BUSINESS PROJECT: Successfully Implementing Innovation Strategies - The Role of Management Control Systems

CONTENT:
Especially in times of disruptive change, the implementation of innovation strategies is seen as a main driver for business success, not only for startups but also for established firms. However, even the most successful firms struggle with the management of their innovation strategies. Crucial questions are, among others: how to decide which innovation ideas are supported with firm resources (budget and staff), how to best implement new ideas in the context of exisiting organizational structures, how to measure the results of these strategies, and how to generate decision-relevant information for these strategies.

In this business project we will collaborate with Novomatic, a leading company in the high-tech gaming technology industry. In doing so, we zoom in on how large established firms implement innovation strategies by using a range of management control techniques, such as innovation process specifications, performance measurement, budgeting and incentives. Students will conduct a number of interviews with top and middle managers of our partner firm. Furthermore, a broad benchmarking study of best practices will be conducted. Insights from this field research will be compared to insights from the scientific literature. Based on this comparison, we will derive recommendations for Novomatic. The project will be an ideal starting point for a Master or Bachelor Thesis in this field (possibly, in cooperation with our partner firm).

LEARNING OPPORTUNITIES FOR STUDENTS:

• Students interested in innovation, management control, and new buisness development will be part of a research-focused consulting project and learn how to do a practically relevant research study. Students will get unique real world insights into firm's innovation and product development processes and they will have the chance to learn from the experiences of middle and top managers in large and successful Austrian firm.
• Students will have the unique opportunity to develop and train their team-working and leadership skills. According to the “IfU Business Project Approach“ which has been awarded the Austrian State Price for teaching (Ars Docendi) 2016,  five Master Students will take the role of team leaders and lead small teams of Bachelor students. The experienced challenges of leadership will be discussed in class and all students (Bachelor and Master students) will have the opportunity to get invaluable „learning by doing“ leadership experience for their future career.