SlideShare a Scribd company logo
1 of 22
INNOVATION -PRINCIPLES
Presented By ,
Vishali NS
2
INTRODUCTION
• Innovation is a process of transforming the new ideas, new
knowledge into new products and services.
• Thus Innovation is the ability to apply creative solutions to
those problems and opportunities in order to enhance
people’s lives or to enrich society
• Creativity is thinking new things, and innovation is doing new
things
INNOVATION
SCHUMPETER (1934) was first to point out the importance of new
value created by entrepreneurs.
More recently, Carland, Hoy, Boulton and Carland (1984) extended
and specified Schumpeter’s idea, saying that entrepreneurs:
▪ Introduce new goods
▪ Introduce new services
▪ Introduce new methods of production
▪ Open new markets
▪ Open new sources of supply
▪ Re-organise industry.
TYPES OF INNOVATION
• According to Drucker (1993) there are four basic
types of innovation:
o Incremental innovation
o Additive innovation
o Complementary innovation
o Breakthrough innovation
• INCREMENTAL INNOVATION
Doing more of the same things you have been doing with somewhat better results.
• ADDITIVE INNOVATION
More fully exploiting already existing resources, such as product lines extensions,
and can achieve good results.
• COMPLEMENTARY INNOVATION
Offering something new and changes the structure of the business.
• BREAKTHROUGH INNOVATION (RADICAL INNOVATION)
Changing the fundamentals of the business or creating a new industry and new
avenues for extensive wealth creation.
× Product innovation
× Process innovation
× Marketing innovation
× Organization innovation
Product and process innovation are also called TECHNOLOGICAL
INNOVATIONS ,whereas Marketing innovation and organisation
innovation are called NON-TECHONLOGICAL INNOVATION.
PRINCIPLES OF
INNOVATION
• The great researcher and professor in the field of
management and entrepreneurship Peter f. Drucker
(1993) lists several principles which should be
respected by innovators.
• He has grouped these principles in ‘Do’s’ and ‘Don’ts’
in the process of innovation.
DO’S
× Innovation starts with analysis of opportunities.
It starts with the seven opportunities for innovation.
× Innovation is a conceptual and perceptual activity.
Is to go out and see, ask and hear.
× Innovation in order to be successful, should be simple,and focused
Should be simple not complicated.
× Innovation should start as ‘small’.
Innovation should not be grandiose. It should hold up to something
specific and concrete.
× A successful innovation aims towards leadership.
An innovation at the very beginning does not aim towards leadership
DONTS
× Innovations should not be very ‘smart
× Many things should not be done at a time.
× Don’t innovate for the future, but for the present.
PRINCIPLE OF PROCESS OF INNOVATION
These principles that give life to the process of innovation
(Ambler, 2007)
✔ Innovation starts when people convert problems to ideas.
✔ Innovation needs a system
✔ Passion is the fuel, and pain is the hidden ingredient.
✔ Co-locating drives effective exchange
✔ Differences should be leveraged
BENEFITS
Further benefits are ranked in the following order:
• Creating better conditions at work
• Maintaining the existing position in the market
• Entering new markets
• Creating flexibility at work
• Improving the ecological environment and
diversification of products.
SUCCESS
STORIES
FINANCING SOURCES OF INNOVATION
Innovation can be supported by two major forms of
financing:
➢ Merit-based awards (grants) and
➢ External equity, such as:
○ Business angels,
○ Venture capital and
○ Corporations.
CONCLUSION
• From the viewpoint of customers, innovation means products
with better quality and better services, which together bring
about a better way of life.
• From the aspect of businesses, innovation means sustainable
growth and development, realization of profits.
• For the employees, innovation means new and more interesting
jobs, which require mental faculty resulting in higher salaries.
“If you can't compete on
price , you have to
differentiate and to
differentiate you have to
innovate”
-Andy Bruce
20
REFERENCE
Drucker FP .(2012).Innovation and Enterpreneurship: Practices and Prinicple
.15 th edition .London. Elsevier Ltd.121
Ramadevi V and S Gerguri .(2010) . Innovation : Principles and Strategies
.University Libraryof Munich,Germany MPRA Paper.Vol :10.101-110
http://dx.doi.org/ 10.1002/jsc.888
Albu Angela .(2017). F undamentals of Innovation .Key Issues for
management of Innovation Projects .
http://dx.doi.org/10.5772/intechopen-69005
Ambler G. (2007). Five Principles of Innovation.
http://www.thepracticeofleader ship.net/2007/01/28/5-principles-of
innovation/
Sledzik K Schumpeter’s view on Innovation and Enterpreneurship .2016.
https://www.researchgate.net/publication/25_schumpeter’s_view_on_Innovati
on_and_enterpreneurship
THANK YOU !
Borne to innovate
Don't be introvert..

