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understand
Innovation
in five minutes




           © Gordon Graham 2008
What can you learn from this?
• What innovation is
• Why it’s important
• The types of innovation
• The degrees of innovation


        © Gordon Graham 2008
What is innovation?
Hundreds of similar definitions can be found
  in the literature. Here is the one I use,
      adapted from various sources:
  “Innovation is the profitable implementation of
                      ideas.”


              © Gordon Graham 2008
A Broad, American Perspective:
    "Implementing new ideas that create value.”
              - Innovation Network, U.S.A.

"The intersection of invention and insight, leading to
    the creation of social and economic value."
          - U.S. National Innovation Initiative



                © Gordon Graham 2008
What about the Brits?


"The development of new ideas and their economic
   application as new products or processes."
          - U.K. Dept. Trade and Industry




             © Gordon Graham 2008
An innovation can increase profits
on the value side (customers value
an innovation enough to pay more
            for it) . . .




       © Gordon Graham 2008
. . . or the cost side (the company
 produces a product offering in a
         more efficient way).




       © Gordon Graham 2008
Either way, value is created for the
     firm and the consumer.



                 $
        © Gordon Graham 2008
What are the essential ingredients, or
    elements, of an innovation
            ecosystem?
     *
           * * *
         **  *
         *     *
            *
         © Gordon Graham 2008
There are many. They are rooted in national
culture and can take years to develop: Trust,
  Curiosity, Tolerance of Diversity, Faith,
  Confidence, Lack of Fear, the Will to a)
make the world a better place and b) wreck
     the status quo c) take risks and fail.



             © Gordon Graham 2008
Some firm-level elements include: a written
  innovation strategy, a filter, an innovation
 process, a rewards and recognition system,
 humility, respect for seemingly insignificant
technologies/competitors (healthy paranoia)
                      etc.



             © Gordon Graham 2008
An invention is different from an
innovation at any particular time in
  that it doesn’t have commercial
            value but . . .




        © Gordon Graham 2008
. . . it may have in future.




   © Gordon Graham 2008
Think of invention as the laying of
 an egg, innovation as the laying,
    incubation and hatching.




        © Gordon Graham 2008
There is no shortage of ideas and
  inventions in the world. The
 challenge is to introduce these
    successfully to a market.



       © Gordon Graham 2008
Only then can the idea/invention be
       called an innovation.




        © Gordon Graham 2008
In other words, innovation requires
interplay between a product offering
(technology) and a market (people).




        © Gordon Graham 2008
Hard science + Social science.




     © Gordon Graham 2008
A market can be inside or outside
   the firm’s physical walls.




       © Gordon Graham 2008
Why is innovation important?




     © Gordon Graham 2008
Innovation reduces waste and
   environmental damage.




     © Gordon Graham 2008
Innovation creates growth, increases
 productivity, and economic wealth
        (avoids stagnation).




        © Gordon Graham 2008
Innovation provides better goods
 and services at a cheaper price –
    higher standard of living.




       © Gordon Graham 2008
More interesting work for
       employees.




   © Gordon Graham 2008
Old strategies get replicated and,
consequently, margins get squeezed.




        © Gordon Graham 2008
Survival!
Source: United Kingdom Dept. Trade and
                Industry




        © Gordon Graham 2008
What are the types of innovation?




        © Gordon Graham 2008
Numerous types . . .




© Gordon Graham 2008
. . . but all these labels just describe
   where something new, better or
            different occurs.




         © Gordon Graham 2008
BROADLY:




© Gordon Graham 2008
Product
      Process
      Service
 Business model
       Value
      Market

© Gordon Graham 2008
. . . and many more, depending on
level of detail. Basically, innovation
  can occur anywhere in the firm’s
   business by anyone. We all have
            great potential!


        © Gordon Graham 2008
Note!
    There is another type that needs to be
   considered separately. This is “disruptive
  innovation,” a term first coined by Clayton
Christensen. Disruptive innovation refers to a
 firm’s strategy relative to other firms. Often,
low-cost business models and “good enough”
 solutions/products for low-end and/or non-
                   consumers
              © Gordon Graham 2008
The degrees of innovation.




    © Gordon Graham 2008
Once again, many labels . . .




     © Gordon Graham 2008
. . . however, they all describe the
  degree of change required by the
innovating firm and/or the market.




        © Gordon Graham 2008
Incremental (sometimes called
“continuous” or “evolutionary” or
            “small”)




       © Gordon Graham 2008
Semi-radical




© Gordon Graham 2008
Radical (sometimes called
“discontinuous” or “revolutionary”
              or “big”)




       © Gordon Graham 2008
Incremental and radical innovations
  need to be managed differently.




        © Gordon Graham 2008
Here’s a quote:
   "He who innovates will have for his
enemies all those who are well off under the
     existing order of things, and only
lukewarm supporters in those who might be
         better off under the new."


