In recent years, a growing number of degrees centered on innovation have emerged. These innovation degrees are being offered by major educational institutions, universities, and business schools around the world.
The programs seek to provide innovators with the skills needed to identify emerging signals, trends, and business opportunities. These programs also help innovators develop their skills in leveraging digital transformation to improve their organizations’ various processes and systems.
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Innovation Degrees – A Signal for the Rise in Corporate Innovation
Innovation degree programs have begun taking shape in the Philippine academe.
Embiggen Consulting, together with the Global Innovation Management Institute (GIMI) began offering innovation certifications in the Philippines. These certifications are globally-recognized as the gold standard in innovation management. Over 10,000 innovators from established corporations around the world like Pfizer, HSBC and the Ayala Corporation have been certified by GIMI.
The GIMI Certified Innovation Professional program equips innovation practitioners with the knowledge, skills and mindset they need to lead innovation initiatives over 4 mastery levels. Participants in this certificate program gain access to GIMI’s tested and successful innovation strategies, frameworks and insights which they can apply in their own organizations.
The Asian Institute of Management (AIM) offers the Master of Science in Innovation and Business (MSIB) program. This 15-month program aims to equip young professionals with skills to become catalysts for innovation.
AIM’s MSIB program is geared towards ensuring that its graduates can possess strong leadership skills in working in team-based initiatives, foreseeing opportunities and trends in their particular industries, managing technology-centered products and services, and making deliberate decisions grounded on finance.
The Ateneo Graduate School of Business offers their Master in Corporate Entrepreneurship program, which is handled in partnership with Bayan Academy. Ateneo’s Master in Corporate Entrepreneurship program seeks to establish an innovative and entrepreneurial spirit within corporations to enable a culture of innovation to flourish.
Beyond the Philippines, some of the most prestigious business schools, including MIT Sloan School of Management, Harvard Business School, IE Business School, The Wharton, and INSEAD now offer MBA programs centered on innovation.
According to Maura Herson, Assistant Dean of the MBA program at MIT Sloan School of Management, the school aspires to create innovative leaders that can change the world. Sloan’s close ties with MIT also contribute greatly to the school’s strong focus on innovation.
IE Business School shares similar sentiments regarding its emphasis on innovation and its capacity to make businesses sustainable in the long-run. This year, IE even announced that it would be investing €50 million (US$55.7m) on technology immersion for its institution focusing on AI, blockchain, and fintech.
The rise in MBA programs at top business schools around the world reflect the demand for expert innovators as companies begin to realize the importance of entrepreneurship and innovation in enabling them to thrive. This can serve as a major signal in terms of the direction business environments are headed towards, particularly regarding the skills that will be needed in the future to succeed.
Corporations today can invest in people with the skills that innovation programs provide and even encourage their current employees to take advantage of the opportunity to up-skill for the future.
Possessing employees with strong innovation capabilities will become more integral to businesses’ survival in the future as business landscapes continue to become increasingly competitive.
The innovation programs being offered around the world serves as an opportunity to prepare and ensure that companies’ longevity is taken care of. This comes as time and time again, innovation has proven to be what acts as the determining factor in a company’s long-term survival.
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Corporate Innovation and Company Survival
Corporate innovation and a workforce well-versed at it is the key to long-term survival. How crucial innovation is can be seen in how companies like Apple were able to overtake companies like Nokia seemingly overnight.
Apple had a strong understanding of emerging trends and consumer demand that they were able to build on. Apple was working on building their iPhone that combined features in a way that was virtually unheard of at the time.
On the other hand, Nokia did not acknowledge technological trends early on and focused more on what they were already previously successful for. Nokia’s lack of foresight led them to their eventual downfall as a company. In this case, Apple shows how innovation is vital in navigating through the rapidly changing business world.
Corporate innovation gives organizations the ability to stay competitive in their respective industries. Innovation ensures that companies continuously improve upon their processes and on the services or goods that they offer.
In addition to this, the benefits of corporate innovation span, not just in how the company performs in the market but also internally as well. When companies possess strong cultures of innovation internally, they empower their employees with the freedom to take the initiative when they identify opportunities.
A company’s workforce is what drives innovation within a company. Having a workforce that is skilled at innovation allows corporations to stay at the forefront of the markets they deal in.
Upskill your workforce today! Learn more about our Global Innovation Management Institute innovation certifications, which are globally-recognized as the gold standard in innovation management.
This article was updated on March 22, 2022.