More Related Content

What's hot

Understand Innovation and Innovation Management
Understand Innovation and Innovation ManagementUnderstand Innovation and Innovation Management
Understand Innovation and Innovation ManagementGordon Graham
 
Open Innovation
Open Innovation Open Innovation
Open Innovation Alar Kolk
 
Innovation and Entrepreneurship
Innovation and EntrepreneurshipInnovation and Entrepreneurship
Innovation and EntrepreneurshipManojkumar Parmar
 
What is digital what is transformation
What is digital what is transformationWhat is digital what is transformation
What is digital what is transformationDavid Edmundson-Bird
 
Ls06 innovation and entrepreneurship
Ls06 innovation and entrepreneurshipLs06 innovation and entrepreneurship
Ls06 innovation and entrepreneurshipM Junaid Mushtaq
 
Digital Transformation for Manufacturing Industries
Digital Transformation for Manufacturing IndustriesDigital Transformation for Manufacturing Industries
Digital Transformation for Manufacturing IndustriesSAP Customer Experience
 
Entrepreneurship And Innovation
Entrepreneurship And InnovationEntrepreneurship And Innovation
Entrepreneurship And InnovationNajmus-Saquib Khan
 
Innovation, design thinking, and competitive advantage
Innovation, design thinking, and competitive advantageInnovation, design thinking, and competitive advantage
Innovation, design thinking, and competitive advantagePhil Barrett
 
An introduction to Digital Transformation
An introduction to Digital TransformationAn introduction to Digital Transformation
An introduction to Digital TransformationSergios Dimitriadis
 
Innovation - What, Why, Who, Types, Metrics
Innovation - What, Why, Who, Types, MetricsInnovation - What, Why, Who, Types, Metrics
Innovation - What, Why, Who, Types, MetricsBozidar Jovicevic
 
Introduction to Innovation
Introduction to InnovationIntroduction to Innovation
Introduction to InnovationShameem Ali
 
Why, When and How Do I Start a Digital Transformation?
Why, When and How Do I Start a Digital Transformation?Why, When and How Do I Start a Digital Transformation?
Why, When and How Do I Start a Digital Transformation?Acquia
 
Digital Transformation in the Manufacturing sector
Digital Transformation in the Manufacturing sectorDigital Transformation in the Manufacturing sector
Digital Transformation in the Manufacturing sectorArun Natarajan
 
Personality & Innovation of an entrepreneur
Personality & Innovation of an entrepreneur Personality & Innovation of an entrepreneur
Personality & Innovation of an entrepreneur Rashmi Vaishya
 
Digital Transformation
Digital Transformation Digital Transformation
Digital Transformation Heru WIjayanto
 

What's hot (20)

Ppt startup
Ppt startupPpt startup
Ppt startup
 
Understand Innovation and Innovation Management
Understand Innovation and Innovation ManagementUnderstand Innovation and Innovation Management
Understand Innovation and Innovation Management
 
Open Innovation
Open Innovation Open Innovation
Open Innovation
 
Innovation and Entrepreneurship
Innovation and EntrepreneurshipInnovation and Entrepreneurship
Innovation and Entrepreneurship
 
inovasyon
inovasyoninovasyon
inovasyon
 
What is digital what is transformation
What is digital what is transformationWhat is digital what is transformation
What is digital what is transformation
 
Ls06 innovation and entrepreneurship
Ls06 innovation and entrepreneurshipLs06 innovation and entrepreneurship
Ls06 innovation and entrepreneurship
 
Introduction to Innovation
Introduction to InnovationIntroduction to Innovation
Introduction to Innovation
 
