23 October 2017/ Lesson 4: Topic 7 & 8

Topic 7: Business Innovation
Creativity
  • Idea creation
  • Unleashing the mind’s potential
  • To conceive new ideas or thought experiments
  • Subjective/ difficult to measure

Innovation
  • Action producing
  • Introduce change into stable systems
  • Work required to make the idea viable
  • Need to identify unrecognised need/ perceived gap in the market
  • Use innovation on applying resources
  • Design an appropriate solution
  • Return on investment


Problem Solving:
  • Alex Osborne (1948)
  • Brainstorm: using the brain to storm a creative problem
  • Each participant (stormer) attach the same objective
  • Absence of criticism/negative feedback (no-judgement approach)
  • Research shows brainstorming generalise far fewer ideas than from people who work alone
  • Dissent stimuli new ideas
  • Encourages to engage more with others
  • Reassess our viewpoints
  • What kinds of people work together best?
  • Networks with an intermediate level of social intimacy
  • Teams has old friends but also fresh faces
  • A familiar structure to fall back on/new ideas can be incorporated
  • However, conflict needs to be managed
  • Human friction that make the spars



Managing Innovation
  • Design thinking
  • Innovative efforts that can be measured by their milestones
  • Milestones: overlapping spaces
  • “Spaces” within companies; for solution finding that is motivated by a problem (inspiration)
  • For generating and developing ideas (ideation)
  • To enable an idea to be developed for the marketplace (implementation)
  • Loop backs: go back to an earlier space
  • Demands guidance of engaged, leadership
  • Foster innovation: risk taking and failure aversion
  • Failure is a learning experience



Topic 8: Creating Social Change
  • Business should act as a public trustee
  • Should consider the interests of all who are affected by business decisions and policies
  • We should acknowledge business and society interdependence
  • Balancing interests and needs of diverse groups and stakeholders
  • Who is a stakeholder? Any individual or group who can affect or is affected by the organisations decisions and polium
For a business to create social change
  • What should be a primary question we should ask?
  • What are the purposes of business? Generating business?
  • What are its goals and responsibilities?
  • Who are its stakeholders and what is owed to them?
  • How should a firm be held accountable?
  • How does a firm impact the wider physical and social environment in which it is in?


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