Innovation refers to creating something new that has value. It can involve incremental or radical changes in thinking, products, processes, or organizations. Innovation increases profits by providing value to customers or producing offerings more efficiently. Drivers of innovation include challenging the status quo, deeply understanding customer needs, and developing novel solutions. There are different types of innovation like product, process, market, and business model innovation.

1. EMERGING TECHNOLOGIES
Topic 1 :
Innovation and Technologies in Business

2. Innovation
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❑ The process and outcome of creating something
new, which is also of value.
❑ The term innovation refers to a “new way of
doing something”.
▪ It may refer to incremental and emergent
or radical and revolutionary changes in
thinking, products, processes or
organizations
❑ Innovation recipes = Creativity + Failure +
Iteration
What Is Innovation ?

3. Innovation
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❑ An innovation can increase profits on the :
▪ Value side (Customers value your innovation enough to pay more
for it)
▪ Cost side (The company produces the offering in a more efficient
way)
▪ Either way, value is created for the firm and consumer
What Is Innovation ?

4. Drivers of Innovation
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5. Invention or Innovation
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Formulation of new ideas for products
or processes
Invention
Practical application of inventions into
marketable products or services
Innovation
Example : Example :

6. Innovation
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❑ Challenge the status quo in a market
❑ Have a deep understanding of customer needs
❑ Develop imaginative and novel solutions to how those needs might
be met
Business Requirement for Innovation
❑ Product and Service innovation
❑ Process innovation
❑ Market Innovation
❑ Business model Innovation
Type of Innovation

7. Business Model
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