Learning Objectives
By the end of this module, you will meet these learning objectives:
Describe the stages in the innovation process
Compare incremental and discontinuous innovation
Identify the benefits and risks of pursuing an innovation
strategy
Module Overview
Innovation is an umbrella term that refers holistically to the inception
of a new product or introducing an old product in a new way. The term
also encompasses a new mode of production, market, source of
supply, or organization in an industry. The most fulfilling thing about
innovation is the actualization of an idea into a successful concept. The
benefit of innovation lies in creating value from ideas.
The creation of ideas does not happen miraculously. We should
consider that innovation is a journey, a process of moving step-by-step
toward the point where we can create and capture value from an idea.
It is messy and involves false starts, recycling between stages, dead
ends, jumps out of sequence, and so on. The innovation process can be
segregated into small steps that include searching, selecting,
implementing, capturing the value from the innovation, and learning.
Companies that are nimble and move quickly choose between
incremental and discontinuous innovation. The company can resort to
a series of small improvements to its existing products or services, or it
can introduce a new product or service that differs from what was
previously produced. This latter kind of innovation would significantly
change the consuming habit of the organization’s target audience.
In this module, you will study the stages of the innovation process and
learn about risk probability. This module will also introduce the
different mechanisms of innovation. Further into the module, you will
examine the benefits and risks of pursuing an innovation strategy.
Finally, you will work on a presentation involving incremental and
discontinuous innovation and submit a report elaborating on the
justification for pursuing innovation (for example, time, money, and
natural resources).
Module at a Glance
This is the recommended plan for completing the reading assignments
and activities within the module. Additional information can be found
in the module Resources section and on the module table of contents
page.
1. Review the module resources.
2. Review the Milestone One Guidelines and Rubric.
3. Submit your presentation.
4. Submit your report.
