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Understand Innovation in 5 Minutes

Get on top of Innovation by understanding the essentials. What it is. The types of Innovation and the elements of an Innovation ecosystem. Thanks for viewing orxil(a)yahoo.com

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Understand Innovation in 5 Minutes

  1. 1. understand Innovation in five minutes © Gordon Graham 2008
  2. 2. What can you learn from this? • What innovation is • Why it’s important • The types of innovation • The degrees of innovation © Gordon Graham 2008
  3. 3. What is innovation? Hundreds of similar definitions can be found in the literature. Here is the one I use, adapted from various sources: “Innovation is the profitable implementation of ideas.” © Gordon Graham 2008
  4. 4. A Broad, American Perspective: "Implementing new ideas that create value.” - Innovation Network, U.S.A. "The intersection of invention and insight, leading to the creation of social and economic value." - U.S. National Innovation Initiative © Gordon Graham 2008
  5. 5. What about the Brits? "The development of new ideas and their economic application as new products or processes." - U.K. Dept. Trade and Industry © Gordon Graham 2008
  6. 6. An innovation can increase profits on the value side (customers value an innovation enough to pay more for it) . . . © Gordon Graham 2008
  7. 7. . . . or the cost side (the company produces a product offering in a more efficient way). © Gordon Graham 2008
  8. 8. Either way, value is created for the firm and the consumer. $ © Gordon Graham 2008
  9. 9. What are the essential ingredients, or elements, of an innovation ecosystem? * * * * ** * * * * © Gordon Graham 2008
  10. 10. There are many. They are rooted in national culture and can take years to develop: Trust, Curiosity, Tolerance of Diversity, Faith, Confidence, Lack of Fear, the Will to a) make the world a better place and b) wreck the status quo c) take risks and fail. © Gordon Graham 2008
  11. 11. Some firm-level elements include: a written innovation strategy, a filter, an innovation process, a rewards and recognition system, humility, respect for seemingly insignificant technologies/competitors (healthy paranoia) etc. © Gordon Graham 2008
  12. 12. An invention is different from an innovation at any particular time in that it doesn’t have commercial value but . . . © Gordon Graham 2008
  13. 13. . . . it may have in future. © Gordon Graham 2008
  14. 14. Think of invention as the laying of an egg, innovation as the laying, incubation and hatching. © Gordon Graham 2008
  15. 15. There is no shortage of ideas and inventions in the world. The challenge is to introduce these successfully to a market. © Gordon Graham 2008
  16. 16. Only then can the idea/invention be called an innovation. © Gordon Graham 2008
  17. 17. In other words, innovation requires interplay between a product offering (technology) and a market (people). © Gordon Graham 2008
  18. 18. Hard science + Social science. © Gordon Graham 2008
  19. 19. A market can be inside or outside the firm’s physical walls. © Gordon Graham 2008
  20. 20. Why is innovation important? © Gordon Graham 2008
  21. 21. Innovation reduces waste and environmental damage. © Gordon Graham 2008
  22. 22. Innovation creates growth, increases productivity, and economic wealth (avoids stagnation). © Gordon Graham 2008
  23. 23. Innovation provides better goods and services at a cheaper price – higher standard of living. © Gordon Graham 2008
  24. 24. More interesting work for employees. © Gordon Graham 2008
  25. 25. Old strategies get replicated and, consequently, margins get squeezed. © Gordon Graham 2008
  26. 26. Survival! Source: United Kingdom Dept. Trade and Industry © Gordon Graham 2008
  27. 27. What are the types of innovation? © Gordon Graham 2008
  28. 28. Numerous types . . . © Gordon Graham 2008
  29. 29. . . . but all these labels just describe where something new, better or different occurs. © Gordon Graham 2008
  30. 30. BROADLY: © Gordon Graham 2008
  31. 31. Product Process Service Business model Value Market © Gordon Graham 2008
  32. 32. . . . and many more, depending on level of detail. Basically, innovation can occur anywhere in the firm’s business by anyone. We all have great potential! © Gordon Graham 2008
  33. 33. Note! There is another type that needs to be considered separately. This is “disruptive innovation,” a term first coined by Clayton Christensen. Disruptive innovation refers to a firm’s strategy relative to other firms. Often, low-cost business models and “good enough” solutions/products for low-end and/or non- consumers © Gordon Graham 2008
  34. 34. The degrees of innovation. © Gordon Graham 2008
  35. 35. Once again, many labels . . . © Gordon Graham 2008
  36. 36. . . . however, they all describe the degree of change required by the innovating firm and/or the market. © Gordon Graham 2008
  37. 37. Incremental (sometimes called “continuous” or “evolutionary” or “small”) © Gordon Graham 2008
  38. 38. Semi-radical © Gordon Graham 2008
  39. 39. Radical (sometimes called “discontinuous” or “revolutionary” or “big”) © Gordon Graham 2008
  40. 40. Incremental and radical innovations need to be managed differently. © Gordon Graham 2008
  41. 41. Here’s a quote: "He who innovates will have for his enemies all those who are well off under the existing order of things, and only lukewarm supporters in those who might be better off under the new." Niccolo Machiaveli, The Prince © Gordon Graham 2008
  42. 42. Thanks! I completed an MSc dissertation on Innovation in Taiwanese/Chinese companies active in multiple international markets. Please feel free to get in touch if your firm is working in China, Taiwan etc., as I’m interested in these areas. Gordon@ westportwire.com © Gordon Graham 2008
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Get on top of Innovation by understanding the essentials. What it is. The types of Innovation and the elements of an Innovation ecosystem. Thanks for viewing orxil(a)yahoo.com

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