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Portfolio Assignment Unit IV

The document discusses the innovation cycle and the differences between invention and innovation. It explains that invention is the development of new knowledge or combinations of existing knowledge, while innovation is the initial commercialization and marketing of an invention. The document also discusses implications for technology managers, including evaluating projects in their portfolios based on where they are in the innovation cycle.

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46 views2 pages

Portfolio Assignment Unit IV

The document discusses the innovation cycle and the differences between invention and innovation. It explains that invention is the development of new knowledge or combinations of existing knowledge, while innovation is the initial commercialization and marketing of an invention. The document also discusses implications for technology managers, including evaluating projects in their portfolios based on where they are in the innovation cycle.

Uploaded by

कुनाल सिंह
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as TXT, PDF, TXT or read online on Scribd
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1.

As a new Products Process Manager you are responsible for helping project
managers to develop new product processes and use them effectively;

Explain the difference between Invention and innovation relative to new product
development.
2. Take a moment and reflect on the topics introduced in this Unit.

Formulate at least one question that arose while you were reading the material and
completing the assignments.
Was there anything in this Unit that surprised you or caught your attention?
Explain.

For assistance with reflective writing, read How to Write a Reflective Paper.
The Portfolio Assignment entry should be a minimum of 500 words and not more than
750 words. Use APA citations and references if you use ideas from the readings or
other sources. This assignment is graded by the instructor.

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The Innovation Cycle

There are three steps of innovation (Schoen, J., et.al. (2005)) as shown in the
description and a model in the figure below. The three steps are,

1. Basic Research: The need for basic research. It comprises the search for new
knowledge, information and wisdom. The prime objective is to know and discover how
things work and very little focus on commercial applications or use. Journal and
conference Publication is the primary outcome of basic research.

2. Invention: Invention means “The creation of new products and processes through
the development of the new knowledge or from new combinations of existing
knowledge. Most inventions are the result of novel applications of existing
knowledge” (Grant, 2021). This is an intermediate step between the basic research
and innovation and may also be called as applied research. Development of useful
tool and technological process etc., is the outcome of invention stage.

3. Innovation: Innovation means “The initial commercialization of invention by


producing and marketing a new good or service or by using a new method of
production. An innovation may be the result of a single invention or it may combine
many inventions” (Grant, 2002). Innovation requires a business model to
commercialize the product and place it in market. Without a successful business
model, there is no innovation, only invention (Hamel, 2000).

Limitations of Innovation Cycle

There is no guarantee that a new product will be developed from inventions and
basic research, there is no guarantee that it will turn into a successful new
product for the marketplace until a strong business and market is favorable for the
newly developed product. A fair degree of luck is involved in innovation even when
a strong product is in place, After the product is available it is the business
strategy that brings the invention to the market.

4. People interested in technology usually study technology and will continue down
a path of technological development with a new product just
waiting for the day the technology is “perfect” for introduction into the market.
Knowing when to stop development (the invention process) and start focusing on the
business model (the innovation process) is extremely difficult for many technology
oriented individuals. For technology managers working with new product ideas and
leaders of incubators, knowing when to inject some business assistance into the
team is of vital importance. The only way to make such a decision requires more
than a technology development focus: the business model is vital

Implications for Technology Managers


Technology managers should evaluate their project portfolio with the proposed model
to determine where each project stands in the innovation cycle. Technologies fresh
from the research labs are not likely even close to an invention ready for
manufacturing. They are also unlikely to have a clearly defined market or a clearly
defined business plan. These are the technologies requiring the most assistance and
may need to go through the tornadoes shown in Exhibit 1 a few times before they
ever develop into a real product innovation or stop at a dead end.

Technology managers may wish to pursue a portfolio strategy where a few


technologies receive funding at a basic research stage, a few others at an
invention stage, and finally, others get funding to pursue various market and
strategy avenues to achieve market penetration. The needs of companies and
technologies at these various stages are all quite different and must be managed
appropriately.

References:
Schoen, J., Mason, T. W., Kline, W. A., & Bunch, R. M. (2005). The innovation
cycle: A new model and case study for the invention to innovation process.
Engineering Management Journal, 17(3), 3-10.
Grant, R. M. (2021). Contemporary strategy analysis. John Wiley & Sons.
Hamel, Gary, Leading the Revolution, Harvard Business School Press (2000)

From Invention to Innovation: Conversion Ability in Product Development


1. On average, the odds of a promising idea making it past the various stages of
product development to eventual product launch are very few.
2. Effiency in product development due to higher conversion rates can yield
resource savings that can be reallocated in other ways, such as in
lower prices, higher profits, or greater investment in future innovation. The
conversion ability is the firm's ability to translate a given idea into a launched
product.
3. If some ideas are converted into new products, they are likely to be major
innovations, with huge technical, marketing, and financial gains for the firm.

The Innovation Cycle: A New Model and Case Study for the Invention to Innovation
Process
1. The model is cyclic in nature and includes both invention and innovation cycles
with input from many sources. Recommendations developed for technology managers
include evaluating their portfolio of technologies and projects to assess their
position on the invention to innovation timeline and ensuring the appropriate
resources are in place to support further progress
2. assist researchers in making decisions about new technologies to investigate,
and will assist technology managers in evaluating candidate inventions for
commercialization and determining the tactics to best bring them to markets
3. The model is intended to aid those pursuing a more entrepreneurial approach to
utilizing university basic research but may also be helpful to those pursuing new
product development from anywhere in the cycle

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