Technology: Technology
includes all the tools and ideas available for extending the natural and mental
reach of humankind. Technology is facilitating the evolution of the information
age. Information has become a valuable strategic resource for gaining competitive
advantage.
The innovation process is
the systematic and practical application of a new idea.
Steps in the Innovation Process
Conceptualization: When a new idea occurs to someone
Product technology: Creation of a working prototype
Production technology: Development of a profitable production process
Innovation Lag:
The time
it takes a new product to be translated into satisfied demand.
Shortening Innovation Lag:
Goal setting: Creating a
sense of urgency and purpose
Empowerment: Pushing decision-making
authority down to the level of the decision
Concurrent engineering:
Using a team approach to product design involving specialists from all
functional areas including research, production, and marketing.
Science Fiction Is
Becoming Reality with Seven New Technologies
Three-Step Innovation
Process
Promoting Innovation Through Intrapreneurship
Intrapreneurship : An
employee who takes personal responsibility for pushing an innovative idea
through a large organization.
Fostering Intrapreneurship
Focus on results and teamwork
Reward innovation and risk taking
Tolerate and learn from mistakes
Remain flexible and change-oriented
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