Innovation for Value and Mission: An Introduction to Innovation Management and Policy

Innovation. No other concept is so widely celebrated, yet so secretly dreaded. The reason: innovation requires managing through uncertainty. This is hard for any organization whether private or public, small or large. This book provides a roadmap for those who want to understand and manage innovation in all its aspects. It explains both the "how" and the "why" of innovation – its economic and policy context as well as the techniques by which it can be orchestrated, along with the management systems needed to govern it. Innovation is uniquely presented through both a private-sector (value-creating) and public-sector (mission-fulfilling) lens.

Topics covered in context include modern innovation and creativity techniques such as design thinking and the Lean Startup, the organizational challenges of innovation, as well as innovation project- and portfolio management techniques. Business-model innovation and open innovation complete the picture from the manager’s perspective. The private and public financing of R&D, startups, and corporate innovation are presented – contrasting the private and public worlds while explaining how they complement each other. Government innovation policy is discussed in its historical and contemporary context, and the innovation policy toolset is introduced.

Continual innovation is vital for companies and countries to prosper. Readers will learn why innovation must follow technological breakthroughs to raise productivity and economic growth, and how innovation – when done right – can benefit larger society. An explanation for unequal growth – that some companies, regions, and countries are not seeing the full productivity gains promised by modern technology – is explored in the context of technology diffusion.

No previous experience in innovation management, economics or public policy is assumed, and the book moves fast to equip the reader with practical tools and techniques. Innovation for Value and Mission is suitable for an introductory graduate level course, or as a desk reference for experienced practitioners and policymakers. Because it connects multiple topic areas and contains ample additional references, the book is also a great resource for those with expertise in one particular area of innovation who desire to branch out into other areas.