1 Semester Unit
Creating businesses and capturing new markets occur through various types of innovation. New discoveries, new technologies, competition, and globalization compel firms to foster innovation and agility. This course is designed to expose students to advanced issues in strategy and enable them to analyze business situations involving innovation in products, processes, and business models. Strategic innovation can be defined as the fundamental reconceptualization of business models, and the reshaping of existing markets by breaking the rules of the game and changing the nature of competition. As the pattern of global economic growth has changed with the rapid development of high technology, firms are required to exhibit “fundamentally” new ideas and strategies based on the integration of R&D with other business activities. Therefore, innovation is a central element of competitive dynamics requiring firms to create new business models, utilize new value chain architectures, and engage or conceive new markets in attempt to create value for both the customer and the firm's stakeholders. Strategic innovation management concentrates on the entire business model and added value creation as a whole, far beyond focusing simply on technology improvement or new product development. This course focuses on how innovation can be managed to gain sustainable competitive advantage and achieve superior firm performance. In so doing, we will look into various frameworks designed to not only sustain or disrupt existing products, services, or business models, but also create wealth in uncontested markets by introducing novel solutions.