       Niccolo Machiaveli, The Prince


          © Gordon Graham 2008
Thanks!
   I completed an MSc dissertation on
    Innovation in Taiwanese/Chinese
companies active in multiple international
 markets. Please feel free to get in touch if
 your firm is working in China, Taiwan
   etc., as I’m interested in these areas.
Gordon@ westportwire.com

          © Gordon Graham 2008

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Understand Innovation in 5 Minutes

  • 2. What can you learn from this? • What innovation is • Why it’s important • The types of innovation • The degrees of innovation © Gordon Graham 2008
  • 3. What is innovation? Hundreds of similar definitions can be found in the literature. Here is the one I use, adapted from various sources: “Innovation is the profitable implementation of ideas.” © Gordon Graham 2008
  • 4. A Broad, American Perspective: "Implementing new ideas that create value.” - Innovation Network, U.S.A. "The intersection of invention and insight, leading to the creation of social and economic value." - U.S. National Innovation Initiative © Gordon Graham 2008
  • 5. What about the Brits? "The development of new ideas and their economic application as new products or processes." - U.K. Dept. Trade and Industry © Gordon Graham 2008
  • 6. An innovation can increase profits on the value side (customers value an innovation enough to pay more for it) . . . © Gordon Graham 2008
  • 7. . . . or the cost side (the company produces a product offering in a more efficient way). © Gordon Graham 2008
  • 8. Either way, value is created for the firm and the consumer. $ © Gordon Graham 2008
  • 9. What are the essential ingredients, or elements, of an innovation ecosystem? * * * * ** * * * * © Gordon Graham 2008
  • 10. There are many. They are rooted in national culture and can take years to develop: Trust, Curiosity, Tolerance of Diversity, Faith, Confidence, Lack of Fear, the Will to a) make the world a better place and b) wreck the status quo c) take risks and fail. © Gordon Graham 2008
  • 11. Some firm-level elements include: a written innovation strategy, a filter, an innovation process, a rewards and recognition system, humility, respect for seemingly insignificant technologies/competitors (healthy paranoia) etc. © Gordon Graham 2008
  • 12. An invention is different from an innovation at any particular time in that it doesn’t have commercial value but . . . © Gordon Graham 2008
  • 13. . . . it may have in future. © Gordon Graham 2008
  • 14. Think of invention as the laying of an egg, innovation as the laying, incubation and hatching. © Gordon Graham 2008
  • 15. There is no shortage of ideas and inventions in the world. The challenge is to introduce these successfully to a market. © Gordon Graham 2008
  • 16. Only then can the idea/invention be called an innovation. © Gordon Graham 2008
  • 17. In other words, innovation requires interplay between a product offering (technology) and a market (people). © Gordon Graham 2008
  • 18. Hard science + Social science. © Gordon Graham 2008
  • 19. A market can be inside or outside the firm’s physical walls. © Gordon Graham 2008
  • 20. Why is innovation important? © Gordon Graham 2008
  • 21. Innovation reduces waste and environmental damage. © Gordon Graham 2008
  • 22. Innovation creates growth, increases productivity, and economic wealth (avoids stagnation). © Gordon Graham 2008
  • 23. Innovation provides better goods and services at a cheaper price – higher standard of living. © Gordon Graham 2008
  • 24. More interesting work for employees. © Gordon Graham 2008
  • 25. Old strategies get replicated and, consequently, margins get squeezed. © Gordon Graham 2008
  • 26. Survival! Source: United Kingdom Dept. Trade and Industry © Gordon Graham 2008
  • 27. What are the types of innovation? © Gordon Graham 2008
  • 28. Numerous types . . . © Gordon Graham 2008
  • 29. . . . but all these labels just describe where something new, better or different occurs. © Gordon Graham 2008
  • 31. Product Process Service Business model Value Market © Gordon Graham 2008
  • 32. . . . and many more, depending on level of detail. Basically, innovation can occur anywhere in the firm’s business by anyone. We all have great potential! © Gordon Graham 2008
  • 33. Note! There is another type that needs to be considered separately. This is “disruptive innovation,” a term first coined by Clayton Christensen. Disruptive innovation refers to a firm’s strategy relative to other firms. Often, low-cost business models and “good enough” solutions/products for low-end and/or non- consumers © Gordon Graham 2008
  • 34. The degrees of innovation. © Gordon Graham 2008
  • 35. Once again, many labels . . . © Gordon Graham 2008
  • 36. . . . however, they all describe the degree of change required by the innovating firm and/or the market. © Gordon Graham 2008
  • 37. Incremental (sometimes called “continuous” or “evolutionary” or “small”) © Gordon Graham 2008
  • 39. Radical (sometimes called “discontinuous” or “revolutionary” or “big”) © Gordon Graham 2008
  • 40. Incremental and radical innovations need to be managed differently. © Gordon Graham 2008
  • 41. Here’s a quote: "He who innovates will have for his enemies all those who are well off under the existing order of things, and only lukewarm supporters in those who might be better off under the new." Niccolo Machiaveli, The Prince © Gordon Graham 2008
  • 42. Thanks! I completed an MSc dissertation on Innovation in Taiwanese/Chinese companies active in multiple international markets. Please feel free to get in touch if your firm is working in China, Taiwan etc., as I’m interested in these areas. Gordon@ westportwire.com © Gordon Graham 2008