Managing Innovation Summary

Topics: Innovation, Joseph Schumpeter, Value Pages: 3 (693 words) Published: July 8, 2013
Managing Innovation Summary
Learning Team B
MGT/411
Corey Neal
July 1, 2013

Managing Innovation Summary
Learning Team B took a look a list of six characteristics about managing innovation and technology. Our team reviewed the characteristics based on the most to the least important. First, we assess the characteristic by studying and analyzing the information. We determined that periodic reviews of informal proposals by a group outside line management was most important, because this could be used to integrate into the company’s strategy and function, which is a rule of thumb in the innovation process. Next, we knew that a clear direction on studies to be done and follow-ups are expected and is an essential way to start a resourceful business strategy (White and Bruton, 2007). Rankings and Characteristics

The characteristics of managing innovation are as followed. First there must be a clear direction on studies to be done and follow-ups that are expected. A firm must evaluate the direction of which the company is going and what the follow-up will provide after the evaluation. Second, the business should have a separate fund for innovation. This method will assist in finding the most effective programs out there and then provide the capital needed to replicate their success in communities around the country that are facing similar challenges (Obama, 2009). Next the company needs to perform periodic reviews of informal proposals by a group outside line management. This gives the company a way to screen the quality and standards of the programs and awards presented by each department. Following the periodic reviews of informal proposals the next logical step would be the setting of realistic expectations. All businesses can rely on the degree of probability that something will occur whether it is good or bad. A realistic expectation should be set beforehand, that way all involved parties will know what to anticipate. The fifth step is providing a...

References: Obama, M (2009). Office of social Innovation and Civic Participation. Retrieved June 30, 2013 from www.whitehouse.gov › The Administration
White, M. & Bruton, G. (2007). The management of technology and innovation: A strategic approach. Mason, OH: Thomson.
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