Talk: Developing Products in Volatile Markets

This blog post includes a narrative of key points made by Professor Costas Andriopoulos during his talk at the Cardiff University Innovation Network seminar on 25th January 2012.

Storified by Kelly Page
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Developing New Products in Volatile Markets

This is a narrative of key points made by Professor Costas Andriopoulos during his talk at the Cardiff University Innovation Network seminar on 25th January 2012.

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  2. Professor Costas Andriopoulos is Professor of Strategy in Cardiff Business School, Cardiff University. He joined the school in September 2010 and brings with him a wealth of industry and academic insight into organisational culture and leadership in firms that innovate, adapt and survive during volatile market conditions. 
    His research interests include organisational ambidexterity, tensions and paradoxes, strategic decision making in product development, market orientation and innovation management and new product development. His papers have appeared in European Journal of Marketing, Journal of Strategic Marketing, Human Relations, Long Range Planning, Organization Science, amongst many others. 
    Outlined in the remainder of this post are the tweets containing quotes of ideas, thoughts and comments presented during his Cardiff Innovation Network presentation. 
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    Talking to the Innovation Network (Cardiff University) tomorrow! Please find more info by clicking on innovation-network.org.uk/…
  4. The presentation was held in the Main Building, Park Place, at Cardiff University. 
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    The room is filling up at @cardiffuni seminar hosted by #innovatewales on production innovation in volatile markets by Prof @candriopoulos
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    Louise Casella is chair tonights seminar #innovatewales opens talk about companies who innovate during a recession wherein costs are lower
  7. Louise Casella is the Director of Strategic Development at Cardiff University. Louise introduced Professor Costas Andriopoulos presentation noting how important the topic and context was in such a current climate in Wales, the UK and internationally for many organisations. The background upon which the talk was based was years of research in the field interviewing, observing and documenting the practices of organizations in the United States, wherein a majority were located in Silicon Valley. 
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    @candriopoulos visited silicon valley to learn about product innovation in a variety of companies from medical to consumer companies
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    @candriopoulos “May you live in interesting time” Chinese curse, to inform learning from the new reality #innovatewales
  10. In this it was interesting the parallels between the  times we find ourselves as individuals and organisations facing and working through an economic recession, a time with increasing need to reflect on organisational practices to learn more about our new reality. With this in mind, Professor Andriopoulos discussed the importance of adaption and agility in order to survive and prosper in such volatile times.
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    @candriopoulos “companies are struggling, managers in companies like Blockbuster, @borders and @polarid did not adapt” #innovatewales
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    @candriopoulos “people move on, companies need to adapt. @polaroid focus on instant photography, but people move to digital” #innovatewales
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    @candriopoulos “Disruptive – ideas, products, companies that disrupt the business model … @amazon @lovefilm are disruptors” #innovatewales
  15. He introduced the importance of understanding what we mean by disruption and awareness of market dynamics that lead to disruption and the blindness that can occur in many organisations. 
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    @candriopoulos “when I hear companies say we r the best, have best products and technology I get worried. Why it = blindness” #innovatewales
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    @candriopoulos “Size, age & success of a company = blindness. We need to adapt. We need to go digital” #innovatewales
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    @candriopoulos “many firms underestimate the time needed to change, to adapt, to go digital” #innovatewales
  19. An number of interesting examples were presented showing organisations that had adapted and changed over time, evolving and diversifying from the focus of their original business model. To survive they had to adapt. 
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    @candriopoulos “We have to adapt. E.g., @3M started business in mining. @AmericanExpress started in express delivery.” #innovatewales
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    @candriopoulos “managing innovation and adapt to external environment is critical, but difficult” #innovatewales #innovate
  22. Professor Andriopoulos then moved on to discuss the importance of ambidexterity in organisational culture and leadership in firms whom successfully innovated. By these he refers to the need to think in two streams based on the temporal nature of our focus, focusing both on the now and for tomorrow. 
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    @candriopoulos “while I’m working today, we have to think about the future technology to innovate.” #innovatewales #innovate #innovation
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    @candriopoulos “We need to work in two streams to innovate. Today & Tomorrow. Each stream is managed differently” #innovatewales #innovation
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    @candriopoulos “#ambidexterity = being able to work in the middle of exploiting current & exploring future opportunities” #innovateswales

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