How to get a cow jumping : changing towards innovation and entrepreneurial thinking

Abstract

"This master thesis deals with the topic how to change an established industrial production company which has been run by a cash-cow strategy for decades towards innovation, new products and entrepreneurial thinking. The objectives of this paper are to analyse the company and to identify weaknesses and strengths, to provide a theoretical background around these issues and finally to show ways to move from the current position towards innovation. The scope is to combine issues of two search fields: first is entrepreneurship and innovation and second is change management. The strategy analysis uses state-of-the-art tools, mainly based on company-internal information. Reviewing international research work, scientific papers and acknowledged book literature provides the theoretical background and scientific basis of this master thesis. The practical action plan uses outcomes of the analyses, insights of the theoretical part and also recent literature to show how to apply theory in practice. In the chapter of change management drivers and reasons for changes, challenges and barriers in change projects, reasons for failing, key success factors and approaches in change management are presented. It shows that especially for established companies in challenging environment and declining industries innovation strategies need to be adapted and specific. Selected tools and skills to identify business opportunities like technology competence leveraging, foresight, ambidexterity, collaborations, user innovation and mass customization provide a specific frame for establishing the innovation process within the organization. The actual situation of the company requires restructuring of the core business in order to allocate resources to innovation tasks. This needs organizational and cultural change through communication, implementation of skills, organizational learning and incentive systems as well as a new organizational set-up. Recommendations where to focus in innovation projects, how to start it and how to control innovation are provided with respect to the current situation of the company. Future prospects show the big challenges the company is facing but also the great strengths and potentials."