the company
• To understand the importance of measuring “value-in-use”

INTRODUCTION

“Innovation is an evolutionary process, so it's not necessary to be radical all the time.”

— Marc Jacobs

“Of the top 10 sources of innovation, employees are the only resource that you can control and access that your competitors cannot. Employees are the one asset you have that can actually be a sustainable competitive advantage.”

— Kaihan Krippendorff

According to Webster's Dictionary, innovation can be defined simply as a “new idea, device or method.” However, innovation is also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs (Maryville 1992) and (Frankelius 2009). This is accomplished through more effective products, processes, services, technologies, or business models that are readily available to satisfy market needs.

From an organizational perspective, innovation may be linked to positive changes in efficiency, productivity, quality, competitiveness, and market share. Research findings highlight the importance of the firm's organizational culture in enabling organizations to translate innovative activities into tangible performance improvements (Salge and Vera 2012 ...