Digital transformation 101
Digital transformation 101Digital transformation 101
Digital transformation 101
 
Digital Transformation for Manufacturing Industries
Digital Transformation for Manufacturing IndustriesDigital Transformation for Manufacturing Industries
Digital Transformation for Manufacturing Industries
 
Entrepreneurship And Innovation
Entrepreneurship And InnovationEntrepreneurship And Innovation
Entrepreneurship And Innovation
 
Module - Creativity, Innovation & Entrepreneurship
Module - Creativity, Innovation & EntrepreneurshipModule - Creativity, Innovation & Entrepreneurship
Module - Creativity, Innovation & Entrepreneurship
 
Innovation, design thinking, and competitive advantage
Innovation, design thinking, and competitive advantageInnovation, design thinking, and competitive advantage
Innovation, design thinking, and competitive advantage
 
An introduction to Digital Transformation
An introduction to Digital TransformationAn introduction to Digital Transformation
An introduction to Digital Transformation
 
Innovation - What, Why, Who, Types, Metrics
Innovation - What, Why, Who, Types, MetricsInnovation - What, Why, Who, Types, Metrics
Innovation - What, Why, Who, Types, Metrics
 
Introduction to Innovation
Introduction to InnovationIntroduction to Innovation
Introduction to Innovation
 
Why, When and How Do I Start a Digital Transformation?
Why, When and How Do I Start a Digital Transformation?Why, When and How Do I Start a Digital Transformation?
Why, When and How Do I Start a Digital Transformation?
 
Digital Transformation in the Manufacturing sector
Digital Transformation in the Manufacturing sectorDigital Transformation in the Manufacturing sector
Digital Transformation in the Manufacturing sector
 
Personality & Innovation of an entrepreneur
Personality & Innovation of an entrepreneur Personality & Innovation of an entrepreneur
Personality & Innovation of an entrepreneur
 
Digital Transformation
Digital Transformation Digital Transformation
Digital Transformation
 

Similar to INNOVATION - PRINCIPLES OF INNOVATION .pptx

Creativity and Innovation Unit I.pdf
Creativity and Innovation Unit I.pdfCreativity and Innovation Unit I.pdf
Creativity and Innovation Unit I.pdfMohitSoni99772
 
Innovation Management for Organizational setup
Innovation Management for Organizational setupInnovation Management for Organizational setup
Innovation Management for Organizational setupRAVISHANKARRAI4
 
Creativity & Innovation at Work
Creativity & Innovation at WorkCreativity & Innovation at Work
Creativity & Innovation at WorkHemangi Narvekar
 
Classification and Elements of Innovation
Classification and Elements of InnovationClassification and Elements of Innovation
Classification and Elements of InnovationMichelle A. Galamgam
 
Innovation IN BUSINESS
Innovation IN BUSINESSInnovation IN BUSINESS
Innovation IN BUSINESSGopal Maliwal
 
Topic 1. Different concepts of enterpreneurship part 2023 (1).pptx
Topic 1. Different concepts of enterpreneurship part 2023 (1).pptxTopic 1. Different concepts of enterpreneurship part 2023 (1).pptx
Topic 1. Different concepts of enterpreneurship part 2023 (1).pptxJesseThomas45
 
Entrepreneurship PPT - Yohannes.pptx
Entrepreneurship PPT - Yohannes.pptxEntrepreneurship PPT - Yohannes.pptx
Entrepreneurship PPT - Yohannes.pptxTeshome48
 
C18TP L5 Creativity_Innovation & Entrepreneurship (Dubai).pptx
C18TP L5 Creativity_Innovation & Entrepreneurship (Dubai).pptxC18TP L5 Creativity_Innovation & Entrepreneurship (Dubai).pptx
C18TP L5 Creativity_Innovation & Entrepreneurship (Dubai).pptxAndi2603
 
Creativity and innovation in entrepreneurship
Creativity and innovation  in entrepreneurshipCreativity and innovation  in entrepreneurship
Creativity and innovation in entrepreneurshipKunal Singh
 
Content Writing - The Sparks Foundation Graduate Rotational Internship Program
Content Writing - The Sparks Foundation  Graduate Rotational Internship ProgramContent Writing - The Sparks Foundation  Graduate Rotational Internship Program
Content Writing - The Sparks Foundation Graduate Rotational Internship ProgramMukeshTiwary8
 
