SlideShare a Scribd company logo
Prepared by:
Kuldeep Singh
Innovationcan be defined simply as a "new idea, device or method". However,
innovation is often also viewed as the application of better solutions that meet new
requirements, unarticulated needs, or existing market needs.
A plan made by an organization to encourage advancements in technology or services, usually
by investing in research and development activities. For example, an innovation strategy
developed by a high technology business might entail the use of new management or
production procedures and the invention of technology not previously used by competitors.
Innovation strategy
”To generate ideas is to be creative; to convert ideas to results is to be innovative. Being innovative in
an organized and user oriented fashion is the essential competitive parameter of the 21st century”
Steve Jobs, Apple Inc.
INNOVATION MODELS:
Model 1: The suggestion system.
Model 2: Continuous improvement system.
Model 3: New venture team.
Model 4: The incubator lab.
Model 5: Innovation teams.
Model 1: The Suggestion System
Suggestion programs provide employees an organized system
through which to submit ideas and to have those idea
considered by a panel of dispassionate reviewer, who accept
or reject them depending on pre-established criteria for
management.
Model 2: Continuous improvement System
A continual improvement process, also often called a continuous
improvement process (abbreviated as CIP or CI), is an ongoing effort to
improve products, services, or processes. These efforts can seek
"incremental" improvement over time or "breakthrough" improvement
all at once.
Continuous improvement system
A new venture team is the group of founders, key employees, and advisers
that either manage or help manage a new business in its start-up years. If the
founder or founders of a new venture have identified several individuals they
believe will join the firm after it is launched and these individuals are highly
capable, that knowledge lends credibility to eth organizational feasibility of the
potential venture. The same rationale applies for highly capable people who a
new venture believes would be willing to join its board of directors or board of
advisers.
The primary elements of a new venture team are the company founders, key
employees, the board of directors, the board of advisors, lenders and
investors, and other professionals.
Model 3: New Venture Team
Model 4: The incubator lab
Model 5: Innovation Teams
Innovation strategy and models by kuldeep singh

More Related Content

What's hot

Innovation ,creativity and invention
 Innovation ,creativity and invention Innovation ,creativity and invention
Innovation ,creativity and invention
Harsh Suchak
 
Innovation Techniques
Innovation TechniquesInnovation Techniques
Innovation Techniques
Subbu Jois
 
INNOVATIONS IN MARKETING
INNOVATIONS IN MARKETINGINNOVATIONS IN MARKETING
INNOVATIONS IN MARKETING
praveensureshpai
 
2016 - Lecture 7.pot
2016 - Lecture 7.pot2016 - Lecture 7.pot
2016 - Lecture 7.pot
Nadia Lushchak
 
2016 - 2. Innovation as a core business process.pot
2016 - 2. Innovation as a core business process.pot2016 - 2. Innovation as a core business process.pot
2016 - 2. Innovation as a core business process.pot
Nadia Lushchak
 
Innovation as a core business process
Innovation as a core business processInnovation as a core business process
Innovation as a core business process
Nadia Lushchak
 
SCFI - Day Two Barriers to Innovation and Sources of Innovation
SCFI - Day Two Barriers to Innovation and Sources of InnovationSCFI - Day Two Barriers to Innovation and Sources of Innovation
SCFI - Day Two Barriers to Innovation and Sources of Innovation
Lassonde School of Engineering
 
Product innovation & process innovation
Product innovation & process innovationProduct innovation & process innovation
Product innovation & process innovation
VijayKrKhurana
 
Innovation management
Innovation managementInnovation management
Innovation management
iiciebusiness
 
hIgh 5 My innovation process
hIgh 5 My innovation processhIgh 5 My innovation process
hIgh 5 My innovation process
Sonja Gielen
 
Innovation & Change Management
Innovation & Change ManagementInnovation & Change Management
Innovation & Change Management
Lauren Peters
 
Managing Innovation
Managing InnovationManaging Innovation
Managing Innovation
Irma Bejarano
 
Innovation and the S-Curve
Innovation and the S-CurveInnovation and the S-Curve
Innovation and the S-Curve
wright4
 
Strategic innovation
Strategic innovationStrategic innovation
Strategic innovation
Pravin Asar
 
Ent. Innovation
Ent. InnovationEnt. Innovation
Ent. Innovation
guestad7667
 
The Business of Innovation
The Business of Innovation The Business of Innovation
The Business of Innovation
University of Hertfordshire
 
Innovation Framework For Manufacturing (With Addendum)
Innovation Framework For Manufacturing (With Addendum)Innovation Framework For Manufacturing (With Addendum)
Innovation Framework For Manufacturing (With Addendum)
johncleveland
 
Innovation management
Innovation managementInnovation management
Innovation management
Abdullah Mubasher
 
ORGANIZATIONAL INNOVATION MODEL
ORGANIZATIONAL INNOVATION MODELORGANIZATIONAL INNOVATION MODEL
Managing innovation
Managing innovationManaging innovation
Managing innovation
Sayed Eltaweel, MBA, CIDTT.
 

