Developing an Innovation Strategy Framework - Essay Example

Singapore Management university Masters of Science Innovation I Core Module MGM 661 By Associate Proof. Adele F. Diana My Definition, understanding and Response of the Lecture Topic & Discussions. Innovation Strategy Development Part 1 &2 When the need of wanting to be different arises, the need to innovate takes a strong hold In one’s mind to bring about new changes that are often challenged in many different styles, manner, methods and modes. To my understanding different types of innovations requires and employs different innovative strategy or strategies.

Which n turn determines the growth phase of the organization and its strategic approach and desired outcome of the innovation. Developing an Innovation Strategy Frame Work The Innovative ideas and strategy plans and developments can only take valuable shape and growth with the right leadership and driving force. Therefore with the discussions developed and generated, I have come to an understanding that successful Innovation strategy Is determined by the true leadership of an Innovative leader with an innovative mindset who wants to achieve success for his organization, employees and himself.

Instead of being comfortable and clustering around a few achieved strategies, a successful innovative leader begins by setting high targets and aspirations for the organization. Followed by recruiting qualified candidates and instilling tremendous positive energy, spirit and enthusiasm in the work environment. Although this may be good, but it is certainly not good enough to stay or sustain the many challenges and surprises that lies ahead in the ever changing and demanding industry Therefore an innovative leader should never be afraid to deconstruct the already In place strategies to develop new Innovative strategies.

Which will enable him to be alert, sensitive and sharp in recognizing emerging issues and to be quick in solving the related problems and concurrently looking out for new opportunities and developments. He knows exactly where his business breakthroughs come from and the specific, precise strategies and skills needed to lead the innovative change to be ahead and to be the leading leader of innovations. To the development and application of innovative strategy by a tremendous innovator of products, people in general cared about and had wanted to own.

Steve Jobs, an innovative entrepreneur who saw the big need for anyone and everyone to use his or her personal computer everyday without feeling uneasy or threatened by the intricacy of technology. Despite failures and nearly going bankrupt in 1996, Steve Jobs displayed innate abilities, talents and the ephemeral but critical qualities of a visionary. His inspiration, passion, imagination, innovative skills, risk-taking guts were certainly the driving force behind the successful innovative strategies he developed and adopted for Apple.

He knew exactly what his customers wanted and will need in he future and was able to spot breakthrough innovations before anyone else did. His relentless pursuit for opportunities to create sustainable value for Apple and to make it happen right has revived apple ambitiously in a large scale to take on a successful innovative path thus defying the laws of economic gravity. Just as how Apple’s slogan says it “Think Different”! Apple has certainly done exactly that by thinking and working differently to stay on and ahead in the rapidly changing technology driven innovations.

The Seven Principles of Break Through Innovations inspired by Steve Jobs who simply Ovid what he did passionately. 1. Think differently about your Career. Put a Dent in the Universe 2. Think differently about your Vision. Kick Start Your Brain. 3. Think differently about how you Think. Sell Dreams, Not Products. 4. Think differently about your Customers. Say No to 1000 Things. 5. Think differently about Design. Create insanely Great Experiences. 6. Think Differently about your Brand Experience. Master the Messages. . Think differently about your Story. Captured from the book The Innovation Secrets of Steve Jobs by Carmine Gala To my understanding, successful growth in companies takes place when Best Practices are adopted and put to good practice and use, through valuable, creative, innovative process as stated below; “The process of innovation involves a series of connections between problems and solutions. It is ignited and energize by ideas but driven by economics. In its natural state the connections are random.

The process can be “managed” by increasing the number of connections and selectively reinforcing those of most value. ” – A Sheehan, University of Minnesota, 1994 To supplement and support my understanding further, I would connect this chart from the lecture file. The Innovation Process (high-level) As such innovative strategic developments form and flow from the analysis of market opportunities and threats, aspirations of its people and the needs and demands of its customers and investors.

