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Why get a Master of Innovation Management?

Michael Porter said, “The only way to guarantee long-term competitive advantage is innovation.”

Today, with a globalized landscape driven by free trade agreements, market competition is savage and offers no respite. To stay relevant, it is important to think of ways to create value and compete through differentiation. That is why, today more than ever, it is imperative to try to manage an innovation portfolio that lets businesses consolidate markets and expand into new blue oceans that they can use to sustain themselves and plan their position and growth. Learning to manage innovation for organizations in this hyper-competitive world is important. Leaving the development of new solutions to unmet or hidden needs to chance or fortune is very risky. The Master of Innovation Management program provides the underlying tools and methods to guide the process of seeking out and implementing radical new solutions for the new challenges of the 21st century.

Purpose: At the end of the program, students will be able to create significant differential value for competitive organizations through radical collaboration and effective management of innovation processes.

We have a Master's degree with high quality world standards

Innovation and Design Thinking

This is a new way of thinking about business, of innovating in this new century, through which business is being refreshed and new products and services are being reconsidered in a global context.

Design Thinking was really born in the middle of the last decade. However, its conceptualization - and mass use - came about through the Stanford University School of Engineering at the beginning of this decade.

According to Professor Brown of Stanford, Design Thinking is a discipline that “uses the designer’s sensibility and methods to match people’s needs with what is technologically feasible and what a viable business strategy can convert into customer value and market opportunity.” Today, this new trend in innovation today is spilling over into many disciplines within organizations, as they seek to innovate products, services, and processes, all for better opportunities and differentiation.

 

Universidad Icesi has created an innovation training model for professionals from different disciplines, inspired by methods such as Design Thinking, Value Proposition Design, Lean Start Up, Serious Play, and others. Students of the Master of Innovation will learn about creative thinking, reformulation of problems, global innovation and strategy, marketing and consumer insights, idea prototyping, business plans, co-creation, technology for the future, entrepreneurship, and more.

Reasons to implement Design Thinking within organizations

Neutralizing uncertainty:

Having an iterative process or one that moves cyclically from divergent (creation and exploration) to convergent (synthesis and selection) focuses efforts and guides participants and decision makers through the process. Participants don't need to know the end result, just trust that the process will reduce the risks by focusing on real needs and requirements aligned with the business strategy.

It structures the innovation process:
 It organizes the innovation process, which is routinely viewed as chaotic. The process moves from understanding and empathy, to definition, ideation, and implementation. 

It increases the organization's creative capital:
 Everyone can apply this methodology, even those who don't consider themselves creative. Design thinking is nourished by multidisciplinarity and builds off of collaborators’ different areas of focus. 

It boosts the probability of success in the market:
It can address problems quickly, through the development of tests and prototypes in early stages. This allows for early market testing and proving consumer interest. 

It creates differentiation from the competition:
 Problems can be reformulated by working on new ways to meet needs. It moves beyond paradigms.

It enables its companies to deeply understand consumers.
 As a user-centered method, it allows companies to understand consumers’ latent and unmet needs so that they can make responsive suggestions and increase consumer satisfaction. 

It reduces the time and cost of developing ideas:
When a schematic prototype of an idea (product, service, or process) is made in the early stages of development, companies learn quickly and economically about its relevance and how to improve it, which accelerates the process. 

It revitalizes and creates business models:
 This method finds new areas where value can be created for consumers and for the business. By using tools to visualize the types and areas of innovation of the company, participants can identify areas where efforts are not being made and suggest or create innovation systems to take advantage of them. 

It aligns new efforts with the strategy:
 The comprehensive solutions that emerge assess three elements: The viability (business), the feasibility (technology available), and the desirability of the proposal (human or consumer interest). This allows for ideas that are in line with the business’s goals or capacities from the beginning.

Who is this degree for?

Professionals or groups of professionals (companies) with diverse and multifaceted disciplines that want a career as leaders of innovation processes in their fields. Professionals who want to develop or improve their innovation management skills and understand how innovation can improve firms’ competitiveness. Professionals or entrepreneurs working for firms with a specific innovation problem that needs solving or people who see professional development possibilities within innovation.

Graduates

Graduates will have the skills to:

  • Identify, assess and manage business opportunities within organizations.
  • Lay out strategies that discover, define, develop and deliver innovation projects.
  • Reformulate problems through a deep understanding of human and business needs, and translate them into viable, feasible, and desirable opportunities.
  • Create diverse, creative, and tangible options through the use of technologies that guide divergent thinking.
  • Rapidly and successfully test and implement prototypes of new ideas, products, and services, and their business models.
  • Lay out strategies for establishing a culture of innovation within organizations.
  • Validate the technical feasibility and viability of businesses that come from innovation projects.
  • Effectively communicate innovation projects.

Differentiating elements

  • Three semesters
  • Several modules developed and facilitated by two experts at the same time, which gives students more time to have feedback and have a complete and comprehensive critique
  • More than 15 nationally- and internationally-known guest speakers who have broad expertise and leadership in innovation and will share some successful cases.
  • For the technological or technical development of projects, students have the support of student monitors from the interactive media design and industrial design programs, as well as other undergraduate majors, to help turn prototypes into reality.
  • 4 of 10 modules include international professor-facilitators
  • The Innovation-InnLab Laboratory offers services and spaces to promote creativity and manage innovation. The physical space and the laboratory equipment provide the flexibility needed to develop creative and innovative projects.

Applied learning model

The work in the modules is based on the PBL learning model (Project/Problem Based Learning) that aims to uncover student's skills when confronted with a real, complex situation within an organization, whether connected to the university or with representation in the group of students.

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