Managing Innovation Summary Paper

Managing Innovation Summary Paper

Team B – Antoinette Lowery, Chad Martin, Christina Owens & Mike Walker

September 9, 2015

MGT/411

Carter Dyson

Managing Innovation Summary

As a team, we have reviewed the list of characteristics to managing innovation. The Management of Technology and Innovation Ranking system had six factors that stood out to us the most. They are as followed: A set of realistic expectations and creating goals, Extensive Boundary-spanning, Clear direction to studies, Periodic reviews informal proposals, Separate funds for innovation, and Supportive atmosphere. These characteristics are based off the most important to least important levels of the innovation process. As you read you will see the innovation characteristics and descriptions of each one, as well as our reason for choosing the order of importance.

Characteristics

• Sets of realistic expectations speak to creating goals that are attainable. If your goals or expectations are too high, you will encounter too many obstacles in obtaining them. If they are too low, you will sell yourself short.
•  Extensive boundary- spanning activities to learn from others and to gain an understanding of what others are doing involves stepping out of your comfort zone and seeking information and advice from others in your industry or similar ones. In most cases, competitors and fellow entrepreneurs have been where you are and dealt with similar circumstances. They may hold valuable information that could be very beneficial to your organization.
• Clear direction on studies to be done and follow-ups that are expected involves researching useful information that provides clear direction for research that needs to be done concerning innovation. Frequent follow-ups are also pertinent to your organization’s continued success.
• Periodic reviews of informal proposals by a group outside a line of management that involves creating a group that is not directly linked to management that is tasked with performing periodic reviews of any informal proposals submitted.
• Separate funds for innovation involve creating a budget that is allotted solely for innovation purposes within your overall budget.
• The supportive atmosphere for “debugging” and exploring variations as well as appropriate resources for maintenance and service involves educating employees on the importance of innovation which will lead to a more supportive atmosphere. Such actions will aide in finding errors and alternative solutions. Also, ensuring the appropriate resources for maintenance and service is imperative.

We as a team collectively approached this assignment with excitement and uncertainty.

Despite the excitement from all of us not knowing what each member of the team was thinking and why for this assignment. After collectively brainstorming, debating, and expressing our opinion of the six topics we agreed and listed them in the order above. We all still somewhat agree the order can be moved around to fit different situations. However, everyone’s opinion was taking into consideration, respected and what is listed is mutually agreed upon by the team.