What skills do managers need to successfully manage technology and innovation?

Chapter 18 Management of Technology and Innova There are four things the firm should do to balance the conflicting demands of being agile in a dynamic environment. These are design systems and processes, identify communication needs and efficiently turn data into information, develop employees through training and learning, and use good change management processes. There are three basic organizational processes-buying and partnering developing newness within the firm, and entrepreneurially exploiting a space in the environment. 18.3 External Sources of Technology and Innovation 3. What are external sources of technology and innovation development and when are they best used? The external processes for developing and acquiring technology and innovation include a variety of options They are most successfully used under the following circumstances: 1. The product line or the processes of the firm have fallen behind those of its competitors 2. A new entrant into the market of the industry has changed the competitive dynamics 3. A firm believes that its product mix or way of doing things is not going to be successtul in the long run. The most common types of external processes used to enhance technology and innovation in a firm include: mergers/acquisitions (M&A).joint ventures, franchise agreements.ticensing agreements, and formal and informal contracts 18.4 Internal Sources of Technology and Innovation 4. What are internal sources of technology and innovation development, and when are the best used? The most common type of internal process for technology and innovation in the organization is research and development (R&D). R&D involves the seeking and developing of new technologies, products, and/or processes through creative efforts within the firm. The disadvantages of R&D are that it is usually slower and more costly and can be disrupted by the departure of key personnel 18.5 Management Entrepreneurship Skills for Technology and Innovation 5. How and why do entrepreneurs develop MTI skills? For an entrepreneurial firm, the value proposition is a key factor, New business entities a type of entrepreneurial activity) are usually more flexible and agile in the marketplace, however, the failure rate for new entrepreneurial firms is high. Entrepreneurs, by definition, are more agile than the more established organizations, Agility is crucial within large firms that want to continue to be entrepreneuriat in their activities. 18.6 Skills Needed for MTI 6. No matter what method is used, what skills do you need to successfully manage technology and innovation? There are two skills the organization must develop to be successful--the ability to manage learning and knowledge processes, and the ability to analyze and forecast future trends. Individual skills that are critical to the organization's success include leadership/followship and creative thinking. There are two types of knowledge that must be managed: explicit knowledge and tacit knowledge 18.7 Managing Now for Future Technology and Innovation 7. How do you look into the future to keep pace? To keep pace with changes in technology and to keep up with needed innovation processes, individuals within the firm must keep track of what competitors are doing as well as what inventions or discoveries may usurpan industry's place in the market. This is an external process, and that involves scanning the environment