Innovation 101

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A short introduction to innovating in business

A short introduction to innovating in business

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  • 1. innovation 101 A five minute introduction to innovation for profit and growth
  • 2. What is innovation? Numerous definitions! My personal favourite is: “Innovation is creativity with a job to do”
  • 3. Creativity or innovation? Creativity is generating original, novel ideas Innovation is putting those ideas to work and getting the desired result
  • 4. Profit and growth Innovation can: • increase revenue • improve working environment • increase profits
  • 5. Why innovate? “Today, more than ever, innovation is central to survival” Peter Drucker
  • 6. “Innovation is the central issue in economic survival” Michael Porter
  • 7. “Innovation is a critical factor in boosting growth in the economy and contributing to quality of life” South African Innovation Survey 2005
  • 8. Utilise innovation to: • discover new revenue streams • identify areas for cost reduction • attain market differentiation • improve productivity • attract and retain talent • speed up time to market • develop new competencies
  • 9. What does it take? • commitment from leadership • a written innovation strategy • time-sensitive goals • an innovation process • tools and training • questioning convention
  • 10. Why is innovation important? • provides ongoing competitive advantage • avoids price wars • improves motivation and productivity • provides increase in stakeholder value • boosts economic growth
  • 11. creating business value through innovation for more information, visit www.tim-malone.com or email tim@tim-malone.com