The Managing Innovation Strategically programme is essentially an overview course, which familiarises the participants with important aspects of innovation. For example, why is innovation so difficult? This is certainly borne out by experience.
For example, if we compare the Fortune 500 lists from 1955 to 2014, only about 61 companies remain on that list or are common between the two lists. 88% of those companies have died away because at some point or the other they stopped innovating. Or they have fallen off the list itself.
50 years ago, the life expectancy of a firm in the Fortune 500 was around 75 years, believe it or not. Today it’s less than 15 years and declining all the time. So there is no other way but to innovate if you want to stay successful.
Another question that we will be discussing in this course is where do innovative ideas come from? Do we sit in a room and think those up? Or do we actually mine the data that we glean and collect from the market for those? Are you using your customers for new insights? How are you going about looking for new markets?
We are also going to discuss how you are processing these innovative ideas within the company. What is your resource allocation mechanism within the portfolio of innovative ideas that you have? How many new ideas are you processing? How do you philtre to them? On what basis?
How do you come up with business model innovations or disruptive innovations, which throws everyone else in the industry off? And then once you have come up with the new business model, how do you operationalise it? And a whole lot more questions.
So the reason the programme is called Managing Innovation Strategically is because we do not just confine ourselves to discussing ways in which one can create value within a firm. Rather, we go on to teach how to capture that value too. Not every firm is able to capture the value that they’re able to create. That is why it is important for innovation to be paired with strategy at all times.
What makes this course unique are a number of things. First, this course brings you right to the heart of one of the largest and most innovative ecosystems in the world, the Cambridge Science Park, or Silicon Fen. This is where some of tomorrow’s most disruptive and defining ideas are being developed.
Secondly, both Stelios and I, the two instructors on the programme, have worked in this area for a long time and have published a lot of research on the topics that we are covering in this programme. You can find some of these on YouTube or in other places. Third, the combination of value creation and value capturing makes this a complete package.