The document discusses the concepts of innovation, ideas, inventions, and the process of innovation. It defines innovation as the profitable implementation of ideas and notes that innovations can increase value for customers and companies. An invention is different from an innovation in that an invention does not yet have commercial value but may in the future. The challenge is to successfully introduce ideas and inventions to the market, which is when they become innovations. The document also outlines three steps to innovation: identify an issue, envision a better approach, and test the new approach with a short-term project.

1. Shuktij Singh 12 Feb 09 Innovation

2. Contents What is Innovation? Idea, Invention & Innovation 3 Steps to Innovation

3. “ Innovation is the profitable implementation of ideas” What is Innovation?

4. An innovation can increase profits on the value side (customers value an innovation enough to pay more for it)… What is Innovation?

5. … or the cost cutting side ( the company produces a product offering in a more efficient way). What is Innovation?

6. Either way value is created for the firm and the customer. “ £¥$€” What is Innovation?

7. Ideas, Invention & Innovation An invention is different from an innovation at any particular time in that it doesn’t have commercial value but…

8. Ideas, Invention & Innovation … ..it may have in future

9. Ideas, Invention & Innovation Think of invention as the laying of an egg , and innovation as laying and hatching

10. Ideas, Invention & Innovation There is no shortage of ideas and inventions in the world. The challenge is to introduce these successfully to a market. Only then the idea/invention can be called an innovation

11. Ideas, Invention & Innovation In other words, innovation requires interplay between a product offering (technology) and a market …. …… .A market can be inside or outside the firm’s physical walls.

12. "Everyone who has ever taken a shower has had an idea. It's the person who gets out of the shower, dries off, and does something about it that makes a difference.“ — Nolan Bushnell

13. 3 Steps to Innovation :Step 1 Identify a practice that is not working well

14. 3 Steps to Innovation :Step 2 Envisage an approach that may work better

15. 3 Steps to Innovation Step 3 Come up with a short term and usually inexpensive project to test the new approach

16. The problem is never how to get new, innovative thoughts into your mind, but how to get the old ones out . — Dee Hock