Developing creative and innovative thinking in the workplace
Developing creative and innovative thinking in the workplaceDeveloping creative and innovative thinking in the workplace
Developing creative and innovative thinking in the workplaceAquatix Pharma
 
51644726 23660967-creativity-and-innovation-management-ppt
51644726 23660967-creativity-and-innovation-management-ppt51644726 23660967-creativity-and-innovation-management-ppt
51644726 23660967-creativity-and-innovation-management-pptparikhprateek06
 
Organisational innovation
Organisational innovationOrganisational innovation
Organisational innovationCharanya Naidu
 
2. understanding innovation
2. understanding innovation2. understanding innovation
2. understanding innovationcaniceconsulting
 

Similar to INNOVATION - PRINCIPLES OF INNOVATION .pptx (20)

Creativity and Innovation Unit I.pdf
Creativity and Innovation Unit I.pdfCreativity and Innovation Unit I.pdf
Creativity and Innovation Unit I.pdf
 
Innovation Management for Organizational setup
Innovation Management for Organizational setupInnovation Management for Organizational setup
Innovation Management for Organizational setup
 
Creativity & Innovation at Work
Creativity & Innovation at WorkCreativity & Innovation at Work
Creativity & Innovation at Work
 
Classification and Elements of Innovation
Classification and Elements of InnovationClassification and Elements of Innovation
Classification and Elements of Innovation
 
Innovation
InnovationInnovation
Innovation
 
Innovation[2]
Innovation[2]Innovation[2]
Innovation[2]
 
Innovation IN BUSINESS
Innovation IN BUSINESSInnovation IN BUSINESS
Innovation IN BUSINESS
 
Topic 1. Different concepts of enterpreneurship part 2023 (1).pptx
Topic 1. Different concepts of enterpreneurship part 2023 (1).pptxTopic 1. Different concepts of enterpreneurship part 2023 (1).pptx
Topic 1. Different concepts of enterpreneurship part 2023 (1).pptx
 
Innovator next presentation
Innovator next presentationInnovator next presentation
Innovator next presentation
 
PPT.pptx
PPT.pptxPPT.pptx
PPT.pptx
 
Entrepreneurship PPT - Yohannes.pptx
Entrepreneurship PPT - Yohannes.pptxEntrepreneurship PPT - Yohannes.pptx
Entrepreneurship PPT - Yohannes.pptx
 
C18TP L5 Creativity_Innovation & Entrepreneurship (Dubai).pptx
C18TP L5 Creativity_Innovation & Entrepreneurship (Dubai).pptxC18TP L5 Creativity_Innovation & Entrepreneurship (Dubai).pptx
C18TP L5 Creativity_Innovation & Entrepreneurship (Dubai).pptx
 
Innovation management
Innovation managementInnovation management
Innovation management
 
Creativity and innovation in entrepreneurship
Creativity and innovation  in entrepreneurshipCreativity and innovation  in entrepreneurship
Creativity and innovation in entrepreneurship
 
Content Writing - The Sparks Foundation Graduate Rotational Internship Program
Content Writing - The Sparks Foundation  Graduate Rotational Internship ProgramContent Writing - The Sparks Foundation  Graduate Rotational Internship Program
Content Writing - The Sparks Foundation Graduate Rotational Internship Program
 
Developing creative and innovative thinking in the workplace
Developing creative and innovative thinking in the workplaceDeveloping creative and innovative thinking in the workplace
Developing creative and innovative thinking in the workplace
 
51644726 23660967-creativity-and-innovation-management-ppt
51644726 23660967-creativity-and-innovation-management-ppt51644726 23660967-creativity-and-innovation-management-ppt
51644726 23660967-creativity-and-innovation-management-ppt
 
Organisational innovation
Organisational innovationOrganisational innovation
Organisational innovation
 
Creativity and Innovation within the Healthcare Industry
Creativity and Innovation within the Healthcare Industry Creativity and Innovation within the Healthcare Industry
Creativity and Innovation within the Healthcare Industry
 
2. understanding innovation
2. understanding innovation2. understanding innovation
2. understanding innovation
 

