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Innovation 101

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A short introduction to innovating in business

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Innovation 101

  1. 1. innovation 101 A five minute introduction to innovation for profit and growth
  2. 2. What is innovation? Numerous definitions! My personal favourite is: “Innovation is creativity with a job to do”
  3. 3. Creativity or innovation? Creativity is generating original, novel ideas Innovation is putting those ideas to work and getting the desired result
  4. 4. Profit and growth Innovation can: • increase revenue • improve working environment • increase profits
  5. 5. Why innovate? “Today, more than ever, innovation is central to survival” Peter Drucker
  6. 6. “Innovation is the central issue in economic survival” Michael Porter
  7. 7. “Innovation is a critical factor in boosting growth in the economy and contributing to quality of life” South African Innovation Survey 2005
  8. 8. Utilise innovation to: • discover new revenue streams • identify areas for cost reduction • attain market differentiation • improve productivity • attract and retain talent • speed up time to market • develop new competencies
  9. 9. What does it take? • commitment from leadership • a written innovation strategy • time-sensitive goals • an innovation process • tools and training • questioning convention
  10. 10. Why is innovation important? • provides ongoing competitive advantage • avoids price wars • improves motivation and productivity • provides increase in stakeholder value • boosts economic growth
  11. 11. creating business value through innovation for more information, visit www.tim-malone.com or email tim@tim-malone.com

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