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BIT 2224: Innovation and Technology Transfer Notes

Institution: Jomo Kenyatta University of Agriculture and Technology

Course: Bachelor of Commerce

Content Category: Lecture Notes

Posted By: PENTAMRK

Document Type: PDF

Number of Pages: 68

Price: KES 200
 
    

Views: 606     Downloads: 10

Summary

BIT 2224 Innovation And Technology Transfer
LESSON 1
Innovation And Technology Transfer
Innovation is the application of new solutions that meet new requirements, inarticulate needs, or existing market needs. This is accomplished through more effective products, processes, services, technologies, or ideas that are readily available to markets, governments and society. The term innovation can be defined as something original and new that "breaks in to" the market or into society. One usually associates to new phenomena that are important in some way. A definition of the term, in line with these aspects, would be the following: "An innovation is something original, new, and important in whatever field that breaks in to (or obtains a foothold in) a market or society.
While something novel is often described as an innovation, in economics, management science and other fields of practice and analysis it is generally considered a process that brings together various novel ideas in a way that they have an impact on society.
Innovation differs from invention in that innovation refers to the use of a better and, as a result, novel idea or method, whereas invention refers more directly to the creation of the idea or method itself.
Innovation differs from improvement in that innovation refers to the notion of doing something different rather than doing the same thing better.
It’s much better to think of innovation as a process than to think of it as an event. I think about it as the process of idea management inside an organisation. This means that in order to innovate effectively, you not only have to generate great ideas, but you have to select the ones that you want to invest in, then execute them, figure out how to keep people inside the organisation committed as you go through the process, then get the new ideas to spread out in the world. And if one part of that process goes wrong, then your innovation efforts will likely fail.
That’s kind of scary.
One of the tools that I use to help organisations assess where they are is the Innovation Value Chain which helps assess how effective an organisation is at each step.When you start measuring, it turns out that organisations rarely suffer from not having enough good ideas. I’ve had my MBA and Executive Education students assess their own organisations for a few years now. They have analysed more than
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