Notes

Bernhard Burgener - Innovation management The significance
To remain relevant in the long run, companies must promote innovation through innovation governance.

Bernhard Burgener (a veteran entrepreneur) believes that innovation is the key for success in business. To stay relevant over the long term, he believes in innovative management that meets the needs of the market.

Continue reading to discover how to improve innovation management within your organization.

https://pitchbook.com/profiles/investor/153717-49 What does innovation management really mean?
It's a topic of debate and debate as innovation management is a concept. Innovation is defined as something that cannot be controlled.

Other people, however, are firm supporters of creating systems and processes that enable more innovation. It's not likely to be so simple.

First, let's take a moment to understand what innovation is. Merriam-Webster defines innovation as "introducing something completely new." This is different than simply inventing something.

"Innovation management" is the term used to describe all of the tasks required to "introduce something new." This method involves inventing concepts, prioritizing them and then implementing them e.g. when launching the product or creating new internal processes.

The definition of innovation states that there are different types of innovation. This is the reason for many disagreements about innovation.

Many people use the generic term when referring to a small segment of innovations. It's even more so from their organizational point-of view and personal experience.

Four key pillars to innovation management written by Bernhard Burgener
Bernhard Burgener learned the best way to understand this topic by observing. This is by breaking the topic into smaller chunks and discussing each aspect each one by itself.

Bernhard Burgener suggested that you must pay attention to this main pillar:

Competency
Competency refers a company's ability to come up with and manage new ideas.

Innovations require the capability of teams and individuals however, the aspect of competence is primarily based on the people. This is primarily about the knowledge, skills and capabilities of employees.

The company's manager has a valid need to become an Entrepreneur .

The model takes into account the organization's knowledge and information. They could all be required to create.

Structure
Structures can maximise the capabilities. The capabilities allow for the use of structures. This means that the organization's structure, processes and infrastructure of an organization is important.

The best structures can be utilized to increase the effectiveness of an organization's operation and also to boost innovation.

Bernhard Burgener In the absence of proper communication channels and decision-making processes, only a few ideas will succeed. Software like innovation management software could make a significant difference.

Culture
The concept of culture is one way for an organization or group to gain the skills related to people, provided that its structure allows it to apply the capabilities efficiently.

It is easier for organizations to find and keep the best people with a culture which encourages the development of new ideas.

A culture that is supportive of innovation encourages proper behavior and discourages wrong ones. Since its effects rapidly accumulate the culture of an organization can influence its ability to innovate. In general this are the hallmarks of an innovative company:

The importance of continuously improving.
It is crucial to be quick, to learn quickly, and do some testing.
Accepts failure as a part of the process of developing creativity.
Allows for enough autonomy and accountability and is led primarily with vision and culture instead of the chain-of command approach.
Strategy
Simply put it is a company's plan to achieve long-term success.

But, it's important to keep in mind that strategy is a combination of making choices and implementing them.

Innovation and strategy are both closely connected topics. Innovation is just one of the ways to meet your goals.

Bernhard Burgener describes the various types of innovation that need different approaches to management.
Bernhard Burgener Open Innovation
It is based upon the belief that creative and knowledgeable individuals outside of the business can also help in the attainment of strategic goals. They are also capable sharing intellectual property, which could be beneficial to various parties.

The more data you can gather, the better the final decision. The process of development in the open innovation funnel isn't limited to those within the facilitating company. Additionally, the quantity of ideas also increases.

Incremental Innovation
Incremental innovation may be described as a sequence of small improvements or upgrades to the existing product, service or process.

The incremental process of innovation focuses on improving the product's efficiency, productivity, and differentiation.

Innovation that is incremental can help enhance or sustain a product's position in the market. This is a standard approach in technology for consumers and is a common strategy for companies to improve personal devices and offer more user-friendly features.

Sustaining Innovation
It's when a company makes better products and markets them to customers with higher profits. Continuous innovation is a strategy that companies that are success in their business employ.

Profit is the primary driver behind the process of innovation. Profit margins could be improved by offering better products to consumers.

Disruptive Innovation
This is when a company is able to use fewer resources, and then moves into the market to take on an established company. It is possible for disruptive innovation to be divided into two distinct types.

Low End Disruption- This disruption occurs in a market that has a low-cost business plan.
New disruptive market A business who caters to an unserved segment of a market can create and claim a new market.
Bernhard Burgener Bernhard Burgener Rather than fighting the new entrants or battling the disruptive innovation cause incumbents to retreat upmarket.

What are the biggest issues Bernhard Burgener sees for innovation management?
Poor infrastructure
Without the infrastructure, resources and processes necessary to realize the impact of innovation, it's difficult for people to accomplish the same. It's easy to speak of Google's 20% time as an fantastic initiative to support the development of new technologies.

However, even in the event that the policy was implemented at your workplace, it will be less effective. Bernhard Burgener It is likely that your employees don't have same access to Google's infrastructure, tools and raw data that Google employees do.

The manager should provide their team with the resources and skills they require to be successful.

Culture lacks a growth mindset
It is essential to create a mindset of growth to support your business. Growth mindsets are based on the belief that your identity is not fixed , and can be modified.

The same applies to the culture of an organization. If an organization is not focused on growth will not be able to be innovative.

No vision
Innovating from something that's not yet exists can often lead to important innovations. This is also true for organizations.

If you are able to articulate an inspiring vision, it is more likely that your employees will be motivated to push harder for new innovations. Even if you have an inspiring idea for your company however, you must convey the vision clearly and get acceptance.

Bernhard Burgener would agree that it is vital to keep the vision in motion and to innovate!
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