The document discusses innovation in entrepreneurship. It defines innovation as the creation of new ideas, products, processes, etc. Innovation is important for entrepreneurship as it allows businesses to stay competitive, generate profits, and add value. The document outlines different types of innovation including product/service innovation, technology innovation, business model innovation, and more. It provides examples and tips for how entrepreneurs can encourage innovation within their organizations.

1. INNOVATION
Group Members:
Claros, Karyme
Gonzalvo, Harold Clent
Ramirez, Guiller
Terible, Ivan

2. What is Innovation?
Innovation is the action or process of
innovating. "innovation is crucial to the
continuing success of any organization" a new
method, idea, product, etc.

3. What is Innovation in term of Entrepreneurship?
Innovation refers to an individual or organization
creating new ideas, such as new products, workplace
processes and upgrades to existing services or products.
In business, innovation can promote growth, help ensure
the organization can compete with new market trends
and help generate profit.

4. What is innovation in entrepreneurship examples?
Examples of product innovations: Lego has been
changing the materials of its famous bricks to
biodegradable oil-based plastics. The first electric
vehicles introduced in the car's market were also an
innovation, and new batteries with longer ranges that
keep coming out are also an example of innovation.

5. What is the importance of innovation in
entrepreneurship?
Successful innovation allows you to add value to your
business so that you can increase your profits—if you
don't innovate well, your business will plateau.
Innovation helps you stay ahead of the competition.

6. The purpose of innovation is to come
up with new ideas and technologies
that increase productivity and
generate greater output and value with
the same input.

7. 8 Fields of Innovation
1. Product & Product Performance Innovation
2. Technology Innovation
3.Business Model Innovation
4. Organizational Innovation
5. Process Innovation
6.Marketing / Sales
7. Network Innovation
8. Customer Engagement / Retention

8. 1. Product & Product Performance
Innovation -Either a new product is
developed or the performance of an existing
product is improved. This kind of innovation is
very common in the business world.

9. 2. Technology Innovation -New
technologies can be also the basis for many
other innovations. The best example was the
Internet, which was itself an innovation but also
lead to other innovations in various fields.

10. 3.Business Model Innovation -Many of the
most successful companies in the world managed
to innovate their business model. Using different
channels, technologies and new markets can lead
to new possible business models which can create,
deliver and capture customer value.

11. 4. Organizational Innovation -Managing
and sharing resources in a new way can also
be an innovation. This way it’s possible to use
resources and assets in a completely new way.

12. 5. Process Innovation -Innovation in the
processes can improve the efficiency or
effectiveness of existing methods. Possible
process innovations involve production,
delivery, or customer interaction.

13. 6.Marketing / Sales – New Channel
Innovation -New methods to capture and hold
attention from customers. Either through the use of
innovative marketing/sales concepts or the use of
new channels for customer acquisition/sales.

14. 7. Network Innovation -By connecting
different groups and stakeholders it might be
possible to create extra value. This type of
innovation is very common due to the use of
ICT services.

15. 8. Customer Engagement / Retention -
Innovative concepts that try to increase the
engagement of customers and keep the retention
up. The goal is to have innovative models to keep
the customers “locked-in” or engaged.

16. The 4 Types of
Innovation

17. 1. Incremental Innovation - refers to
a series of small improvements made to a
company's existing products or services.
Generally, these low-cost improvements help
further differentiate a company from the
competition while building on current offerings.

18. 2. Disruptive Innovation - refers to the
innovation that transforms expensive or highly
sophisticated products or services—previously
accessible to a high-end or more-skilled
segment of consumers—to those that are more
affordable and accessible to a broader
population.

19. 3. Architectural Innovation - Existing
Technology, New Market Architectural
innovation is something we see with tech
giants like Amazon, Google, and many more at
the moment. They take their domain expertise,
technology, and skills and apply them to a
different market.

20. 4.Radical Innovation - New Technology, New
Market Even it is the stereotypical way most people
see innovation; it is the rarest form of them all.
Radical innovation involves the creation of
technologies, services, and business models that
open up entirely new markets.

21. Here are some tips on how to get more innovation going:
 Actively encourage your employees
 Ask customers for feedback/invite customers for feedback
rounds
 Ask stakeholders for feedback
 Invest in your employee’s education
 Actively reserve resources for Research and Development
(R&D)

22. Here are some tips on how to get more innovation going:
 Build a reward system for innovative thinking
 Collaborate with start-ups and innovative companies
 Build an intrapreneurship program
 Do active research on the internet (follow industry news, tech
news, etc.)
 Ask / interview experts

23. Protection of innovations
1. Legal Protection
2.First-Mover Advantage

24. 1. Legal Protection - Depending on the type
of innovation, it might be useful to patent your
invention to monetize it and protect it from
others. There also needs to be an
understanding of the cost of patent protection.

25. 2. First-Mover Advantage - Especially
software companies make use of the first-mover
advantage. A company that has a new process,
new business model, or new product tries to get as
much market share as possible while the
competition is still developing its offering.

26. “Innovation is the specific function of
entrepreneurship, whether in an existing business, a
public service institution, or a new venture started by
a lone individual in the family kitchen. It is the means
by which the entrepreneur either creates new wealth-
producing resources or endows existing resources
with enhanced potential for creating wealth.’’
– Peter Drucker

27. Advantages of innovation improved
productivity. reduced costs. increased
competitiveness. improved brand recognition
and value. new partnerships and relationships.
increased turnover and improved profitability.

28. THANK YOU!