What's hot (20)

Innovation ,creativity and invention
 Innovation ,creativity and invention Innovation ,creativity and invention
Innovation ,creativity and invention
 
Innovation Techniques
Innovation TechniquesInnovation Techniques
Innovation Techniques
 
INNOVATIONS IN MARKETING
INNOVATIONS IN MARKETINGINNOVATIONS IN MARKETING
INNOVATIONS IN MARKETING
 
2016 - Lecture 7.pot
2016 - Lecture 7.pot2016 - Lecture 7.pot
2016 - Lecture 7.pot
 
2016 - 2. Innovation as a core business process.pot
2016 - 2. Innovation as a core business process.pot2016 - 2. Innovation as a core business process.pot
2016 - 2. Innovation as a core business process.pot
 
Innovation as a core business process
Innovation as a core business processInnovation as a core business process
Innovation as a core business process
 
SCFI - Day Two Barriers to Innovation and Sources of Innovation
SCFI - Day Two Barriers to Innovation and Sources of InnovationSCFI - Day Two Barriers to Innovation and Sources of Innovation
SCFI - Day Two Barriers to Innovation and Sources of Innovation
 
Product innovation & process innovation
Product innovation & process innovationProduct innovation & process innovation
Product innovation & process innovation
 
Innovation management
Innovation managementInnovation management
Innovation management
 
hIgh 5 My innovation process
hIgh 5 My innovation processhIgh 5 My innovation process
hIgh 5 My innovation process
 
Innovation & Change Management
Innovation & Change ManagementInnovation & Change Management
Innovation & Change Management
 
Managing Innovation
Managing InnovationManaging Innovation
Managing Innovation
 
Innovation and the S-Curve
Innovation and the S-CurveInnovation and the S-Curve
Innovation and the S-Curve
 
Strategic innovation
Strategic innovationStrategic innovation
Strategic innovation
 
Ent. Innovation
Ent. InnovationEnt. Innovation
Ent. Innovation
 
The Business of Innovation
The Business of Innovation The Business of Innovation
The Business of Innovation
 
Innovation Framework For Manufacturing (With Addendum)
Innovation Framework For Manufacturing (With Addendum)Innovation Framework For Manufacturing (With Addendum)
Innovation Framework For Manufacturing (With Addendum)
 
Innovation management
Innovation managementInnovation management
Innovation management
 
ORGANIZATIONAL INNOVATION MODEL
ORGANIZATIONAL INNOVATION MODELORGANIZATIONAL INNOVATION MODEL
ORGANIZATIONAL INNOVATION MODEL
 
Managing innovation
Managing innovationManaging innovation
Managing innovation
 

Similar to Innovation strategy and models by kuldeep singh

Inovasi
InovasiInovasi
Innovation Strategy
Innovation StrategyInnovation Strategy
Innovation Strategy
Yodhia Antariksa
 
innovation+management+lesson+3.1 (2).pdf
innovation+management+lesson+3.1 (2).pdfinnovation+management+lesson+3.1 (2).pdf
innovation+management+lesson+3.1 (2).pdf
Divyansh Bhatnagar
 
2013-03 Creating a Culture of Innovation for Health Plans
2013-03 Creating a Culture of Innovation for Health Plans2013-03 Creating a Culture of Innovation for Health Plans
2013-03 Creating a Culture of Innovation for Health Plans
imagine.GO
 
Innovazione 2. Suggerimenti e Team di supporto all’innovazione
Innovazione 2. Suggerimenti e Team di supporto all’innovazioneInnovazione 2. Suggerimenti e Team di supporto all’innovazione
Innovazione 2. Suggerimenti e Team di supporto all’innovazione
Manager.it
 
The lean startup
The lean startupThe lean startup
The lean startup
Ericksson González Reyes
 