More from VISHALI SELVAM

CLONAL SELECTION IN CROP IMPROVEMENT . pptx
CLONAL SELECTION IN CROP IMPROVEMENT . pptxCLONAL SELECTION IN CROP IMPROVEMENT . pptx
CLONAL SELECTION IN CROP IMPROVEMENT . pptxVISHALI SELVAM
 
CHEMICALLY INDUCED MALE STERILITY . pptx
CHEMICALLY  INDUCED MALE  STERILITY  . pptxCHEMICALLY  INDUCED MALE  STERILITY  . pptx
CHEMICALLY INDUCED MALE STERILITY . pptxVISHALI SELVAM
 
PROTECTION OF CROPS FROM SOIL BORNE AND VECTOR BORNE DISEASES .pptx
PROTECTION OF CROPS FROM SOIL BORNE AND VECTOR BORNE DISEASES .pptxPROTECTION OF CROPS FROM SOIL BORNE AND VECTOR BORNE DISEASES .pptx
PROTECTION OF CROPS FROM SOIL BORNE AND VECTOR BORNE DISEASES .pptxVISHALI SELVAM
 
FILTRATION AND TYPES OF FILTRATION . pptx
FILTRATION AND TYPES OF FILTRATION . pptxFILTRATION AND TYPES OF FILTRATION . pptx
FILTRATION AND TYPES OF FILTRATION . pptxVISHALI SELVAM
 
REARING EQUIPMENT IN SERICULTURE . pptx
REARING EQUIPMENT IN SERICULTURE . pptxREARING EQUIPMENT IN SERICULTURE . pptx
REARING EQUIPMENT IN SERICULTURE . pptxVISHALI SELVAM
 
PLANT INTRODUCTION AND ITS TYPES .pptx
PLANT INTRODUCTION  AND ITS TYPES .pptxPLANT INTRODUCTION  AND ITS TYPES .pptx
PLANT INTRODUCTION AND ITS TYPES .pptxVISHALI SELVAM
 
INM ( INTEGRATED NUTRIENT MANAGEMENT) - IPNS .pptx
INM ( INTEGRATED NUTRIENT MANAGEMENT) - IPNS .pptxINM ( INTEGRATED NUTRIENT MANAGEMENT) - IPNS .pptx
INM ( INTEGRATED NUTRIENT MANAGEMENT) - IPNS .pptxVISHALI SELVAM
 
FINGER MILLET ROOT APHID( PEST OF FINGER MILLET) . pptx
FINGER MILLET ROOT APHID( PEST OF FINGER MILLET) .  pptxFINGER MILLET ROOT APHID( PEST OF FINGER MILLET) .  pptx
FINGER MILLET ROOT APHID( PEST OF FINGER MILLET) . pptxVISHALI SELVAM
 
SUNHEMP FLEA BEETLE (PEST OF SUNHEMP).pptx
SUNHEMP FLEA BEETLE (PEST OF SUNHEMP).pptxSUNHEMP FLEA BEETLE (PEST OF SUNHEMP).pptx
SUNHEMP FLEA BEETLE (PEST OF SUNHEMP).pptxVISHALI SELVAM
 
MOTTLED EMIGRANT IN DAINCHA (PEST OF DAINCHA).pptx
MOTTLED EMIGRANT IN DAINCHA (PEST OF DAINCHA).pptxMOTTLED EMIGRANT IN DAINCHA (PEST OF DAINCHA).pptx
MOTTLED EMIGRANT IN DAINCHA (PEST OF DAINCHA).pptxVISHALI SELVAM
 
KATTE DISEASE AND LEAF BLIGHT OF CARDAMOM . pptx
KATTE  DISEASE  AND LEAF  BLIGHT OF CARDAMOM . pptxKATTE  DISEASE  AND LEAF  BLIGHT OF CARDAMOM . pptx
KATTE DISEASE AND LEAF BLIGHT OF CARDAMOM . pptxVISHALI SELVAM
 
FUNGAL DISEASES OF POTATO (PLANT PATHOLOGY ).pptx
FUNGAL DISEASES  OF POTATO (PLANT PATHOLOGY ).pptxFUNGAL DISEASES  OF POTATO (PLANT PATHOLOGY ).pptx
FUNGAL DISEASES OF POTATO (PLANT PATHOLOGY ).pptxVISHALI SELVAM
 
