The innovation management process consists of three phases: idea development, idea selection, and idea implementation. Organizations develop routines and standard operating procedures to manage their innovation processes. Succesfull routines are maintained and reinforced, while unsuccesfull ones are altered or discarded.
When circumstances change, however, routines that were succesfull in the past may no longer suffice. For example, while Ferrari has a long history building cars with combustion engines, it recently announced that its strategy will revolve around electric engines. Since both type of engines have different mechanical characteristics, Ferrari’s mechanics need to develop new knowledge, skills, and routines.
The idea that organizations need to be able to adapt to changing circumstances
Corporate Entrepreneurship
The Corporate Entrepreneurship Process
Literature
- Garvin, D. A., & Levesque, L. C. (2006). Meeting the challenge of corporate entrepreneurship. Harvard Business Review, 84(10), 102–112.
- Kuratko, D. F., & Covin, J. G. (2021). Corporate entrepreneurship: A research perspective. Oxford Research Encyclopedia of Business and Management.
The Course
This lecture is part of the course Innnovation & Entrepreneurship in Context at the Radboud University Nijmegen. The course is compulsory for students of the Master of Science (MSc) specialization in Innovation and Entrepreneurship.
The course has three lecturers: Caroline Essers, Yvonne van Rossenberg, and me. I gave five lectures on innovation management: