Article about innovation

1. Hello Everyone!
I am Rubasri.N.I am currently working in The Spark Foundation as a Digital
Marketing intern.I hereby share my progress of task 2 - article on Innovation.

2. Content Development & Digital Marketing Tasks
TASK #2 - CONTENT WRITING : SMALL ARTICLES
By : RUBASRI.N
GRIP @ THE SPARKS FOUNDATION
#GRIPSEPTEMBER21

5. WHAT IS INNOVATION?
● An innovation is an idea that has been transformed into practical reality. For a
business, this is a product, process, or business concept, or combinations that have been
activated in the marketplace and produce new profits and growth for the organization.
● Application of ideas that are novel and useful
● It’s about staying relevant
● Great idea, executed brilliantly, and communicated well
● Feasible, relevant offering with a viable business model perceived as new and adopted by
customers
● Implementation of something new
● Implementation of creative ideas to generate value
● Anything new, useful, and surprising

6. TYPES OF INNOVATION:

7. INCREMENTAL INNOVATION:
Incremental Innovation is the most common form of innovation. It utilizes your existing
technology and increases value to the customer (features, design changes, etc.) within your
existing market. Almost all companies engage in incremental innovation in one form or
another.
DISRUPTIVE INNOVATION:
Disruptive innovation, also known as stealth innovation, involves applying new
technology or processes to your company’s current market. It is stealthy in nature since newer
tech will often be inferior to existing market technology.

8. ARCHITECTURAL INNOVATION:
Architectural innovation is simply taking the lessons, skills and overall technology and
applying them within a different market. This innovation is amazing at increasing new
customers as long as the new market is receptive. Most of the time, the risk involved in
architectural innovation is low due to the reliance and reintroduction of proven technology.
Though most of the time it requires tweaking to match the requirements of the new market.
RADICAL INNOVATION:
Radical innovation is what we think of mostly when considering innovation. It gives
birth to new industries (or swallows existing ones) and involves creating revolutionary
technology. The airplane, for example, was not the first mode of transportation, but it is
revolutionary as it allowed commercialized air travel to develop and prosper.

9. THE 4 PHASES OF INNOVATION:
The phases of an innovation, ie an innovation process, can be divided into four main steps:
IDEA:collection of innovation potentials, derivation of ideas, evaluation and release of ideas.
CONCEPT:Extensive analysis and derivation of concepts for the solution, implementation and
marketing.
SOLUTION:Development and testing of the solutions to the finished product.
MARKET:Arouse and fulfill a customer's needs by implementing in procurement, production
and logistics as well as marketing and sales.

10. DRIVERS OF INNOVATION MINDSET:
● Individuals with innovation mindset:
○ Are driven by willingness to create.
○ Want to make a difference.
○ Sharing resilience in achieving goals.
○ Love change.
○ Open for failure and learning.
● The creative and innovative Mindset is enhanced through four behaviors:
○ Changing one’s perspective.
○ Taking risks.
○ Finding one’s passion.
○ Challenging assumptions and embracing ambiguity.

11. IMPORTANCE OF INNOVATION:
● Develops global economy.
● Improves traditional trading.
● Introduces new technologies.
● It gives better results to meet new necessities, Incoherent needs,existing marketing
requirements etc

12. CONCLUSION:
● Innovation is a life blood of any large organisation.
● Innovation is key to the long-term growth and success of any organisation.
● All individuals and organisations can learn how to innovate.
● Innovation requires an unflinching commitment from leaders.
● Technology and IT can play a critical role in innovation.