PROPAGATION BY SPECIALIZED VEGETATIVE STRUCTURE.pptx
PROPAGATION BY  SPECIALIZED  VEGETATIVE  STRUCTURE.pptxPROPAGATION BY  SPECIALIZED  VEGETATIVE  STRUCTURE.pptx
PROPAGATION BY SPECIALIZED VEGETATIVE STRUCTURE.pptxVISHALI SELVAM
 
DISEASES OF PEARL MILLET (BAJRA).pptx
DISEASES  OF  PEARL  MILLET (BAJRA).pptxDISEASES  OF  PEARL  MILLET (BAJRA).pptx
DISEASES OF PEARL MILLET (BAJRA).pptxVISHALI SELVAM
 
CODEX ALIMENTARIUS COMMISSION (CAC) .pptx
CODEX ALIMENTARIUS  COMMISSION (CAC) .pptxCODEX ALIMENTARIUS  COMMISSION (CAC) .pptx
CODEX ALIMENTARIUS COMMISSION (CAC) .pptxVISHALI SELVAM
 
AGRICULTURAL PRICE POLICY -AGRICULTURAL ECONOMICS.pptx
AGRICULTURAL PRICE POLICY -AGRICULTURAL ECONOMICS.pptxAGRICULTURAL PRICE POLICY -AGRICULTURAL ECONOMICS.pptx
AGRICULTURAL PRICE POLICY -AGRICULTURAL ECONOMICS.pptxVISHALI SELVAM
 
VENTURE CAPITAL FINANCING - CONCEPT, PURPOSE AND SCHEMES. pptx
VENTURE CAPITAL FINANCING - CONCEPT, PURPOSE AND SCHEMES. pptxVENTURE CAPITAL FINANCING - CONCEPT, PURPOSE AND SCHEMES. pptx
VENTURE CAPITAL FINANCING - CONCEPT, PURPOSE AND SCHEMES. pptxVISHALI SELVAM
 

More from VISHALI SELVAM (17)

CLONAL SELECTION IN CROP IMPROVEMENT . pptx
CLONAL SELECTION IN CROP IMPROVEMENT . pptxCLONAL SELECTION IN CROP IMPROVEMENT . pptx
CLONAL SELECTION IN CROP IMPROVEMENT . pptx
 
CHEMICALLY INDUCED MALE STERILITY . pptx
CHEMICALLY  INDUCED MALE  STERILITY  . pptxCHEMICALLY  INDUCED MALE  STERILITY  . pptx
CHEMICALLY INDUCED MALE STERILITY . pptx
 
PROTECTION OF CROPS FROM SOIL BORNE AND VECTOR BORNE DISEASES .pptx
PROTECTION OF CROPS FROM SOIL BORNE AND VECTOR BORNE DISEASES .pptxPROTECTION OF CROPS FROM SOIL BORNE AND VECTOR BORNE DISEASES .pptx
PROTECTION OF CROPS FROM SOIL BORNE AND VECTOR BORNE DISEASES .pptx
 
FILTRATION AND TYPES OF FILTRATION . pptx
FILTRATION AND TYPES OF FILTRATION . pptxFILTRATION AND TYPES OF FILTRATION . pptx
FILTRATION AND TYPES OF FILTRATION . pptx
 
REARING EQUIPMENT IN SERICULTURE . pptx
REARING EQUIPMENT IN SERICULTURE . pptxREARING EQUIPMENT IN SERICULTURE . pptx
REARING EQUIPMENT IN SERICULTURE . pptx
 
PLANT INTRODUCTION AND ITS TYPES .pptx
PLANT INTRODUCTION  AND ITS TYPES .pptxPLANT INTRODUCTION  AND ITS TYPES .pptx
PLANT INTRODUCTION AND ITS TYPES .pptx
 
INM ( INTEGRATED NUTRIENT MANAGEMENT) - IPNS .pptx
INM ( INTEGRATED NUTRIENT MANAGEMENT) - IPNS .pptxINM ( INTEGRATED NUTRIENT MANAGEMENT) - IPNS .pptx
INM ( INTEGRATED NUTRIENT MANAGEMENT) - IPNS .pptx
 
