Class Reflection: Week 6

In our last lecture, the School of Labor and Employment Relations welcomed Raymond L. Price who gave a lecture on the techinical visionaries vs. Serial innovators. He spoke about three categories: Enhancement, New applications, and creation. Most companies seem to fall into the enhancement category because it is faster, better, and cheaper. According to Mr. Price, about 10% of companies fall into the creation category because it is a process that involves risk, time, and difficulty along with a low success rate. However, companies should invest in the creation category because it is what will set their company apart and increase revenue long term versus short term. Companies need to be able to distinguish candidates who have the abilities and characteristics for innovation and become familiar with a innovation process. The hour glass model of Innovation is a great example. It involves the following steps:

1. Find the problem
2. Understand the problem
3. Invest and validate
4. Execute
5. Create Market Acceptance
6. Launch

As a future HR professional, I think this lecture was very helpful because it has changed my views on how to handle situations that involved employees and their approach to innovation. I think it is important to listen to employees, take risks with reason, and give innovative employees more flexibility to increase the organization's overall success in innovation. I think increasing the creation category is what is going to set an organization apart and have it succeed long-term.

Please view the following video about Raymond L. Price and his new book: