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Full Description
Innovation. No other concept is so widely celebrated, yet so secretly dreaded. The reason: innovation requires managing through uncertainty. This is hard for any organization whether private or public, small or large. This book provides a roadmap for those who want to understand and manage innovation in all its aspects. It explains both the "how" and the "why" of innovation - its economic and policy context as well as the techniques by which it can be orchestrated, along with the management systems needed to govern it. Innovation is uniquely presented through both a private-sector (value-creating) and public-sector (mission-fulfilling) lens.
Topics covered in context include modern innovation and creativity techniques such as design thinking and the Lean Startup, the organizational challenges of innovation, as well as innovation project- and portfolio management techniques. Business-model innovation and open innovation complete the picture from the manager's perspective. The private and public financing of R&D, startups, and corporate innovation are presented - contrasting the private and public worlds while explaining how they complement each other. Government innovation policy is discussed in its historical and contemporary context, and the innovation policy toolset is introduced.
Continual innovation is vital for companies and countries to prosper. Readers will learn why innovation must follow technological breakthroughs to raise productivity and economic growth, and how innovation - when done right - can benefit larger society. An explanation for unequal growth - that some companies, regions, and countries are not seeing the full productivity gains promised by modern technology - is explored in the context of technology diffusion.
No previous experience in innovation management, economics or public policy is assumed, and the book moves fast to equip the reader with practical tools and techniques. Innovation for Value and Mission is suitable for an introductory graduate level course, or as a desk reference for experienced practitioners and policymakers. Because it connects multiple topic areas and contains ample additional references, the book is also a great resource for those with expertise in one particular area of innovation who desire to branch out into other areas.
Contents
PART I. A QUICK START TO INNOVATION
Chapter 1. Introduction
The need for innovation in the private and public sectors
Definition and types of innovation
The multi-disciplinary nature of innovation
Course plan options and how to use this book
Chapter 2. Creativity and design thinking
Human creativity and the processes that expand it
Problem statements and sources of insight
Tools for insight and selecting the right model
Introduction to design thinking and lean start-up models
Chapter 3. Big ideas in innovation
Innovation thought leaders from Schumpeter to contemporary
Major schools of thought in innovation
Why innovation is so hard and where the pitfalls are
Synthesis: The 7 Secrets of Innovation Success
Part II. INNOVATION IN CONTEXT
Chapter 4. Understanding technological innovation
The Fourth Industrial Revolution
The nature of technological transformation
The Industrial Internet of Things, smart factories, and smart cities
Advanced analytics, artificial intelligence (AI), and other intelligent systems
Chapter 5. Public policy and the Fourth Industrial Revolution
The race for supremacy in AI
Policy and ethical issues in the use of AI and intelligent systems
Retraining and upskilling the workforce; industry incentives for innovation
Universal Basic Income (UBI) and other policy ideas for the Future of Work
Chapter 6. Prosperity, productivity, and national innovation systems
The changing nature of competitive advantage
The national innovation system
Lessons for advanced economies
Lessons for emerging economies
PART III. INNOVATION MANAGEMENT
Chapter 7. Managing R&D and product development
Technical and business risk management
Timelines and the need for speed - agile development and other methods
Manufacturing and quality systems
Technology strategy and roadmaps
Chapter 8. Innovation management systems
The essential elements of an innovation system
Different strategic and innovation leadership styles
Growth horizons and different types of innovation needed
Innovation stages, process management, and innovation playbook development
Chapter 9. Innovation portfolio management and decision-making
Introduction to innovation and R&D portfolio management
Managing complexity: projects, portfolios, and anticipating chaos
Ensuring portfolio alignment with strategy
Decision-making processes and their flaws - cognitive biases and distortions
PART IV. THE ECOSYSTEM OF INNOVATION
Chapter 10. Innovation in organizations
The social nature of innovation and the different roles people need to play
Dedicated innovation structures and when to use them
Innovation culture, change management, and the role of leadership
How to recognize and scale best practices in organizations
Chapter 11. Open innovation
The role of open innovation and external networks
External collaboration goals and models
Innovation competitions
Additional crowd-sourcing techniques
Chapter 12. Business model innovation
The elements of a business model
Platform innovation
Value proposition stress-testing and business prototyping
Adapting and pivoting like a startup
Chapter 13. Innovating with a purpose
The Triple Bottom Line and other socially responsible approaches
Green innovation and the role of regulation
How private companies innovate for ESG - cases and discussion
How the public sector innovates for sustainability - cases and discussion
PART V. QUICK APPLICATION GUIDES TO INNOVATION
Chapter 14. Aerospace and defense innovation
Regular development processes vs. skunk works
Requirements management, functionality, and technology choices
Introduction to systems engineering
Lifecycle management
Chapter 15. Healthcare innovation
Pharmaceuticals
Medical Devices
Healthcare providers
Healthcare payors
Chapter 16. Fintech and financial industry innovation
The fintech landscape
The battle between start-ups vs. incumbents
Cryptocurrencies and blockchains
Regulation of fintech and cryptocurrencies



