Investing in innovative technologies can provide great returns to a business through new product introductions and establishing new markets. Innovations can improve processes for existing operations reducing the cost to manufacture or the materials costs. However, these projects are often difficult to execute and carry greater risks than their standard technology counterparts. IPA research in this area has identified a set of practices and strategies shown to address the risks associated with commercializing innovation. The IPA seminar on Successful Commercialization of New Technology shares the learnings from this research to help participants minimize problems experienced when incorporating innovation into their capital projects.
This program will include presentation of research, examples from real-life situations and interactive discussions. Topics to be covered include:
- Best practices for effective commercialization of new technology
- Measuring new technology and the uncertainties associated with it
- Technology commercializing strategies
- Resourcing new technology projects
- Understanding risks associated with innovation
The program is a 1-day seminar focusing on the research findings that have been linked to successful outcomes in new technology projects. The seminar uses a combination of lecture and facilitated discussion. Participants are provided with tools and techniques for identifying new technology risks correctly so that informed business decisions concerning the implementation of new technology can be made. The seminar highlights best practices that can be implemented to improve innovative project performance.
Course Content and Organization
The Mitigating Risks of Innovation course content is divided into the following modules:
Module 1: Introduction
The course begins with a discussion on the motivation of this course and why new technology plays an important role in business success. Also presented are IPA’s measurement of project performance, the methodology to quantify the effect of practices on project performance, predictability metrics, and competitiveness metrics.
Module 2: Understanding New Technology
The second module defines the various gradations and forms of new technology, and presents the impact each level of innovation has on project outcomes (cost, schedule, and operational performance).
Module 3: Best Practices
Here it is explained which Best Practices, based on IPA’s statistical analysis, drive highly successful innovative projects, and how to install and implement them.
Module 4: Aligning Business and Technology Strategies
Aligning expectations on performance and understanding the risks associated with innovation are critical to business success. This module presents how to successfully handle the uncertainty inherent in new technology projects and also covers new technology program management, and commercializing new technology project cycle in the context of the capital project system.
Module 5: Implementing New Technology
The course concludes with a section on determining the appropriate strategy and evaluating market needs and venture rewards, and a discussion on implementing improvements.
Course Benefits
Participants are provided with tools and techniques for identifying new technology risks correctly, so that informed business decisions concerning the implementation of new technology can be made. The seminar highlights Best Practices that can be implemented to improve innovative project performance.
Target Audience
Project professionals who may be involved with new technology projects and decision makers, capital system management, and gatekeepers who need to be able to identify and understand the risks associated with new technology projects.
Claiming PDUs
Mitigating Risks of Innovation is officially registered with PMI, which allows attendees to easily claim 8 PDUs upon completion of the course. Simply visit the PMI Continuing Certification Requirements site and submit the PDU Activity Reporting Form (Provider Number: 2767 / Activity Number: INS-NTA). For those claiming PDUs through other education organizations, please note that the duration of this course is 8 hours.