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Definition
Innovation is commonly defined as the "carrying out of
new combinations" that include "the introduction of new
goods, ... new methods of production, ... the opening of
new markets, ... the conquest of new sources of supply ...
and the carrying out of a new organization of any
industry”
Who is an Inventor?
An inventor is a person who creates or
discovers a new method, form, device or
other useful means that becomes known
as an invention.
Why Innovation is important?
1.Reinforce Your Brand
2.Continuous Improvement
3.Meet the Needs of Customers
4.Having a Unique Selling Point
5.Innovation Helps Companies Grow
6.Innovation Keeps Organizations Relevant
7.Innovation Helps Organizations Differentiate Themselves
Why Innovation fails?
1.Fear of Failing
2.Lack of Budget
3.Not thinking Long Term
4.Lack of Team Motivation
5.Lack of Innovation Mindset
6.Lack of Innovation structure and processes
7.Not understanding your Customers needs
How to become Innovative?
•Protect your idea
•Believe in yourself
•Resources for inventors
•Find a problem worth solving
•Manufacture or license your idea
•Build a prototype and test your idea (in real life)
•Do basic market research (before investing money)
Innovation

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Innovation

  • 1.
  • 2. Definition Innovation is commonly defined as the "carrying out of new combinations" that include "the introduction of new goods, ... new methods of production, ... the opening of new markets, ... the conquest of new sources of supply ... and the carrying out of a new organization of any industry”
  • 3. Who is an Inventor? An inventor is a person who creates or discovers a new method, form, device or other useful means that becomes known as an invention.
  • 4. Why Innovation is important? 1.Reinforce Your Brand 2.Continuous Improvement 3.Meet the Needs of Customers 4.Having a Unique Selling Point 5.Innovation Helps Companies Grow 6.Innovation Keeps Organizations Relevant 7.Innovation Helps Organizations Differentiate Themselves
  • 5. Why Innovation fails? 1.Fear of Failing 2.Lack of Budget 3.Not thinking Long Term 4.Lack of Team Motivation 5.Lack of Innovation Mindset 6.Lack of Innovation structure and processes 7.Not understanding your Customers needs
  • 6. How to become Innovative? •Protect your idea •Believe in yourself •Resources for inventors •Find a problem worth solving •Manufacture or license your idea •Build a prototype and test your idea (in real life) •Do basic market research (before investing money)