Experience & Impact
Academic Directors Christian Terwiesch and Karl Ulrich on managing the process of innovation
Mastering Innovation will demonstrate that innovation is a process that can be managed and perfected. When it comes to mastering innovation, executives must:
- Understand the competitive dynamics of technology, enabling them to identify future threats and internal opportunities for growth
- Acquire the tools and principles to actively manage the process of creating and selecting exceptional opportunities, and discover how to direct those opportunities to meet strategic business needs
- Improve their own creative problem-solving skills and develop these skills throughout the organization
First, executives have to understand how changes in technology, regulations, and consumer preferences will lead to new opportunities for incumbents and entrants alike.
Second, executives need to actively manage the process of innovation. Exceptional opportunities do not just happen; they are made. They can be created and selected through innovation tournaments, an organizational process in which many raw opportunities are considered at the outset and only the best survive selection.
Third, executives need to develop creative problem-solving skills. Such skills include the ability to walk in the shoes of the customers, to turn unmet customer needs into problem statements for development teams, to create and evaluate a broad set of alternative solution concepts, and to quickly validate new concepts in the market.
By developing these skills throughout the organization, more employees can be engaged in the process, leading to more effective innovation tournaments and building a culture of innovation.