Shuktij Singh 12 Feb 09 Innovation
Contents  What is Innovation? Idea, Invention & Innovation 3 Steps to Innovation
“ Innovation is the profitable  implementation of ideas” What is Innovation?
An innovation can increase profits on the  value side  (customers value an innovation enough to pay more for it)… What is ...
… or the  cost cutting side   ( the company produces a product offering in a more efficient way). What is Innovation?
Either way value is created for the firm and the customer. “ £¥$€” What is Innovation?
Ideas,  Invention  & Innovation <ul><li>An invention is different from an innovation at any particular time in that it doe...
Ideas,  Invention  & Innovation <ul><li>  … ..it may have in  future </li></ul>
Ideas,  Invention  &   Innovation <ul><li>Think of  invention  as  </li></ul><ul><li>the  laying of an egg ,  </li></ul><u...
Ideas, Invention & Innovation <ul><li>There is no shortage of ideas and inventions in the world. The challenge is to  intr...
Ideas, Invention & Innovation <ul><li>In other words, innovation requires interplay between a product offering (technology...
&quot;Everyone who has ever taken a shower has had an idea. It's the person who gets out of the shower, dries off, and doe...
3 Steps to Innovation :Step  1 Identify  a practice that is not working well
3 Steps to Innovation :Step  2 Envisage  an approach that may work better
3 Steps to Innovation Step  3 Come up with a short term and usually inexpensive project to  test  the new approach
The problem is never  how to get new,  innovative thoughts  into   your mind, but how to  get the old ones  out .   — Dee ...
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The Magic Of Innovation

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The Magic Of Innovation

  1. 1. Shuktij Singh 12 Feb 09 Innovation
  2. 2. Contents What is Innovation? Idea, Invention & Innovation 3 Steps to Innovation
  3. 3. “ Innovation is the profitable implementation of ideas” What is Innovation?
  4. 4. An innovation can increase profits on the value side (customers value an innovation enough to pay more for it)… What is Innovation?
  5. 5. … or the cost cutting side ( the company produces a product offering in a more efficient way). What is Innovation?
  6. 6. Either way value is created for the firm and the customer. “ £¥$€” What is Innovation?
  7. 7. Ideas, Invention & Innovation <ul><li>An invention is different from an innovation at any particular time in that it doesn’t have commercial value but… </li></ul>
  8. 8. Ideas, Invention & Innovation <ul><li> … ..it may have in future </li></ul>
  9. 9. Ideas, Invention & Innovation <ul><li>Think of invention as </li></ul><ul><li>the laying of an egg , </li></ul><ul><li>and innovation as </li></ul><ul><li>laying and hatching </li></ul>
  10. 10. Ideas, Invention & Innovation <ul><li>There is no shortage of ideas and inventions in the world. The challenge is to introduce these successfully to a market. </li></ul><ul><li>Only then the idea/invention can </li></ul><ul><li>be called an </li></ul><ul><li>innovation </li></ul>
  11. 11. Ideas, Invention & Innovation <ul><li>In other words, innovation requires interplay between a product offering (technology) and a market …. </li></ul><ul><li>…… .A market can be inside or outside the firm’s physical walls. </li></ul>
  12. 12. &quot;Everyone who has ever taken a shower has had an idea. It's the person who gets out of the shower, dries off, and does something about it that makes a difference.“ — Nolan Bushnell
  13. 13. 3 Steps to Innovation :Step 1 Identify a practice that is not working well
  14. 14. 3 Steps to Innovation :Step 2 Envisage an approach that may work better
  15. 15. 3 Steps to Innovation Step 3 Come up with a short term and usually inexpensive project to test the new approach
  16. 16. The problem is never how to get new, innovative thoughts into your mind, but how to get the old ones out . — Dee Hock

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