Guide to College Majors in Managing Innovation
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What is Managing Innovation?
A college degree program in managing innovation prepares students for exciting careers in management and development. To stay competitive, companies must constantly search for ways to grow and change. Leaders must predict the ways that their companies will innovate along with the changes these advances will cause within their industries.
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Managing innovation degree programs teach students how to use innovation as a business strategy.
This means that students enrolled in managing innovation degree programs learn how to make innovation easy to predict, able to turn a profit, and readily available. This means taking the necessary steps to ensure that your company always has something new to introduce to consumers.
So, how does an individual manage innovation? Doesn't innovation rely on creativity and spontaneity? It is true that innovation itself cannot be completely controlled or predicted. Someone who manages innovation is responsible for fostering an environment in which innovation can thrive. This means allocating proper funding for research and development, and planning newer, more innovative versions of products, even before the products themselves reach store shelves.
The innovative process can happen in a couple of ways. First, leaders can integrate innovation into their product development cycles. Companies invest resources into research and development teams that simultaneously investigate potential solutions to their customers' problems. This type of innovation can consist of anything from a new type of shampoo or cosmetic, to a new software program or line of cars that run on alternative fuel sources.
The next type of innovation is one that happens within the company to make it more effective and efficient. This type of innovation is rarely seen by the public, but can manifest itself in the company's ability to satisfy the needs of its customers. These innovations include making an assembly line more efficient by automating it, creating an extensive customer service department that can handle customer needs twenty-four hours a day, or creating an employee incentive program to boost morale and maximize employee potential.
One powerful example of internal innovation was the adoption of Japanese "just in time" inventory strategies in manufacturing plants and retail outlets all over the world. By choreographing the delivery of supplies more effectively, auto manufacturers and grocery stores alike have reduced or eliminated the need for expensive warehouses. Instead, large amounts of materials reside in delivery trucks or secure container vessels. As a result, these companies have shaved billions of dollars from their corporate budgets. They pass those savings directly to the public in the form of lower prices and stock dividends.
Why Do Companies Need to Innovate?
As in nature, organizations that do not evolve and adapt soon become extinct. Even if you have a very efficient production system, a great line of products, and a superlative staff, if you don't innovate, it is only a matter of time before your competition finds a way to steal your market. The only way to preserve your company from this fate is to constantly innovate. Successful business leaders always assume that rival companies are on the verge of coming out with a new product line to corner the market.
The innovation manager's role in all this is to make sure their company is known for constantly producing new and exciting products. This also means that products have shorter life spans, and are taken off the shelves more quickly and replaced with new products. While this is a difficult thing to sustain in practice, it has been proven to be possible and extraordinarily effective for increasing profits.
Companies that apply this strategy are known as innovative companies, and make most of their money from recently released products that are usually less than five years old. By investing wisely in research and development and hiring individuals with degrees or certificates in managing innovation, companies can ensure that there will always be a new and exciting product for consumers to try, and consumers love trying new things.
Since technology and innovation are rarely found outside the same sentence, students studying for a degree in managing innovation will learn the role technology plays in today's business environment. From software that helps organize and develop product lines to robotics that streamline assembly lines, innovation managers must be familiar with all aspects of technology. More than that, they must be able to apply their technological know-how to the real world.
Students earning a degree in managing innovation must also be alert to changes in the world that affect business. This means staying abreast of innovations happening outside the innovation manager's individual industry. For instance, if the business world had not been aware of the emergence of the Internet, many opportunities to make money would have been lost. Being in touch with current affairs in the political, technological, and environmental worlds is essential to effective innovation management.
Is a Managing Innovation Degree Right for You?
If you enjoy following trends and solving problems creatively, or have a knack for predicting what the "next big thing" will be, a degree program in managing innovation might be a great pathway into an exciting career that will be challenging and enjoyable.
Students who wish to establish a career in innovation management must be versatile and flexible. Adapting to new situations and environments is an absolute must for anyone wishing to pursue a degree in this field. If you have trouble letting go of old-fashioned ideas or acclimating to change, then a career in managing innovation is definitely not the thing for you. But, if you embrace change and are constantly looking for ways to improve and revolutionize the way people do things, innovation management can be a career that uses those strengths to your advantage.
