MGMT20144 - Innovation Presentation: Business Development Strategy

This presentation focuses on innovation as a key strategy for businesses to thrive in competitive markets. It covers Hamel and Välikangas' theory of innovation at three levels: resilience, renewal, and revolution, emphasizing that innovation drives structural change. The presentation also contrasts Chesbrough's concepts of closed innovation, where internal and external ideas are commercialized within the business, with open innovation, which leverages external pathways for commercializing ideas and accelerating growth. The presentation highlights the importance of innovation for both experienced and new organizations to adapt to the dynamic business environment. Desklib offers more resources for students, including past papers and solved assignments.

Running Head: INNOVATION
INNOVATION
Name of the Student
Name of the University
Author Note

INNOVATION
Introduction (Slide 3 Manish Part)
Here innovation has been chosen as an effective strategy because, during the past twenty
years innovation has been proved to be the driving force which has assisted several organizations
to renew their products and services and survive the increasing competition in the world market.
Thus, innovation can be considered as the instrument to foster excellence and stand out in the
crowd of other competitors. This is the reason why ‘innovation’ has been chosen as the subject
of this presentation.
In order to find out the importance of innovation, the theories propounded by Hamel and
Välikangas should be observed. According to Hamel and Välikangas (2003), innovation can be
observed at three levels, this are-Resilience, Renewal and Revolution. Resilience refers to the
reconstruction process which is continuous and focuses on the change in behavior, values as well
as processes. Renewal refers to the rethinking ad well as redesigning of the business model.
Again, ‘Revolution ‘indicates ‘creative destruction’ and reestablishment of the fundamentals of
an organization or industry. Thus it can be said that, innovation may foster the overall structural
change of an organization. Hence, it can be said that, an organization either experienced or
novice will be able to cope with the changing pace, dynamic as well as the environment of the
business only if, it depends on innovation. There lies the importance of being innovative
(Na ,Kang & Jeong, 2019).

INNOVATION
Slide 7 Closed X Open Innovation (Slide 7 Aarush Part)
Chesbrough (2003) has thrown lights on the ideas of closed innovation. According to him
the ideas for external as well as internal renovation cannot be commercialized through channels
which are outside the business. This is popularly known a ‘Closed Innovation’. This contradicts
with the contemporary models of ‘Open Innovation’. According to this idea, with the help of
pathways or channels outside of the business, a firm can actually commercialize its internal and
external ideas. By adopting the method of ‘Open Innovation’, a firm can enrich its innovative
ideas which will accelerate its overall growth (Chen & Vanhaverbeke, 2019).

INNOVATION
References
Chen, Y., & Vanhaverbeke, W. (2019). Concept and connotation of open innovation. The
Routledge Companion to Innovation Management.
Na, Y. K., Kang, S., & Jeong, H. Y. (2019). The Effect of Market Orientation on Performance of
Sharing Economy Business: Focusing on Marketing Innovation and Sustainable Competitive
Advantage. Sustainability, 11(3), 729.