The Strategic Innovation Management course is designed for students interested in developing and executing corporate and business unit-level growth and innovation strategies. All students planning on joining strategy, business development, marketing, R&D and operations departments of companies will benefit from this class. This class is also useful for students interested in general management consulting. Most of the examples and cases used in this course are drawn from the healthcare and consumer products industries.
This course explores the role of innovation in corporate and business unit growth strategy. Innovation is studied from both external industry and internal company perspectives. The course starts with developing an understanding of some economic aspects of innovation and how innovation impacts the industry evolution. This knowledge is essential to achieve sustainable performance, growth and ensure companies' long term viability. Different approaches to innovation are discussed leveraging examples and cases in consumer products, and healthcare industries. Then “state-of-the-art” internal innovation capabilities are discussed, which are required to outperform competition. These capabilities include innovation process, consumer/customer insights, portfolio management, organizational governance. The capabilities are discussed based on the examples of leading corporations like Procter & Gamble, Nestle, 3M, Novartis, Pfizer and several others. All studied topics are pulled together to define a “right to win” innovation strategy that is sustainable and differentiated. The course finished with a discussion of business model innovation.