Stategic Management of Technological Innovation Essay

Decent Essays
Strategic Management of Technological Innovation

Rodger Hughes

This is a short summary of Strategic Management of Technological Innovation (Schilling, 2009),
Describing Schilling’s view on the importance of technological innovation.

Chapter 1 Summary
Globalization has been instrumental in technological innovation processes. As companies and firms become more competitive in the world market, they need to harness creativity and channel it to remain competitive. While some companies may remain highly competitive in niche industries, most must change their practices and continue to develop new strategies to perfect improve or totally change their products. Increasing product variants is one way companies can
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A company must encourage and foster development of innovative ideas as well as putting the tools that foster this environment into practice throughout the firm. As discussed in the chapter, a company or firm must have a great deal of knowledge of innovative strategies, a well define program of implementation of those strategies and an understanding of how innovation can improve the bottom line.

Chapter 2 Summary
Joe Nadan, Professor of Technology and Business Innovation, Director, Executive Master’s Degree programs at New York University Polytechnic Institute describes innovation as “people creating value by implementing new ideas.” (Nadan, 2011). Schilling describes creativity as the driving force behind innovation (Schilling, 2009), that it allows people and companies to come up with new ideas and solutions to old problems. Dimis Michaelides states that innovation is the implementing of new and useful things that must deliver value (not novelty) and that innovation is not possible without creativity.
(Michaelides). The main difference between the two is that Schilling believes that creativity can be used for useful and novel ideas and is the results, primarily, by a firm’s research and development branches.
Michaelides insists that creativity is not for novel ideas and comes from individuals.
Innovation can come from multiple sources, from individual inventors to users of specific
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