Innovation
InnovationInnovation
Innovation
syamalagarikipati1
 
Innomantra Viewpoint - Getting Bold innovation Right v1.0
Innomantra Viewpoint - Getting Bold innovation Right v1.0 Innomantra Viewpoint - Getting Bold innovation Right v1.0
Innomantra Viewpoint - Getting Bold innovation Right v1.0
Innomantra
 
Innovation management
Innovation managementInnovation management
Innovation management
NatyraDikaKerluku
 
Lean startup-final
Lean startup-finalLean startup-final
Lean startup-final
Tamim Ahmadyar
 
The lean start
The lean startThe lean start
The lean start
Pamela DeCesare
 
Enterprise Agility: Pushing Innovation to the Edge of the Organization
Enterprise Agility: Pushing Innovation to the Edge of the OrganizationEnterprise Agility: Pushing Innovation to the Edge of the Organization
Enterprise Agility: Pushing Innovation to the Edge of the Organization
Tata Consultancy Services
 
Innovation Guest lecture Tu Delft
Innovation Guest lecture Tu Delft Innovation Guest lecture Tu Delft
Innovation Guest lecture Tu Delft
Koen Klokgieters
 
The ultimate guide to innovation
The ultimate guide to innovationThe ultimate guide to innovation
The ultimate guide to innovation
PranavPabsetti
 
A holistic approach to Innovation Excellence
A holistic approach to Innovation ExcellenceA holistic approach to Innovation Excellence
A holistic approach to Innovation Excellence
Kienbaum Consultants
 
INNOVATION MANAGEMENT IN SUPPLY CHAIN LOGISTICS MANAGEMENT - Lecture 1.pptx
INNOVATION MANAGEMENT IN SUPPLY CHAIN  LOGISTICS MANAGEMENT - Lecture 1.pptxINNOVATION MANAGEMENT IN SUPPLY CHAIN  LOGISTICS MANAGEMENT - Lecture 1.pptx
INNOVATION MANAGEMENT IN SUPPLY CHAIN LOGISTICS MANAGEMENT - Lecture 1.pptx
HassanHani5
 
Lean startup
Lean startupLean startup
Lean startup
Jérôme Kehrli
 
Module 04 (Innovation Process).ppt
Module 04 (Innovation Process).pptModule 04 (Innovation Process).ppt
Module 04 (Innovation Process).ppt
2ckjqx2g6q
 
Information System Strategy
Information System StrategyInformation System Strategy
Information System Strategy
RechelleRamosUbaldo
 
Venture Path
Venture PathVenture Path
Venture Path
Deloitte UK
 

Similar to Innovation strategy and models by kuldeep singh (20)

Inovasi
InovasiInovasi
Inovasi
 
Innovation Strategy
Innovation StrategyInnovation Strategy
Innovation Strategy
 
innovation+management+lesson+3.1 (2).pdf
innovation+management+lesson+3.1 (2).pdfinnovation+management+lesson+3.1 (2).pdf
innovation+management+lesson+3.1 (2).pdf
 
2013-03 Creating a Culture of Innovation for Health Plans
2013-03 Creating a Culture of Innovation for Health Plans2013-03 Creating a Culture of Innovation for Health Plans
2013-03 Creating a Culture of Innovation for Health Plans
 
Innovazione 2. Suggerimenti e Team di supporto all’innovazione
Innovazione 2. Suggerimenti e Team di supporto all’innovazioneInnovazione 2. Suggerimenti e Team di supporto all’innovazione
Innovazione 2. Suggerimenti e Team di supporto all’innovazione
 
The lean startup
The lean startupThe lean startup
The lean startup
 
Innovation
InnovationInnovation
Innovation
 
Innomantra Viewpoint - Getting Bold innovation Right v1.0
Innomantra Viewpoint - Getting Bold innovation Right v1.0 Innomantra Viewpoint - Getting Bold innovation Right v1.0
Innomantra Viewpoint - Getting Bold innovation Right v1.0
 
Innovation management
Innovation managementInnovation management
Innovation management
 
Lean startup-final
Lean startup-finalLean startup-final
Lean startup-final
 
The lean start
The lean startThe lean start
The lean start
 
Enterprise Agility: Pushing Innovation to the Edge of the Organization
Enterprise Agility: Pushing Innovation to the Edge of the OrganizationEnterprise Agility: Pushing Innovation to the Edge of the Organization
Enterprise Agility: Pushing Innovation to the Edge of the Organization
 