FINGER MILLET ROOT APHID( PEST OF FINGER MILLET) . pptx
FINGER MILLET ROOT APHID( PEST OF FINGER MILLET) .  pptxFINGER MILLET ROOT APHID( PEST OF FINGER MILLET) .  pptx
FINGER MILLET ROOT APHID( PEST OF FINGER MILLET) . pptx
 
SUNHEMP FLEA BEETLE (PEST OF SUNHEMP).pptx
SUNHEMP FLEA BEETLE (PEST OF SUNHEMP).pptxSUNHEMP FLEA BEETLE (PEST OF SUNHEMP).pptx
SUNHEMP FLEA BEETLE (PEST OF SUNHEMP).pptx
 
MOTTLED EMIGRANT IN DAINCHA (PEST OF DAINCHA).pptx
MOTTLED EMIGRANT IN DAINCHA (PEST OF DAINCHA).pptxMOTTLED EMIGRANT IN DAINCHA (PEST OF DAINCHA).pptx
MOTTLED EMIGRANT IN DAINCHA (PEST OF DAINCHA).pptx
 
KATTE DISEASE AND LEAF BLIGHT OF CARDAMOM . pptx
KATTE  DISEASE  AND LEAF  BLIGHT OF CARDAMOM . pptxKATTE  DISEASE  AND LEAF  BLIGHT OF CARDAMOM . pptx
KATTE DISEASE AND LEAF BLIGHT OF CARDAMOM . pptx
 
FUNGAL DISEASES OF POTATO (PLANT PATHOLOGY ).pptx
FUNGAL DISEASES  OF POTATO (PLANT PATHOLOGY ).pptxFUNGAL DISEASES  OF POTATO (PLANT PATHOLOGY ).pptx
FUNGAL DISEASES OF POTATO (PLANT PATHOLOGY ).pptx
 
PROPAGATION BY SPECIALIZED VEGETATIVE STRUCTURE.pptx
PROPAGATION BY  SPECIALIZED  VEGETATIVE  STRUCTURE.pptxPROPAGATION BY  SPECIALIZED  VEGETATIVE  STRUCTURE.pptx
PROPAGATION BY SPECIALIZED VEGETATIVE STRUCTURE.pptx
 
DISEASES OF PEARL MILLET (BAJRA).pptx
DISEASES  OF  PEARL  MILLET (BAJRA).pptxDISEASES  OF  PEARL  MILLET (BAJRA).pptx
DISEASES OF PEARL MILLET (BAJRA).pptx
 
CODEX ALIMENTARIUS COMMISSION (CAC) .pptx
CODEX ALIMENTARIUS  COMMISSION (CAC) .pptxCODEX ALIMENTARIUS  COMMISSION (CAC) .pptx
CODEX ALIMENTARIUS COMMISSION (CAC) .pptx
 
AGRICULTURAL PRICE POLICY -AGRICULTURAL ECONOMICS.pptx
AGRICULTURAL PRICE POLICY -AGRICULTURAL ECONOMICS.pptxAGRICULTURAL PRICE POLICY -AGRICULTURAL ECONOMICS.pptx
AGRICULTURAL PRICE POLICY -AGRICULTURAL ECONOMICS.pptx
 
VENTURE CAPITAL FINANCING - CONCEPT, PURPOSE AND SCHEMES. pptx
VENTURE CAPITAL FINANCING - CONCEPT, PURPOSE AND SCHEMES. pptxVENTURE CAPITAL FINANCING - CONCEPT, PURPOSE AND SCHEMES. pptx
VENTURE CAPITAL FINANCING - CONCEPT, PURPOSE AND SCHEMES. pptx
 

