MANAGING INNOVATION IN THE NEW

MILLENNIUM

TEAM MEMBERS
Arjun Dev
Athif Azeez
Basheer
Abu Saleh

Todays business environment is characterized by change and
complexity. Product life cycles are shrinking while consumer
preferences are changing dramatically.
Innovation is a combination of creativity and change
This makes innovation essentially a collaborative process.
Good ideas must be translated into value adding activities for
the business through successful implementation. It is important
to foster a culture of innovation



Before an innovative idea can be exposed to the outside
market, it must demonstrate its value in the companys internal
market.

It is important to foster a culture of innovation. An appropriate
organization culture is needed to ensure that creative ideas thus
generated are translated into value creating activities for the
organization.

Innovation also requires commitment.




The process of innovation must be systematic. In The Metrics
of Innovation

Use of Balanced Score card to ensure that innovation becomes
ingrained in the organizations strategy


COMPANIES THAT WISH TO DIVERSIFY THEIR
BUSINESS AND LAUNCH NEW VENTURES MUST
ENCOURAGE ENTREPRENEURIAL ACTIVITY

How can innovation be turned into value
How to sustain the core business
How to be open to disruptive business
How to create new businesses
How to extract value from investments

Companies that wish to diversify their business and launch new
ventures must encourage entrepreneurial activity.

Separation and integration both serve the cause of profitable
growth, so companies should drive both simultaneously.

Nokia succeeded in achieving the seemingly incompatible
objectives of performance and growth and it also explored a
wide variety of organizational mechanisms.
Managing and targeting innovation to obtain the maximum
benefit for the company is important.

The speed of innovation in any company depends on the
interaction between consumers, the company itself and its
business partners.
INNOVATION TRIANGLE.
Customers
Capabilities
Competitors

These three groups form the innovation triangle. Business is
about creating value in a competitive environment

Customers
Capabilities
Competitors
First, any time two parties contemplate doing business, a transaction will be
consummated if each party anticipates it will be better off as a result.
Buying a new product, offering a new service or changing behavior in some other way
requires an investment of time, money or both.
If one side or the other does not anticipate receiving sufficient benefit from the
investment, there is no incentive to participate. No action takes place in isolation.
DOES INNOVATION SOLVE A PROBLEM THAT NEEDS
TO BE SOLVED? DOES THE INNOVATION PROVIDE
SUFFICIENT VALUE SUCH THAT CUSTOMERS FIND IT
WORTHWHILE TO EMBRACE.
Innovation is not a race where everyone runs the same course.
It is a race where everyone is pursuing totally different objectives
A race where being first doesnt necessarily mean being the winner.
Success requires picking those races a firm is best equipped to win and a disciplined
framework provides a way for firms to make such choices intelligently.


MNCs innovate where there is a need and this has resulted in efforts by MNCs to pursue
the strategy of Glocalisation
Experience of innovation in the home country helps a MNC to test it in unchartered waters
in a host country.

In a likewise manner, the experience of innovation in a host country adds immense value
to the creative strategies of a MNC in a home country.

THANK YOU