Innovation management. Учебное пособие

8. The risks of innovation projects

As well as risk analysis, its distribution among project participants can be qualitative and quantitative. The qualitative distribution of risk implies that project participants make a number of decisions that either expand or narrow the range of potential investors. The more risk participants intend to entrust investors, the more difficult it is for project participants to attract experienced investors to finance the project.

Therefore, the project participants are encouraged in negotiating to show maximum flexibility in the question of what proportion of risk they agree to accept. The desire to discuss the issue of taking over the project participants a greater share of risk can convince experienced investors to reduce their requirements.

Reservation of funds for unforeseen expenses. Creating a reserve of contingency funds is one of the ways to manage risks, involving the relationship between potential risks affecting the cost of the project and the amount of expenses necessary to overcome failures in the project. In determining the amount of the reserve for unforeseen expenses, it is necessary to consider the accuracy of the initial estimate of the cost of the project and its elements, depending on the stage of the project at which this estimate was made.

Thus, risk management is fundamental in the management system of innovative companies. It is designed to improve the efficiency of the enterprise, in a constantly changing Russian business environment. Without an appropriate risk classification, competent and break-even management of innovative projects is impossible. Of course, the most labor-intensive and difficult stage at enterprises is the identification and classification of risk events, as it is on the basis of these data that all subsequent work of the enterprise will be carried out. But we should also not forget that at all subsequent stages of the life cycle of the project risk information will be updated and refined, which is a continuous process of collecting and processing information.

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8. The risks of innovation projects

Practical Exercise:

Choose one of innovation management tricks from the list or provide your own, explain it in details. What kind of investment project risk evaluation should be done?

Benchmarking is a study of the activities of economic entities, primarily their competitors, in order to use their positive experience of their work. It includes a set of tools to systematically find, evaluate all the positive merits of someone else's experience and organize their use in their work.

Reengineering (crisis reengineering or developmental reengineering) is a fundamental rethinking and radical redesign of business processes to achieve dramatic, abrupt improvements in modern company performance indicators, such as expenses, quality, service etc.

Price management is a way of influencing the price mechanism on the implementation of innovation. Pricing method of management includes two main elements: pricing factors operating at the stage of production innovation; pricing policy applied in the implementation, promotion and dissemination of innovation.

Brand strategy means a comprehensive study of the image of an economic entity based on the promotion of its brands at the market. The brand strategy is based on the development and movement of the brand as an integral marketing complex for creating additional competitive advantages for this entrepreneur at the market.

Merging is the absorption by one company, another company, in which the latter loses the status of a corporation. The reason for the merger on the market, as a rule, is the situation when a rather high quality product offered by a company for sale is sold slowly due to opposition from a competitive firm.

Fronting the market or fronting (from the English front - “go to”) is an operation to seize the market of another business entity or a foreign market.

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INTERNET SOURCES FOR PRACTICAL WORK

1.Cool Hunting is synonymous with seeking inspiration. Our global team of editors and contributors sift through innovations in design, technology, art and culture to create our award-winning publication, consisting of daily updates and weekly minidocumentaries. http://www.coolhunting.com/

2.CoolBusinessIdeas is a blog about brand new promising business ideas around the world. Follow them in the hunt for the latest business concepts! http://www.coolbusinessideas.com/

3.David Report is an influential blog and online magazine that since 2006 writes about trends in the intersection of design, culture and business. Our readers share our interest and curiosity in everything from art, architecture, culture, design and fashion to food, innovation, music, sustainability and travel. http://davidreport.com/

4.Innovation Excellence: http://innovationexcellence.com/

5.Innovation management article library: http://www.innovationmanagement.se/article-library/

6.JWT Intelligence is focusing on identifying changes in the global zeitgeist so as to convert shifts into compelling opportunities for brands. They have done this on behalf of multinational clients across several categories including pharmaceuticals, cosmetics, food, and home and personal care. https://www.jwtintelligence.com/

7.Mashable is the largest independent news source dedicated to covering digital culture, social media and technology. Mashable’s

20 million monthly unique visitors and 4 million social media followers have become one of the most engaged online news communities. http://mashable.com/

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Internet sources for practical work

8.More Inspiration lets you discover innovative products and technologies from all possible domains. www.moreinspiration.com/Search

9.NOTCOT Inc is a growing network of design sites currently including NOTCOT.com and innovative community contributed sites NOTCOT.org + NotCouture.com + Liqurious.com. NOTCOT is a visual filtration of ideas + aesthetics + amusements. http://www.notcot.org/

10.PSFK. Over 1,000,000 readers from the design, digital, marketing, media and technology industries come to PSFK each month to read and share the emerging ideas. www.psfk.com

11.Springwise scans the globe for the most promising business ventures, ideas and concepts that are ready for regional or international adaptation, expansion, partnering, investments or cooperation. http://www.springwise.com/

12.TED is a nonprofit devoted to Ideas Worth Spreading. It started out (in 1984) as a conference bringing together people from three worlds: Technology, Entertainment, Design. http://www.ted.com/

13.The purpose of Alltop is to help you answer the question,

‘What’s happening?’ in ‘all the topics’ that interest you. You may wonder how Alltop is different from a search engine. A search engine is good for answering questions like, ‘How many people live in China?’ However, it has a much harder time answering the question, ‘What’s happening in China?’ That’s the kind of question that we answer. http://trends.alltop.com/

14.Trend Hunter is the world’s largest, most popular collection of cutting edge ideas, crowdsourced by 85,462 Trend Hunters. http://www.trendhunter.com/

15.Trendcentral. Powered by the research, insights and global trendsetter network of The Intelligence Group, trendcentral® focuses on what’s new and what’s next in the realms of lifestyle,

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