Students who pursue degrees in managing innovation usually have the following skills or characteristics:
- Creative thinking skills
- Critical thinking skills
- Troubleshooting ability
- Problem solving skills
- Computer literacy
- Written and verbal communication skills
- Charismatic personality
- Ability to recognize talent and potential in others
- Interest in current affairs
- Ability to adapt
- Ability to integrate
- Ability to learn quickly
- Research skills
- Ability to combine theory and practice
- Customer service skills
- Ability to be a good listener
- Knowing when to commit to an idea, and when to abandon it
As stated above, good people skills and high level of charisma can really come in handy when entering this profession. The reason for this is simple. Too many businesspeople are highly resistant to change within their company because they don't know how to make radical changes. All too often, decision makers overlook options that will maximize the business's potential and increase the growth rate of the business. It is the innovation manager's job to convince these business people that change, adaptation and innovation are necessary to survive in today's market. Basically, you have to convince them to spend the money on innovative processes and products.
If you think that this sounds like you, then consider researching managing innovation degree programs in your area. Many universities, business colleges, and technical institutes offer this major, often in conjunction with a technology or business degree. A better option for the individual who already has a career or family, but wants to continue their education, is to enroll in an accredited online degree program. These distance learning programs give you the freedom to pursue a degree program from your own computer, without interrupting your career or family life.
Career Education in Managing Innovation
On-Campus and Online Degree Programs in Managing Innovation
Different schools take different approaches to the managing innovation degree. Some schools offer it only to students that already hold an undergraduate degree in a related field. Other colleges and universities offer certificate courses designed to supplement the knowledge of professionals working in a business environment.
Generally, associate's and bachelor's degree programs in managing innovation involve studying the topic as a concentration in a related field. For instance, students in a business or a business technology degree program could enroll in a managing innovation concentration to build proficiency within their career niches.
Master's degree programs in managing innovation are far more common, as professionals who study in this field often go on to high-level corporate jobs that require significant post-graduate study. Some institutions integrate this specialty into their master's of business administration program. Other schools offer managing innovation degrees as the result of completing a master's of science program. What title the institution places on the degree can also tell you quite a bit about whether the program will be geared toward business or technology.
- Certificates in Managing Innovation
Institutions that offer certificate programs in managing innovation often gear these programs toward working professionals who want to increase their employability or maximize their upward mobility within a company. Many of these institutions require applicants to hold a degree in a related field or have some professional work experience. Application requirements vary from institution to institution, so be sure to research each individual program before applying.
Certificate programs in managing innovation are usually very specialized, intensive programs that can last anywhere from three months to a year. Many of these certificate programs are offered online or through distance learning programs to accommodate the busy lifestyles and cluttered schedules of working professionals.
What kind of certificate program is right for you depends entirely on what industry you work within and what trajectory you want for your career. Some managing innovation certificate programs specialize in developing products, while others specialize in designing innovative processes to make a company more efficient. Many managing innovation certificate programs are very heavily geared toward implementing and staying up to date with the latest technologies, including data management, Internet technologies, computer hardware and software, and telecommunications.
- Bachelor's Degrees in Managing Innovation
Managing innovation is often offered as a concentration while students earn an undergraduate degree in a related field, such as business management or business technology. This varies from school to school, so be sure to research the program thoroughly before deciding to enroll to make sure that it offers the education you desire.
If the school or program you decide to enroll in does not offer a managing innovation concentration or minor, it does not mean that you cannot pursue this career path. Most master's degree programs in managing innovation only require an undergraduate degree in a related field, so it is very possible to continue your education in managing innovation once your general undergraduate training in business or technology is completed.
- Master's and PhD Degrees in Managing Innovation
Most employers who are looking for innovation managers usually require candidates for the job to hold at least a master's degree in managing information before applying. This is because Managing innovation has evolved into a very specialized and demanding field, so employers want to be assured that their new innovation manager has the training needed to perform the job effectively and produce immediate results.
Since students who enroll in a master's degree program in managing innovation already have a business education background, there are no general business courses that are required by this degree. Most of the courses offered are highly specialized, involving such things as:
- Product life-cycle management
- Idea management
- Project management
- Planning product lines
- Brainstorming
- Assembly automation
- Prototyping
- Portfolio management
- Predicting innovation
What Can You Do With a College Degree in Managing Innovation?
Career Options for Aspiring Idea Management Specialists, New Product Developers and Innovation Consultants
Holding a degree or certificate in managing innovation can be useful in many ways, and to many kinds of people. Since innovation is necessary at every level of the business world, the skills students learn in managing innovation degree programs can be used across the board.
