Acquire a systematic understanding of the empirical research on technology and innovation management.

Assignment Brief

838N1 Managing Innovation

• LO1 Acquire a systematic understanding of the empirical research on technology and innovation management.
• LO2 Develop a comprehensive and critical understanding of the processes and tools necessary to manage technology and innovation.
• LO3 Select, apply and evaluate relevant research outcome to management practice

Innovation Management Case:

Bizteczec is a creative technology company with its headquarters based in London, and after working there for two years as a Client Manager, you have now been internally promoted to Innovation Director. Originally founded in early 2004 as a small company in Brighton, Bizteczec has grown into a noteworthy creative technology company in the UK focusing on a range of services and products such as:

• Mobile apps
• Web development
• UI and UX development
• Gamification engagement
• Internet of things solutions

Report

The company has a small number of corporate clients across the UK, and has more than 35 employees. Company revenue last year was £25m, and this year revenue has slumped by more than 10% as a result of a lack of client projects, and increasing price pressure from growing international competition. In order to address this situation, Bizteczec’s CEO, Ms Sarah Swans, has tasked you as the company Innovation Director to develop a three part innovation management report to ensure the company’s growth over the next five years:

• Part 1: Provide a critical review of existing literature on the concept of Innovation Management. This should demonstrate your understanding and knowledge of this topic through the review of established literature, stemming from high quality papers published in academic journals.
• Part 2: Suggest a new innovation strategy for Bizteczec using the 4Ps of Innovation Space Framework, by focusing on Product, Process, Position, and Paradigm. For example, this can reflect either a new service or product for the company, or alternatively an analysis of the company’s existing services and products as outlined in the case. This should demonstrate your understanding and knowledge of the 4Ps and how they can be applied to Bizteczec
• Part 3: Based on your new innovation strategy for Bizteczec, recommend and justify its implementation by drawing on only one of the following concepts: o Open Innovation (OI) o Diffusion of Innovation (DoI) o New Product (or service) Development (NPD) o Corporate Venturing (CV) This should demonstrate your understanding and knowledge of one of the above topics, and how it can help Bizteczec. 

Sample Answer

Innovation Management Report for Bizteczec

Part 1: Critical Review of Innovation Management Literature

Innovation management refers to the systematic process of generating, developing, and implementing new ideas to create value for an organisation. It encompasses the management of both technological innovations (e.g., new products or services) and non-technological innovations (e.g., new processes or business models). The concept has evolved significantly, with early studies focusing on R&D-driven innovation (Schumpeter, 1934), while more recent literature highlights user-led, open, and network-based models (Chesbrough, 2003).

Key research in this area identifies several dimensions of innovation. Tidd and Bessant (2014) argue that successful innovation requires managing four core areas: product, process, position, and paradigm – commonly known as the 4Ps framework. This holistic view suggests that innovation can occur in what a company offers, how it creates and delivers it, how it positions itself in the market, and how it conceptualises its business model.

Empirical studies also show that innovation is context-dependent. For instance, Damanpour and Aravind (2012) found that organisational size, structure, and culture significantly influence innovation outcomes. In small-to-medium enterprises (SMEs), like Bizteczec, flexibility and speed are strengths, but limited resources can constrain innovation capacity.

Technology management is central to innovation. Dodgson et al. (2008) suggest that managing innovation in technology-based firms involves balancing exploration (creating new knowledge) with exploitation (refining existing capabilities). This aligns with the ambidexterity theory, which posits that organisations must pursue both to remain competitive (O’Reilly and Tushman, 2004).

A growing body of research also examines the role of collaboration and networks. Chesbrough’s (2003) concept of Open Innovation highlights how firms can and should use external as well as internal ideas to advance their technology. This is especially relevant in industries experiencing rapid technological change and global competition, as seen with Bizteczec.

In conclusion, innovation management involves navigating complex processes, tools, and cultural factors. Effective innovation strategies are those that balance structured processes with adaptability, and internal strengths with external opportunities.

Continued...