By Allan Afuah
Innovation is the key to achieving and maintaining a competitive advantage in the business world. Use research materials in a variety of fields, from economics, organizational theory to an overview of marketing & management, and strategy. Governance of innovation & creation shall provide readers with a systematic approach to approach strategies and successful product/service innovation processes for the company.
Drawing on practical work experience and in-depth knowledge, Allan Afuah shows us the relationship between innovation – a management function and profitability – a financial function. He created a framework that included the basic questions of innovation: “Who, what, when, and where”, combining the latest theories with many rich examples. In this second edition, Afuah specifically addresses the Internet to illustrate technology innovation and adds a whole new chapter to the book, the “Strategies for Sustainable Profits”.
The book adopts a unique multi-disciplinary approach, combining important contributions of economics, organizational theory, marketing and finance to managing innovation. This approach provides students with a comprehensive and relevant management theory, and relevant practical issues such as the role of government regulations, the selection of returns to invest, and the conversion of innovation. The impact of public and international sectors is emphasized in chapters on globalization, innovation in emerging economies, and the role of government in promoting innovation. The book, in addition to its main theoretical and analytical content, also provides its readers with many pedagogical examples.
The book is divided into four parts. Part I consists of chapter 2, chapter 3 and chapter 4, it summarizes some key concepts of innovation and strategy, must understand these concepts to understand the questions that help a company make a profit from innovation, this is also the subject of Part II, Part III and Part IV. Part II examines questions related to the strategy that a company must implement in order to profit from an innovation, while Part III examines questions related to strategic implementation. Part IV examines globalization for innovation. Throughout the book, the goal of a company is to make a profit.
Innovation Management is an ideal curriculum for teaching in business schools. A good economic book is a guide to help executives and managers to understand and gain a deeper understanding of the value of innovation.
Allan Afuah is Assoc. Professor of Michigan Business School. He received his PhD from Massachusetts Institute of Technology, as an engineer and manager in Silicon Valley and Route 128.