Innovation Guest lecture Tu Delft
Innovation Guest lecture Tu Delft Innovation Guest lecture Tu Delft
Innovation Guest lecture Tu Delft
 
The ultimate guide to innovation
The ultimate guide to innovationThe ultimate guide to innovation
The ultimate guide to innovation
 
A holistic approach to Innovation Excellence
A holistic approach to Innovation ExcellenceA holistic approach to Innovation Excellence
A holistic approach to Innovation Excellence
 
INNOVATION MANAGEMENT IN SUPPLY CHAIN LOGISTICS MANAGEMENT - Lecture 1.pptx
INNOVATION MANAGEMENT IN SUPPLY CHAIN  LOGISTICS MANAGEMENT - Lecture 1.pptxINNOVATION MANAGEMENT IN SUPPLY CHAIN  LOGISTICS MANAGEMENT - Lecture 1.pptx
INNOVATION MANAGEMENT IN SUPPLY CHAIN LOGISTICS MANAGEMENT - Lecture 1.pptx
 
Lean startup
Lean startupLean startup
Lean startup
 
Module 04 (Innovation Process).ppt
Module 04 (Innovation Process).pptModule 04 (Innovation Process).ppt
Module 04 (Innovation Process).ppt
 
Information System Strategy
Information System StrategyInformation System Strategy
Information System Strategy
 
Venture Path
Venture PathVenture Path
Venture Path
 

Recently uploaded

“I’m still / I’m still / Chaining from the Block”
“I’m still / I’m still / Chaining from the Block”“I’m still / I’m still / Chaining from the Block”
“I’m still / I’m still / Chaining from the Block”
Claudio Di Ciccio
 
Generative AI Deep Dive: Advancing from Proof of Concept to Production
Generative AI Deep Dive: Advancing from Proof of Concept to ProductionGenerative AI Deep Dive: Advancing from Proof of Concept to Production
Generative AI Deep Dive: Advancing from Proof of Concept to Production
Aggregage
 
Artificial Intelligence for XMLDevelopment
Artificial Intelligence for XMLDevelopmentArtificial Intelligence for XMLDevelopment
Artificial Intelligence for XMLDevelopment
Octavian Nadolu
 
How to use Firebase Data Connect For Flutter
How to use Firebase Data Connect For FlutterHow to use Firebase Data Connect For Flutter
How to use Firebase Data Connect For Flutter
Daiki Mogmet Ito
 
Video Streaming: Then, Now, and in the Future
Video Streaming: Then, Now, and in the FutureVideo Streaming: Then, Now, and in the Future
Video Streaming: Then, Now, and in the Future
Alpen-Adria-Universität
 
PCI PIN Basics Webinar from the Controlcase Team
PCI PIN Basics Webinar from the Controlcase TeamPCI PIN Basics Webinar from the Controlcase Team
PCI PIN Basics Webinar from the Controlcase Team
ControlCase
 
“Building and Scaling AI Applications with the Nx AI Manager,” a Presentation...
“Building and Scaling AI Applications with the Nx AI Manager,” a Presentation...“Building and Scaling AI Applications with the Nx AI Manager,” a Presentation...
“Building and Scaling AI Applications with the Nx AI Manager,” a Presentation...
Edge AI and Vision Alliance
 
Alt. GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using ...
Alt. GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using ...Alt. GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using ...
Alt. GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using ...
James Anderson
 
TrustArc Webinar - 2024 Global Privacy Survey
TrustArc Webinar - 2024 Global Privacy SurveyTrustArc Webinar - 2024 Global Privacy Survey
TrustArc Webinar - 2024 Global Privacy Survey
TrustArc
 
Communications Mining Series - Zero to Hero - Session 1
Communications Mining Series - Zero to Hero - Session 1Communications Mining Series - Zero to Hero - Session 1
Communications Mining Series - Zero to Hero - Session 1
DianaGray10
 
Data structures and Algorithms in Python.pdf
Data structures and Algorithms in Python.pdfData structures and Algorithms in Python.pdf
Data structures and Algorithms in Python.pdf
TIPNGVN2
 
Monitoring Java Application Security with JDK Tools and JFR Events
Monitoring Java Application Security with JDK Tools and JFR EventsMonitoring Java Application Security with JDK Tools and JFR Events
Monitoring Java Application Security with JDK Tools and JFR Events
Ana-Maria Mihalceanu
 
Enchancing adoption of Open Source Libraries. A case study on Albumentations.AI
Enchancing adoption of Open Source Libraries. A case study on Albumentations.AIEnchancing adoption of Open Source Libraries. A case study on Albumentations.AI
Enchancing adoption of Open Source Libraries. A case study on Albumentations.AI
Vladimir Iglovikov, Ph.D.
 