For instance, a student who is already employed by a company increases his or her chance of upward mobility within that company by earning a degree or certificate in managing innovation. Small business owners looking for capital are more attractive to investors if they hold a degree in managing innovation.
Managing innovation has become an important area of study as the business world has changed. This is because investors are expecting faster, bigger returns on their investment, which means that companies must constantly be creating and delivering newer and more profitable products or services in much less time. And since businesses need investor capital, they want to make sure that they have someone on staff that knows how to manage innovation, effectively keeping their business from becoming dead in the water.
Managing Innovation Career Paths
- Private Innovation Consultant
Many small businesses cannot afford to keep a staff of well-trained innovation managers on the payroll at all times. These small businesses will often outsource this duty to a private firm or individual that has a good reputation for managing innovation. The firm or individual will work under contract for a set amount of time, counseling the business's board of directors on what direction their business should take, where their research and development team should be putting their energies, and getting the business on a schedule that helps perpetuate innovation.
Working as a consultant is an excellent opportunity for those who don't like working within the same context day after day, but like a wide array of environments and challenges. A bachelor's or master's degree program in managing innovation can help a future consultant apply their work in a variety of environments, from small, startup corporations to established, Fortune 500 firms.
Many private consultants also rely on the skills they develop during their managing innovation degree programs to run their own practices more effectively. Innovation consultants often generate business by writing articles for major magazines or business journals. Therefore, elective courses in writing and journalism can play a significant role in the future success of an innovation consultant. Many consultants must also apply new theories and technologies to their own businesses, so they can model ideal behavior to their clients and prospects. Many consultants participate in continuing education programs beyond their degree programs, sometimes performing research studies as adjunct faculty members.
- Idea Management Specialist
These individuals are leaders or team members charged with the specific task of creating innovation. This means coming up with the ideas that will chart the future of the companies they work for. This is not just about creating new products or services to deliver to the consumer, however. The mission of idea management also requires team members to think of ways to make existing products and processes more cost-effective and efficient. This includes ways to increase employee morale and productivity, assembly line efficiency, and plant safety.
Idea management teams are ideal for brainstormers who work best in groups. This career requires lots of patience, very good written and verbal communication skills, and a whole lot of critical, creative, strategic, and transformative thinking. Following through with their ideas is also a must, since ideas only half thought through don't usually do anyone any good. Idea management positions are usually filled by very well rounded individuals who have some knowledge about nearly every aspect of the industry they work within.
As more companies rely on unique products, many employers ask more and more of their team members to take on idea management tasks in their day-to-day routines. Growing beyond the confines of the cliched "suggestion box," many companies look to line staff to highlight opportunities to significantly enhance their production or customer service operations.
- New Product Developer
If you have the unique ability to predict what the "next big thing" will be, you might make an excellent new product developer. These individuals plan out new products and product lines, figuring out how long they will take to develop and produce, how much money it will cost, what the life-cycle of the product will be, and how much profit the company can expect from the product.
This career is all about creative and visionary thinking. New product developers usually work in groups, so teamwork and respect for others are also important. These individuals must be goal-driven and have the ability to follow through with their ideas to the fullest extent. They also must learn how to deal with disappointment and failure, as not every product will be a winner. The most important thing they can do is to learn from their mistakes and move on.
New product developers increasingly work on interdisciplinary teams with designers, accountants, scientists, and marketers. Quality managing innovation programs allow students to explore many of these roles, so they can cultivate an understanding of the needs of various stakeholders throughout the new product development process.
Preparing for Managing Innovation Career Opportunities
There are many things a student can do to prepare to enter a degree program in managing innovation. The first and most important step after you have decided that managing innovation is right for you is to research the various degree programs offered by leading colleges and universities.
Finding a program that is suited to your unique learning style can make the difference between a successful education and a frustrating mistake. Do you work well in the classroom? Or is a distance learning program more your style? These are important questions to consider when preparing to enroll in a managing innovation degree program.
Many people who enter managing innovation degree programs do so from a background in business or technology. They have already either studied or worked as a professional in one of these fields and they have entered the program to better learn about the ways that managing innovation can help their company or business, or to make them more attractive to employers. Probably the best way to prepare to enter a managing innovation degree program is to study or work in the fields of business and technology.
If you have no experience in managing innovation, but still wish to consider entering a managing innovation degree program, consider taking some business or technology certificate courses online to boost your knowledge of these fields. This might give you the edge you need to excel in whatever Managing innovation degree program you decide to enroll in.
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