$5.$ Components of an Innovation System

Components of an Innovation System

Innovation takes dedicated effort and resources, and organizations that are successful at it tend to be set up in ways that naturally foster innovation. An innovation system is a coherent set of interdependent processes and structures that dictates how a company will search for novel problems and solutions, synthesize ideas into a business concept and product designs, and select which projects ultimately get funded. This activity is important because managers need to understand how to nurture and support the innovation process if they are to be successful at innovation.

The goal of this activity is to challenge your knowledge of the components of an innovation system.

Match each item to the component of an innovation system that its description best depicts.

Human resource policies, practices, and procedures Foster an innovative culture and climate Develop the necessary human capital Commitment from senior leaders Required structure and processes Create an innovation strategy Appropriate resources

Match each of the options above to the items below.

A company takes the strategic decision to make large investments in research designed to fuel long$-$term innovation.

No answer

A group of senior executives discusses what they will all need in order to be on board with supporting innovation in their divisions.

No answer

Management starts to actively encourage employees to take bigger risks in their jobs.

No answer

A multimedia company shifts to a more organic structure in order to encourage interactions among a variety of employees that it hopes will lead to innovative ideas.

No answer

A biomedical research company hires a group of scientists who were trained to examine diseases from a radical new perspective.

No answer

A tech company wants to encourage innovation, so it changes its performance management system so that new ideas, rather than immediate results, are rewarded.

No answer

A restaurant wants its chefs to be more innovative with food so the owner sends them to a week$-$long class on food pairing and international cuisines.