Microsoft - Power Platform_G.Aspiotis.pdf
Microsoft - Power Platform_G.Aspiotis.pdfMicrosoft - Power Platform_G.Aspiotis.pdf
Microsoft - Power Platform_G.Aspiotis.pdf
Uni Systems S.M.S.A.
 
Securing your Kubernetes cluster_ a step-by-step guide to success !
Securing your Kubernetes cluster_ a step-by-step guide to success !Securing your Kubernetes cluster_ a step-by-step guide to success !
Securing your Kubernetes cluster_ a step-by-step guide to success !
KatiaHIMEUR1
 
20 Comprehensive Checklist of Designing and Developing a Website
20 Comprehensive Checklist of Designing and Developing a Website20 Comprehensive Checklist of Designing and Developing a Website
20 Comprehensive Checklist of Designing and Developing a Website
Pixlogix Infotech
 
Introducing Milvus Lite: Easy-to-Install, Easy-to-Use vector database for you...
Introducing Milvus Lite: Easy-to-Install, Easy-to-Use vector database for you...Introducing Milvus Lite: Easy-to-Install, Easy-to-Use vector database for you...
Introducing Milvus Lite: Easy-to-Install, Easy-to-Use vector database for you...
Zilliz
 
Encryption in Microsoft 365 - ExpertsLive Netherlands 2024
Encryption in Microsoft 365 - ExpertsLive Netherlands 2024Encryption in Microsoft 365 - ExpertsLive Netherlands 2024
Encryption in Microsoft 365 - ExpertsLive Netherlands 2024
Albert Hoitingh
 
RESUME BUILDER APPLICATION Project for students
RESUME BUILDER APPLICATION Project for studentsRESUME BUILDER APPLICATION Project for students
RESUME BUILDER APPLICATION Project for students
KAMESHS29
 
Mind map of terminologies used in context of Generative AI
Mind map of terminologies used in context of Generative AIMind map of terminologies used in context of Generative AI
Mind map of terminologies used in context of Generative AI
Kumud Singh
 

Recently uploaded (20)

“I’m still / I’m still / Chaining from the Block”
“I’m still / I’m still / Chaining from the Block”“I’m still / I’m still / Chaining from the Block”
“I’m still / I’m still / Chaining from the Block”
 
Generative AI Deep Dive: Advancing from Proof of Concept to Production
Generative AI Deep Dive: Advancing from Proof of Concept to ProductionGenerative AI Deep Dive: Advancing from Proof of Concept to Production
Generative AI Deep Dive: Advancing from Proof of Concept to Production
 
Artificial Intelligence for XMLDevelopment
Artificial Intelligence for XMLDevelopmentArtificial Intelligence for XMLDevelopment
Artificial Intelligence for XMLDevelopment
 
How to use Firebase Data Connect For Flutter
How to use Firebase Data Connect For FlutterHow to use Firebase Data Connect For Flutter
How to use Firebase Data Connect For Flutter
 
Video Streaming: Then, Now, and in the Future
Video Streaming: Then, Now, and in the FutureVideo Streaming: Then, Now, and in the Future
Video Streaming: Then, Now, and in the Future
 
PCI PIN Basics Webinar from the Controlcase Team
PCI PIN Basics Webinar from the Controlcase TeamPCI PIN Basics Webinar from the Controlcase Team
PCI PIN Basics Webinar from the Controlcase Team
 
“Building and Scaling AI Applications with the Nx AI Manager,” a Presentation...
“Building and Scaling AI Applications with the Nx AI Manager,” a Presentation...“Building and Scaling AI Applications with the Nx AI Manager,” a Presentation...
“Building and Scaling AI Applications with the Nx AI Manager,” a Presentation...
 
Alt. GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using ...
Alt. GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using ...Alt. GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using ...
Alt. GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using ...
 
