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TOPIC 9: FAILURE, RISK AND MEASUREMENT IN INNOVATION

Creativity and Innovation (BPT 3153). TOPIC 9: FAILURE, RISK AND MEASUREMENT IN INNOVATION. By: Suziyana Mat Dahan. Creativity and Innovation (BPT 3153). TOPIC OUTLINE. Innovation failure reasons and safeguards Constraints of innovation Minimising risk of failure-risk management

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TOPIC 9: FAILURE, RISK AND MEASUREMENT IN INNOVATION

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  1. Creativity and Innovation (BPT 3153) TOPIC 9: FAILURE, RISK AND MEASUREMENT IN INNOVATION • By: • Suziyana Mat Dahan

  2. Creativity and Innovation (BPT 3153) TOPIC OUTLINE • Innovation failure reasons and safeguards • Constraints of innovation • Minimising risk of failure-risk management • Measuring success • By: • Suziyana Mat Dahan

  3. Creativity and Innovation (BPT 3153) LESSON OUTCOMES LO1 Identify reasons of innovation failure and their safeguards LO2 Discuss the different constraints and risks of innovation LO3 Describe metrics for measuring innovation success • By: • Suziyana Mat Dahan

  4. Creativity and Innovation (BPT 3153) • INNOVATION FAILURE REASONS AND SAFEGUARDS • By: • Suziyana Mat Dahan

  5. Creativity and Innovation (BPT 3153) • By: • Suziyana Mat Dahan

  6. Creativity and Innovation (BPT 3153) • By: • Suziyana Mat Dahan

  7. Creativity and Innovation (BPT 3153) • By: • Suziyana Mat Dahan

  8. Creativity and Innovation (BPT 3153) CONSTRAINTS OF INNOVATION Time frame Technology • By: • Suziyana Mat Dahan

  9. Creativity and Innovation (BPT 3153) Skills Financial Resources • By: • Suziyana Mat Dahan

  10. Creativity and Innovation (BPT 3153) Participants Processes • By: • Suziyana Mat Dahan

  11. Creativity and Innovation (BPT 3153) Culture Customers and markets • By: • Suziyana Mat Dahan

  12. Creativity and Innovation (BPT 3153) • MINIMISING RISK OF FAILURE – RISK MANAGEMENT • Risk – Uncertainty of outcome, whether positive opportunity or negative threat, of actions or events. • Risk management – all the process involved in identifying, assessing, and judging risks, assigning ownership, taking actions to mitigate or anticipate them, and monitoring and reviewing progress. • Main types of risks • Technology risk • A set of technical problems associated with new or emerging technology. Includes: • Availability of competencies and complementary technologies • New technical skills, tools, processes or some complementary technologies are not available and must be developed in the course of the project. • Maybe available outside and must be acquired through contract or partnership etc. • By: • Suziyana Mat Dahan

  13. Creativity and Innovation (BPT 3153) • Specification availability • The goal of the project is incompatible with the product specifications such as user-friendliness, quality, reliability, government regulations etc., once they have been chosen. • Marketing risk • Includes: • Availability of value chain elements • Activity of product engineering, manufacturing, marketing, distribution and sales organisation which may not be ready foor the innovation. • The elements may not be incorporated in time to the marketing process of the innovation. • Product vector of differentiation • Unknown innovative activity by the rival firms. • Market acceptance • Depends on how much prior experience the firm has with the market etc. • Strength of intellectual property protection • Risk of imitation of the innovation by the rival firms which decrease the lead time and the first-mover advantages. • By: • Suziyana Mat Dahan

  14. Creativity and Innovation (BPT 3153) • MEASURING SUCCESS • Based on two categories of metrics: • Performance metrics – looking at long-term performance and impact of the NPD programme. • By: • Suziyana Mat Dahan

  15. Creativity and Innovation (BPT 3153) • By: • Suziyana Mat Dahan

  16. Creativity and Innovation (BPT 3153) • Programme metrics – to understand operational concerns reflected by the innovation performance metrics. • By: • Suziyana Mat Dahan

  17. Creativity and Innovation (BPT 3153) Thank You ! • By: • Suziyana Mat Dahan

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