Entrepreneurship & Innovation Management 13BSC522 – Lecture 2
By the end of this session you will understand • How innovation is classified – types and patterns • Where innovation takes place • How we measure how innovative an organisation is INNOVATION PROCESS Idea: Select: Implement
Write down every category of innovation you’ve ever heard of e.g. Product Innovation
Component Innovation An innovation to one or more components that does not significantly affect the overall configuration of the system
S-Curves % of US Households
S Curves in Technological Improvement Performance Effort & Money Invested
When did you last use your Spangler? Innovator Inventor
Public Sector Sources of Inventions & Innovation • Universities • Public Sector Research Establishments • Medical Research Council • British Geological Survey • English Heritage • Environmental Systems Science Centre • Forestry Commission Research Agency • Health service (the NHS) • The Ministry of Defence
Loughborough Inventions • Assessment of Landslides using Acoustic Real-time Monitoring Systems (ALARMS) • Dual Flex Footwear • Flexible solar cells with integrated super-capacitor • Respibelt • Hot pants!
Ivory Tower or Open Door? Small companies are not good at accessing university knowledge (generally)!
Three main University activities • Teaching • 16,703 students • Research • £37.3 million • Enterprise • Knowledge transfer to industry and the public sector • Spin-out companies & University subsidiaries • Student enterprise
Third Stream Activity Funds… • University knowledge transfer offices/ knowledge transfer professionals • Training in entrepreneurship & innovation (especially for undergraduate & postgraduate students) • University Innovation Centres • Accommodation for University spin-out companies
Measuring how innovative an organisation is • Number of patents • R&D expenditure • Number of new products and services
You should now understand • How innovation is classified – types and patterns • Where innovation takes place • How we measure innovation INNOVATION PROCESS Idea: Select: Implement