TrustArc Webinar - 2024 Global Privacy Survey
TrustArc Webinar - 2024 Global Privacy SurveyTrustArc Webinar - 2024 Global Privacy Survey
TrustArc Webinar - 2024 Global Privacy Survey
 
Communications Mining Series - Zero to Hero - Session 1
Communications Mining Series - Zero to Hero - Session 1Communications Mining Series - Zero to Hero - Session 1
Communications Mining Series - Zero to Hero - Session 1
 
Data structures and Algorithms in Python.pdf
Data structures and Algorithms in Python.pdfData structures and Algorithms in Python.pdf
Data structures and Algorithms in Python.pdf
 
Monitoring Java Application Security with JDK Tools and JFR Events
Monitoring Java Application Security with JDK Tools and JFR EventsMonitoring Java Application Security with JDK Tools and JFR Events
Monitoring Java Application Security with JDK Tools and JFR Events
 
Enchancing adoption of Open Source Libraries. A case study on Albumentations.AI
Enchancing adoption of Open Source Libraries. A case study on Albumentations.AIEnchancing adoption of Open Source Libraries. A case study on Albumentations.AI
Enchancing adoption of Open Source Libraries. A case study on Albumentations.AI
 
Microsoft - Power Platform_G.Aspiotis.pdf
Microsoft - Power Platform_G.Aspiotis.pdfMicrosoft - Power Platform_G.Aspiotis.pdf
Microsoft - Power Platform_G.Aspiotis.pdf
 
Securing your Kubernetes cluster_ a step-by-step guide to success !
Securing your Kubernetes cluster_ a step-by-step guide to success !Securing your Kubernetes cluster_ a step-by-step guide to success !
Securing your Kubernetes cluster_ a step-by-step guide to success !
 
20 Comprehensive Checklist of Designing and Developing a Website
20 Comprehensive Checklist of Designing and Developing a Website20 Comprehensive Checklist of Designing and Developing a Website
20 Comprehensive Checklist of Designing and Developing a Website
 
Introducing Milvus Lite: Easy-to-Install, Easy-to-Use vector database for you...
Introducing Milvus Lite: Easy-to-Install, Easy-to-Use vector database for you...Introducing Milvus Lite: Easy-to-Install, Easy-to-Use vector database for you...
Introducing Milvus Lite: Easy-to-Install, Easy-to-Use vector database for you...
 
Encryption in Microsoft 365 - ExpertsLive Netherlands 2024
Encryption in Microsoft 365 - ExpertsLive Netherlands 2024Encryption in Microsoft 365 - ExpertsLive Netherlands 2024
Encryption in Microsoft 365 - ExpertsLive Netherlands 2024
 
RESUME BUILDER APPLICATION Project for students
RESUME BUILDER APPLICATION Project for studentsRESUME BUILDER APPLICATION Project for students
RESUME BUILDER APPLICATION Project for students
 
Mind map of terminologies used in context of Generative AI
Mind map of terminologies used in context of Generative AIMind map of terminologies used in context of Generative AI
Mind map of terminologies used in context of Generative AI
 

Innovation strategy and models by kuldeep singh

  • 2. Innovationcan be defined simply as a "new idea, device or method". However, innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. A plan made by an organization to encourage advancements in technology or services, usually by investing in research and development activities. For example, an innovation strategy developed by a high technology business might entail the use of new management or production procedures and the invention of technology not previously used by competitors. Innovation strategy
  • 3. ”To generate ideas is to be creative; to convert ideas to results is to be innovative. Being innovative in an organized and user oriented fashion is the essential competitive parameter of the 21st century” Steve Jobs, Apple Inc.
  • 4. INNOVATION MODELS: Model 1: The suggestion system. Model 2: Continuous improvement system. Model 3: New venture team. Model 4: The incubator lab. Model 5: Innovation teams.
  • 5. Model 1: The Suggestion System Suggestion programs provide employees an organized system through which to submit ideas and to have those idea considered by a panel of dispassionate reviewer, who accept or reject them depending on pre-established criteria for management. Model 2: Continuous improvement System A continual improvement process, also often called a continuous improvement process (abbreviated as CIP or CI), is an ongoing effort to improve products, services, or processes. These efforts can seek "incremental" improvement over time or "breakthrough" improvement all at once.
  • 7. A new venture team is the group of founders, key employees, and advisers that either manage or help manage a new business in its start-up years. If the founder or founders of a new venture have identified several individuals they believe will join the firm after it is launched and these individuals are highly capable, that knowledge lends credibility to eth organizational feasibility of the potential venture. The same rationale applies for highly capable people who a new venture believes would be willing to join its board of directors or board of advisers. The primary elements of a new venture team are the company founders, key employees, the board of directors, the board of advisors, lenders and investors, and other professionals. Model 3: New Venture Team
  • 8. Model 4: The incubator lab
  • 9.