(Abstract) 100 Great Business philosophy: concept 13: top-down innovation

Concept 13 guided "top-down" Innovation

Senior Management Personnel should take direct measures to use employees' knowledge and ideas to achieve consistent and high-quality innovation.

Concept

The word "Innovation" is reminiscent of a spontaneous, unpredictable, and manipulated process. The innovative literary stories are filled with the exploration of accidental discoveries and the fighters with independent insights. They insist on their own ideas until they finally succeed. Generally, as mentioned in these stories, the creators of inventions work secretly against the manager's will. The inventor's prototype was Art Fry and Spence silver, two 3 m chemists who made the inconspicuous adhesive into a big sale worth more than one billion dollars: post-it notes ). In such cases, innovation activities are carried out in a bottom-up manner. The idea and motivation of innovation stems from the laboratory and market frontier-not from the upper layers of the enterprise. However, to ensure consistent and high-quality innovation activities, the role of management is crucial.

Senior Management Personnel should make major initiatives and take direct actions by taking advantage of the acquired information and knowledge. The development of credit card in business is an example. In 1958, a research team at the Customer Services Research Department of Bank of America (Bank of America) invented a credit card to relieve the pressure on R & D of new products. The new invention was subsequently extended by seven bankers at Citibank, adding key features including discounts, credit lines, and other related terms.

The invention of credit cards is not a reaction to market demands: it is because bankers use their knowledge and information. This includes market awareness, understanding of customers, relevant information, and foresight of economic and social trends, experience similar to product ideas (such as installment loans ), and knowledge about new technological developments. Followed by the arrival of major innovations in the financial industry, including the emergence of ATMs and the growth of online banking.

This type of innovation is completely different from the bottom-up innovation:

§ The support of senior management personnel is very important: they have established relevant institutions to help develop the characteristics of new products, and provide the support required for the new products to take root and thrive.

§ The role of senior management personnel is very important from the very beginning. They have created favorable conditions and provided support and motivation for innovation activities.

§ Information mastery is the key to innovation under the supremacy of information. The use of information and tacit knowledge is an essential part of ensuring that innovation activities start, continue, and succeed.

Practical application highlights

§ Encourage senior management personnel to participate directly in the innovation process.

§ Use the market awareness capability, knowledge and experience of team members to evaluate various innovative ideas.

§ By conducting seminars for employees to evaluate their new ideas, reward innovative achievements, and create an "Innovative Culture" in your institution ".

(Abstract) 100 Great Business philosophy: concept 13: top-down innovation