Innovation Planning

Innovation Planning and Design Paper

Innovation Planning and Design Paper

Innovation is how firms create new technology, products, or processes; while planning for innovation is a complex process in which a wide range of issues must be examined (White & Bruton, 2007, Chapter 3). This paper will analyze the internal and external factors related to designing innovation strategies while describing how they relate to one another and to the overall innovation process, describe the factors involved in innovation systems design, explain the importance of innovation systems, and describe the steps involved in the innovation planning process.

Internal and External Factors Related to Designing Innovation Strategies and how they relate to One Another and the Innovation Process

There are many internal and external factors that come into play when designing an innovation strategy. The internal factors include technical capabilities, organizational capabilities, success of the current business model, funding, and top management vision. The external factors are capabilities in the external network, industry structure, competition, and rate of technological change (Davila, Epstein, & Shelton, 2006, Chapter 3).

Internal factors are able to be controlled and modified by those in charge of the business. Technical capabilities and the amount of technology innovation depends to a large extent upon the current capabilities that the company has internally or can access through its innovation network (Davila, Epstein, & Shelton, 2006, Chapter 3). This factor depends on how the company operates technologically and what advancements in technology the company has made. Organizational capabilities are based on the management and how the company is organized when developing innovative ideas and concepts. If there is any lack of progressiveness in this factor, an organization needs to rethink they management and leaders and make changes as needed. The success of the...