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Innovation Management > Week 1,2,3 > Flashcards

Week 1,2,3 Flashcards

1
Q

Transaction cost theory

A

To reduce transaction costs

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2
Q

Bounded rationality

A

Agents constrained by cognitive limits on their capacities to process information

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3
Q

Forms of governance

A
  1. Hierarchy (make)
  2. Market (buy)
  3. Hybrid (contractual relation)
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4
Q

Criticism to transaction cost theory

A
  • too much emphasis on opportunism
  • trust is neglected
  • all actors are homogeneous
  • no learning curves
  • path dependency ignored
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5
Q

Innovation radar

A

Offerings (what)
Platform
Solutions
Customers (who)
Customer experience
Value capture
Processes (how)
Organization
Supply chain
Presence (where)
Networking
Brand

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6
Q

Why do incumbents sleep

A

Niche market is small and unappealing
No incentives to enter
Organization routines
Fear of cannibalism
Screen out information

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7
Q

Theory of inertia

A

Too much bureaucracy that tends to slow down the company

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8
Q

Disruption innovation process

A

Origination in low-end foothold, less demanding customers
Late addition of mainstream customers

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9
Q

Disrupted or be disrupted

A

Incumbents should not overreact by destroying a profitable business but strengthen relationships with core customers through sustaining innovation and/or create a new division focusing on disruptive growth

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10
Q

Behavioral theory of the firm

A

Understand how complex organization actually make decision not how they should do it

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11
Q

Satisficing

A

Individuals do not maximize but will go for the first solution that satisfies their minimum standard

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12
Q

Quasi resolution of conflicts

A

Firms are coalitions of people addressing different goals

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13
Q

Uncertainty avoidance

A

Emphasis on short run responses

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14
Q

Problematic search

A

Overcoming performance shortfall depending on aspirations and adaptions

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15
Q

Organization learning

A

Cycle of search and change leads to adaptation of goals

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16
Q

Organizational slack

A

Difference between total resources and costs, having more resources come from projects where they can do more innovation with

17
Q

Criticism BTOF

A

Top complex
No explanation of firm interaction
Prediction but no explanation
Environment is ignored

18
Q

Heuristics

A

Cognitive mechanisms
Rules of thumb
Lead to biases

19
Q

Common biases

A
  • availability
  • adjustment & anchoring
  • overconfidence
  • representativeness
  • overestimation
20
Q

Thefrequency of use of biases depends on

A

Decision uncertainty
Decision complexity

21
Q

Stage gate

A

Quality control checkpoint with deliverables, criteria, outputs

22
Q

Stage gate problems

A
  • no pain, no gain
  • gates with no teeth
  • hollow decision at gate
  • who are the gatekeepers
  • gatekeepers behaving badly
  • only cost reduction No quality improvements
  • too much bureaucracy
  • reliance on technology
23
Q

Organization learning based on

A

Routines
History dependent
Target

24
Q

Competency trap

A

Wrong specialization: firma specialize in an inferior action

25
Q

Organizational learning characteristics

A
  • costly and focused process
  • problem solving process
  • cognitive dimensions
  • different source
  • cumulative
  • generates knowledge stock of the firm
26
Q

Tacit vs explicit

A

Tacit = personal
Explicit = codified

27
Q

Absorptive capacity

A

Ability to recognize the value of new information assimilate it and apply it to commercial ends
Largely a function of prior related knowledge

28
Q

Innovation venturing

A

Adopting methods of venture capital to undertake functions such as r&d

29
Q

Innovation ecosystem

A

Create valley

30
Q

Harvest venturing

A

Reaping benefits from what you have (licensing)

31
Q

Private equity venturing

A

Investing extra money

32
Q

Lean start up

A

Fast learning by a lot of failure

33
Q

Problems with organization learning

A
  • history and experience can be biased
  • gives stability that makes it less flexible
  • complexity of experience
  • complexity of interactions
34
Q

Appropriability

A

Due to absorptive capacity and spillovers with competitors imitation takes place

35
Q

Pitfall ecosystem venturing

A

Loss of focus

36
Q

Innovation venturing pitfal

A

Culture change

37
Q

Harvest venturing pitfall

A

New legs pitfall: looking at new platforms next to harvesting

38
Q

Private equity venturing pitfall

A

Anyone van do thus

Innovation Management (4 decks)

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