When an innovative entrepreneur together with his strategic development team capitalizes upon market opportunities and growth, development and creation of new products, services and businesses, is able to plan and strategies to minimize or even avoid threats. Through the clever alignment of Goals, strategies and tactics which enables the organization to effectively see to the deeds, requirements and satisfaction of both the organization and stakeholders while continuing to provide improved competitive differentiation.

Therefore Innovation Strategy Development is the germination of new novel ideas and brilliant business plans implemented mainly for driving growth and success in all aspects. I consider it as sheer determination of an innovative leader to push forth these goals and objectives to take shape in the most appropriate manner as per the leader’s passion, desired outcome and the organization’s mission, vision, aims, goals and objectives.

The article, The Ravine Eye Hospital, Madeira, India: In Service for Sight, to me, is an example that clearly shows the growth and development of the hospital, through the goals, aspirations, vision, mission and sheer determination of its passionate leader and his team. Through innovative strategic plans the hospital has developed itself to become the world’s greatest compassionate business organization with the clever application and adaptation of these plans, all under one roof by a single organization in multiple areas such as leadership, strategy development, design thinking, customer care/ service and operations.

The brainchild of Dry. Expanding Fundamentals, Ravine Eye Hospital was shockingly created with zero capital, no business plan or any kind of strategy in place. Services were simply made available in any form to cater to the needs of every patients, having one goal in mind, “To give Sight to all”. Despite their shortcomings and limitations, the team of ordinary individuals, worked together to make every impossibility to become a possibility with their uncommon decision-making manner and operational style, which has certainly resulted in remarkable solutions and unending happy stories.

The visionaries’ leadership together with innovative strategy development and plans played a huge role in the success formula. As stated; “When intuitive goodness is pitted against unthinkable odds, it stirs the imagination and awakens possibilities. ” – Captured from the book Infinite Vision by Aviator K. Meta & Structural Sheens were not only observed and followed by it’s founders but were closely monitored, slowly and firmly instilled into every member of the organization that it is possible to perform a mini minor surgery to cure needless blindness caused by cataract.

The treated applied to make every member, feel very belonged to the organization and its vision, worked well as these staff members no longer feel they are doing the Job for the salary but are improving the lives of people and impacting the society meaningfully. Hierarchy of Strategy I Ravine Eye Hospital (My Understanding) Instead of leaving leadership to be handled and managed by the management alone, Dry. Eventualities high-integrity leadership and innovative operational style together with the extended sense of leadership certainly gave Ravine Eye Hospital the cutting edge in leadership and innovation.

The strategy of empowering every Theft member to feel a sense of ownership made each and everyone become responsible and accountable for their work responsibilities. Constant feedback and interaction sessions between the management and staff members built a transparent working relationship. A strategy employed by its leaders that were both positive and successful. The strategy to achieve small goals and by encouraging and empowering that belief in all staff members has made it possible to achieve these small goals easily to make the big vision happen in a Big Way.

The strategy applied to achieve set goals for each and every department was clearly stated in an understandable manner clearly indicating how every staff member should work towards achieving those goals. A clear indication of strategic leadership and development that provided the clarity required for staff members to know how they are to contribute towards achieving the organization’s goals of preventing needless blindness.

An innovation strategy employed by Ravine Eye Hospital, guiding all its staff members on how resources can and are to be used to meet the hospital’s objectives for innovative growth. A good example would be; The hospital’s strategy of empowering its staff members tit the sense of responsible ownership that has made each medical staff or nursing administrator to feel fully responsible for the eye care of an entire village.

Which briefly records the visits made by patients to the vision centers and the number of referrals being made to the main hospital and the number of follow-ups thereafter. Clearly indicating how these Kips impact the awareness of eye care through the extended leadership of staff members leading the organization’s cause to such immense height and success. Which would not have been possible without the innovative mindset of its leader, Dry. Expanding Fundamentals.