Innovation Management

You are asked to read the HBS case: Bank of America (A)—Stefan Thomke, 2003, Harvard Business School Press, Case 603-022. You will then use the following questions to prepare your answers to the Bank of America (A) case. You should also draw on the information provided by the “Innovation: The Other Side, Making Innovation Happen” especially the associated online lecture and the notes. You MUST provide reasoning, i.e., do not just say ‘X’ in one word! Reason why ‘X’. However, you MUST be analytical and concise as a manager would! Case Questions: 1. What is the Bank of America’s (BoA) “innovation & development market” in terms of purpose? 2. What are your observations on process, organization, management, and culture to do with BoA’s “innovation & development market”? How does the “innovation & development market” compare the model of innovation management that is summarized by the ““Innovation: The Other Side, Making Innovation Happen”, as well as the points covered in the slides using the following questions. 3. Briefly list the three parts to an innovation management covered in lecture slides? 4. Discuss BoA’s Innovation Management approach along the following lines: 4a. Does “innovation & development market” fit with the “lecture slides” model of having an assigned dedicated team for innovation? Why/Why Not? How? 4b. Does “innovation & development market” fit with the “lecture slides” model of having partnership between the innovation team and core business? Why/Why Not? How? 4c. Does “innovation & development market” fit with the “lecture slides” model of having experiments as the primary means of producing workable innovation? Why/Why Not? How? 5. What does it mean to “test” a service innovation? What is involved in doing so that is different from a product? What is the impact on doing innovation? 6. Should BoA just hire outside companies (like IDEO or Continum) to develop new innovative services for them? 7. What constitutes an experiment in services in the context of BoA or any other bank? 8. What is the experience of BoA with “innovation & development market” so far? 9. What are the strengths and weaknesses of the “innovation & development market” currently? Why? 10. What grade (A, B, C, D, …) would you give Bank of America in doing “innovation & development market”? Why? 11. The BoA’s “innovation & development market” team is facing decision(s) at the end of the case (A): enumerate these decisions (their key variables/parameters) and offer how you would proceed to tackle this decision(s)? Be advised that we use Turnitin software which detects text similarity across submissions very accurately (from past classes or internet, or from colleagues, etc.) • You must also include the exact question wording from the text of the assignment (above) in your response and also list your answers to each question immediately after it (I will provide this electronically through email for this purpose so you do not have to re-type it!). • The text of your case report assignment, exclusive of cover page and figures and tables (not asking for these) should not exceed 4 pages, single-spaced/doubles-spaced (up to you), typeface point 12, 2.5 cm margin on all sides.