The Providence Knowledge District - p3

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The Providence Knowledge District - p3

  1. 1. INNOVATIONS IN ENGINEERING Create Value Through Innovation or You Will Go Away Dr. Eric Balles Draper LaboratoryOctober 21, 2011
  2. 2. Top Ten Innovation “Facts” Understanding these will help with success10. A patent does not an innovation make9. 90% of new products fail in the market each year – none because of technology8. Innovation does not have to be based on new technology7. Innovation takes a team6. Innovation requires the generation of real value5. Value is determined by the end user4. The competition is always better than you think3. Companies lose their innovation ability with age and size2. VC’s don’t take risks1. Innovation takes commitment and dedication2
  3. 3. Moore’s Law Performance doubles every 18 months3
  4. 4. A Knowledge Age TrendIncreasing numbers of activities are improving at exponential rates, including activities of the “bad guys”  MusicComputing  Portable power Power  IEDs  Drug development  Energy4
  5. 5. What is Innovation? Often Confused Terms  Creativity: Something original & imaginative  Invention: Something novel reduced to practice  Innovation: Creation and delivery of sustainable new customer value put into use5
  6. 6. The Fundamental Role of Innovation The creation of value for different stakeholders  Security  Health Care  Energy / Environment  Education It is needed to address the worldwide issues for peace, prosperity, and the quality of life.6
  7. 7. Cross Disciplinary Technology Drivers Many of the most important new opportunities are interdisciplinary Geospatial Tech Info-Tech Nano-Tech Bio-Tech7
  8. 8. High Value Innovation Invention needs the customer to be innovativeWhen ideas lead to products that address un-metend-user needs Technology Push Invention Innovation Customer Customer PullNot technology pushNot customer pullBut an interactive process of the two8
  9. 9. Collect Ideas It must be a team effort; throw away your ego! Listen to others and iterate – This is the foundation for INNOVATION! Build upon each other’s ideas; Throw your ego away!!9
  10. 10. In Summary Create value at an exponential pace Know your customers’ important needs Customer Competition/ Know the competition Needs Alternatives Iterate for the best solution Create compelling value Remember, its exponential Beneficial Solutions 10

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