INNOVATION - PRINCIPLES OF INNOVATION .pptx

  • 2. 2
  • 3. INTRODUCTION • Innovation is a process of transforming the new ideas, new knowledge into new products and services. • Thus Innovation is the ability to apply creative solutions to those problems and opportunities in order to enhance people’s lives or to enrich society • Creativity is thinking new things, and innovation is doing new things
  • 4.
  • 5. INNOVATION SCHUMPETER (1934) was first to point out the importance of new value created by entrepreneurs. More recently, Carland, Hoy, Boulton and Carland (1984) extended and specified Schumpeter’s idea, saying that entrepreneurs: ▪ Introduce new goods ▪ Introduce new services ▪ Introduce new methods of production ▪ Open new markets ▪ Open new sources of supply ▪ Re-organise industry.
  • 6.
  • 7. TYPES OF INNOVATION • According to Drucker (1993) there are four basic types of innovation: o Incremental innovation o Additive innovation o Complementary innovation o Breakthrough innovation
  • 8. • INCREMENTAL INNOVATION Doing more of the same things you have been doing with somewhat better results. • ADDITIVE INNOVATION More fully exploiting already existing resources, such as product lines extensions, and can achieve good results. • COMPLEMENTARY INNOVATION Offering something new and changes the structure of the business. • BREAKTHROUGH INNOVATION (RADICAL INNOVATION) Changing the fundamentals of the business or creating a new industry and new avenues for extensive wealth creation.
  • 9. × Product innovation × Process innovation × Marketing innovation × Organization innovation Product and process innovation are also called TECHNOLOGICAL INNOVATIONS ,whereas Marketing innovation and organisation innovation are called NON-TECHONLOGICAL INNOVATION.
  • 10. PRINCIPLES OF INNOVATION • The great researcher and professor in the field of management and entrepreneurship Peter f. Drucker (1993) lists several principles which should be respected by innovators. • He has grouped these principles in ‘Do’s’ and ‘Don’ts’ in the process of innovation.
  • 11. DO’S × Innovation starts with analysis of opportunities. It starts with the seven opportunities for innovation. × Innovation is a conceptual and perceptual activity. Is to go out and see, ask and hear. × Innovation in order to be successful, should be simple,and focused Should be simple not complicated. × Innovation should start as ‘small’. Innovation should not be grandiose. It should hold up to something specific and concrete. × A successful innovation aims towards leadership. An innovation at the very beginning does not aim towards leadership
  • 12. DONTS × Innovations should not be very ‘smart × Many things should not be done at a time. × Don’t innovate for the future, but for the present.
  • 13. PRINCIPLE OF PROCESS OF INNOVATION These principles that give life to the process of innovation (Ambler, 2007) ✔ Innovation starts when people convert problems to ideas. ✔ Innovation needs a system ✔ Passion is the fuel, and pain is the hidden ingredient. ✔ Co-locating drives effective exchange ✔ Differences should be leveraged
  • 14. BENEFITS Further benefits are ranked in the following order: • Creating better conditions at work • Maintaining the existing position in the market • Entering new markets • Creating flexibility at work • Improving the ecological environment and diversification of products.
  • 16.
  • 17.
  • 18. FINANCING SOURCES OF INNOVATION Innovation can be supported by two major forms of financing: ➢ Merit-based awards (grants) and ➢ External equity, such as: ○ Business angels, ○ Venture capital and ○ Corporations.
  • 19. CONCLUSION • From the viewpoint of customers, innovation means products with better quality and better services, which together bring about a better way of life. • From the aspect of businesses, innovation means sustainable growth and development, realization of profits. • For the employees, innovation means new and more interesting jobs, which require mental faculty resulting in higher salaries.
  • 20. “If you can't compete on price , you have to differentiate and to differentiate you have to innovate” -Andy Bruce 20
  • 21. REFERENCE Drucker FP .(2012).Innovation and Enterpreneurship: Practices and Prinicple .15 th edition .London. Elsevier Ltd.121 Ramadevi V and S Gerguri .(2010) . Innovation : Principles and Strategies .University Libraryof Munich,Germany MPRA Paper.Vol :10.101-110 http://dx.doi.org/ 10.1002/jsc.888 Albu Angela .(2017). F undamentals of Innovation .Key Issues for management of Innovation Projects . http://dx.doi.org/10.5772/intechopen-69005 Ambler G. (2007). Five Principles of Innovation. http://www.thepracticeofleader ship.net/2007/01/28/5-principles-of innovation/ Sledzik K Schumpeter’s view on Innovation and Enterpreneurship .2016. https://www.researchgate.net/publication/25_schumpeter’s_view_on_Innovati on_and_enterpreneurship
  • 22. THANK YOU ! Borne to innovate Don't be introvert..