GALES OF

CREATIVE
DESTRUCTION

MANAGING
INNOVATION

Session I: Introduction and Mini Project  Dr. Saurav Snehvrat

saurav@xlri.ac.in
  Mini Project: 10%
 Individual and Group Assignments: 20%
 Mid-term: 15%
COURSE  Project: 25%
EVALUATION  End Term: 30%

MECHANISM
 Prescribed book
 Nature of course
 Evaluation
Why is this happening?

❑ New Technologies

❑ Globalization

❑ Push towards sustainability/ Climate Change

❑ Capitalism/Recession

❑ Changes in Consumer patterns

❑ Other related factors

Source: https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/innovation-in-a-crisis-why-it-is-more-
critical-than-ever accessed on 05-10-2020
Source: https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/innovation-in-a-crisis-why-it-is-more-
critical-than-ever accessed on 05-10-2020
Source: https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/innovation-in-a-crisis-why-it-is-more-
critical-than-ever accessed on 05-10-2020
Source: https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/innovation-in-a-crisis-why-it-is-more-
critical-than-ever accessed on 05-10-2020
Source: Bennett, N., & Lemoine, J. (2014). What VUCA really means for you. Harvard Business Review, 92(1/2).
Risk

Effect 1

33%

34%
Cause Effect 2

33%

Effect 3
Uncertainty

Effect 1

Cause Effect 2

Effect 3
Ambiguity

Effect 1

Effect 0 Effect 2

Effect 3
WHAT IS
INNOVATION?
 WHAT IS x
INNOVATION?

Creativity Commercialization
and/or Invention
  Introduction of a new product/service

 Introduction of a new production/service

process

 Opening up of a new market

WHAT IS
INNOVATION?  Securing of a new source of raw materials

 Creation and application of a new

organizational structure in an industry

 For economic gain

Source: Schumpeter, 1934

Creativity, Innovation and Invention
“Creativity is the production of novel and useful ideas in any domain.”
Examples: Poems, arts, parenting tips, problem solving, etc.

Invention is the creation of new technical knowledge and its practical application
to industry.
Examples: light bulb, new patents of products, processes etc.

Innovation is the introduction of new technical methods, products, sources of supply,

and forms of industrial organization to create business/economic value.

Examples: New versions of cars, Tata Nano, i-phones, microfinance etc.

Source: Amabile, T. M., Conti, R., Coon, H., Lazenby, J., & Herron, M. (1996). Assessing the work environment for creativity. Academy of management
journal, 39(5), 1154-1184.
MYTHS ABOUT
INNOVATION

Innovation stems from

ideas nobody has had
before.
 MINI PROJECT
THE PRIMAL CHALLENGE
10 MARKS
GROUP BASED
DETAILS, CAN AND CANTS
DETAILS (OR RULES)
• Each group gets INR 100 (to be taken from CRs).
• 3 weeks to grow funds (end date: 2nd Nov 2021).
• 3 marks for creativity (including vlog).
• 7 marks for commercialization (simply on funds collected).
• The class will decide the use of accumulated funds.
• Preferably to be used for charitable purposes.
• Need to submit Income Statement (with sub-headings for each source of
income) and vlog for evaluation.
• Vlog will highlight the activities of the group and act as a reservoir of proofs.
Each income generating activity must be touched upon in vlog.
• No presentations.
• At the end of three weeks, the accumulated funds need to be deposited with
the CRs.
CAN

• Can copy from other groups.

• Assuming there is no proprietary resource.
• Can run individual sub projects.
• Can combine groups (max 3)
• If you combine groups, a mail needs to be sent pre-alliance.
• Post-alliances not allowed.
• Can use your resources (with you) apart from money. Ex. Laptop,
networks, existing subscriptions, accounts.
CAN’T

• Cannot use own money.

• Nothing Illegal or Immoral.
• If you feel there is something that’s not right, discuss with me.
• If found to be violating rules, 0 for the entire project.
• Cannot ask for monetary donations.
• Cannot inform the customer about the charitable donations.