Innovation principles


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Innovation principles

  1. 1. 1/30/2015 4:32:45 PM 1 Dr.Rajesh Patel, Director,NRV MBA
  2. 2. Innovation Principle-1 Co-creating Value with Customers In the new age of innovation, companies will co-create unique individual solutions with customers. The number of customers each company can co-create with might, in some cases, be virtually unlimited. Of course, there has always been a market for unique products, but this has tended to target a relatively small and exclusive customer group, and has been costly and time- consuming. Companies will need to use digital platforms to handle a lot of customers – in real time – at the same time. In addition, companies must collaborate with other companies through different networks, sometimes forming partnerships. 1/30/2015 4:32:45 PM 2Dr.Rajesh Patel, Director,NRV MBA
  3. 3. Innovation Principle 2 Users involvement in Innovation Processes Companies have started involving users at an earlier stage in the innovation process. Companies are observing users to understand what problems they face and need solved, and are including users at the beginning of the innovation process. By carefully planning user involvement in the innovation process, companies get access to user knowledge which can be crucial for developing new concepts and market- shaking innovations. 1/30/2015 4:32:45 PM 3Dr.Rajesh Patel, Director,NRV MBA
  4. 4. Innovation Principle 3 Accessing and Combining Globally-Dispersed Knowledge No single location alone can provide all the knowledge required for innovation, in particular for discontinuous innovation in the form of new products and solutions or new business models. The innovation process is becoming global, requiring companies to access and combine knowledge that is available in different locations around the world. Certain knowledge elements can be codified and accessed at a distance , but other knowledge elements are of a tacit and context- specific nature, and remain embedded in their original localities. 1/30/2015 4:32:45 PM 4Dr.Rajesh Patel, Director,NRV MBA
  5. 5. Innovation Principle 4- Forming Collaborative Networks and Partnerships No single company has all the elements of knowledge required to innovate on their own. Companies are forming collaborative networks and partnerships for innovation. The increasing complexity related to innovation today calls for a combination of skills, which can be obtained by collaborating across different types of companies. No single company possesses the vast amounts of specialist knowledge that is needed to solve today’s market challenges and create new and valuable solutions. 1/30/2015 4:32:45 PM 5Dr.Rajesh Patel, Director,NRV MBA
  6. 6. Innovation Principle 5 Levering Dynamics between Large Companies and Entrepreneurs Large companies use a range of methods to become more innovative. As companies grow and become big, they tend to lose some of the innovative capacity which was present when they were smaller or newly-started. Large companies are therefore creating programmes to foster entrepreneurship internally, or working together with start-ups to take advantage of the knowledge and innovative culture held within the smaller companies. 1/30/2015 4:32:45 PM 6Dr.Rajesh Patel, Director,NRV MBA
  7. 7. Innovation Principle 6 Environmental Concerns drive Innovation New markets are being formed in response to the environmental challenges we face. Increased awareness of global challenges is creating demand for environmentally-friendly products. 1/30/2015 4:32:45 PM 7Dr.Rajesh Patel, Director,NRV MBA
  8. 8. Innovation Principle 7 Needs in Developing Countries drive Innovation New products and services are being developed to meet the needs of consumers in emerging markets. In order to deliver goods and services to markets in developing countries, firms must re-think their traditional business models – using new ways of selling and distributing products, levering new types of partners and employing new types of competencies in innovation teams. In many cases, the innovations developed for the developing countries also have a market value in the developed world. The insights gained from developing products and services for consumers in developing countries drive innovation everywhere. 1/30/2015 4:32:45 PM 8Dr.Rajesh Patel, Director,NRV MBA
  9. 9. Innovation Principle 8 Welfare System Concerns drive Innovation Companies have started seeing the public sector as a market. Instead of merely supplying the public sector with products and services demanded, companies have started working together with the public sector to deliver new innovative solutions. The mix of public and private collaboration is spurring innovation in new areas. 1/30/2015 4:32:45 PM 9Dr.Rajesh Patel, Director,NRV MBA
  10. 10. Innovation Principle 9 Technology’s Role as an Enabler of Innovation In the new era of innovation, technology will become an indispensable enabler of company innovation, but new technology will be less and less the driver of company innovation. Already, digital technology is an indispensable element in nearly all innovation, and the internet will enable companies to innovate in new ways., where service innovation and new business models will play a major role. 1/30/2015 4:32:45 PM 10Dr.Rajesh Patel, Director,NRV MBA
  11. 11. 1/30/2015 4:32:45 PM 11Dr.Rajesh Patel, Director,NRV MBA