Innovation has become one of the most frequently used words not only in pop management books but also in academic business literature.
Although making things that you have been doing in better ways or coming up with novel solutions to ongoing problems is almost as old as humankind, the concept of innovation and technology management and research policy has attracted significant interest starting from the second half of the 20th century.
if you wish to build a long-term successful company it must have a sustainable competitive advantage which leads to growth in the old economy competitive advantage and grouse were resource-based now it’s about being at the forefront of innovation and creativity companies must be able to implement meaningful changes and act as innovators to be successful today most innovations are related to digitalization you can see it in the startup scene new companies are born digital change is their core focus they test a market or a product and if it doesn’t fit they adapt companies representing the old economy are not able to adapt as quickly in an ever digitized world according to the European digital economy and society index the integration of digital technology into businesses is far underperforming other dimensions therefore there is a need for specialists who are able to implement ICT solutions into company processes they need skills to manage innovation and knowledge about digital tools this is what the innovation and technology management master’s program is all about come and learn how to grow your business through digital change .
Categories of Innovation
● Sustaining: Maintains market position or technological requirements, Routine market change, stimulated by competition/regulation
● Incremental: Elements along a planned trajectory, Strategic Action ( ex . Software Update ) , slow, sustained, small changes.
• Radical:Tending towards monopoly , transformative / creative – destructive / popular ex . iPhone in Smartphone Industry
• Disruptive ( Christiansen ): Initiated in niche markets with lower specifications & prices; later to
emerge a dominant by destroying incumbents Theory is arguably incomplete