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Innovation
By: Sarabjeet Singh
What is Innovation?
• Innovation is the process and outcome of
creating something new, which is also of value
• To think out of the box
What is innovation?
• Schumpeter argued that innovation comes
about through new combinations made by an
entrepreneur, resulting in
– a new product,
– a new process,
– opening of new market,
– new way of organizing the business
– new sources of supply
Drivers for innovation
–Financial pressures to reduce costs, increase efficiency, do
more with less, etc
–Increased competition
–Shorter product life cycles
–Value migration
–Stricter regulation
–Industry and community needs for sustainable
development
Process of Innovation
Thank You

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Innovation- Basics

  • 2. What is Innovation? • Innovation is the process and outcome of creating something new, which is also of value • To think out of the box
  • 3. What is innovation? • Schumpeter argued that innovation comes about through new combinations made by an entrepreneur, resulting in – a new product, – a new process, – opening of new market, – new way of organizing the business – new sources of supply
  • 4. Drivers for innovation –Financial pressures to reduce costs, increase efficiency, do more with less, etc –Increased competition –Shorter product life cycles –Value migration –Stricter regulation –Industry and community needs for sustainable development