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Presented By: Kamal Manwani (67) Pranav Mohla (63) Nitin Singh (68) Nitin Sharma(65)
Aman Sachdev
CONTENT
What is innovation
Innovation Vs Invention
Types of Innovation
Innovation levels
Innovation strategies Innovation models
INNOVATION
An innovation is something original, new and important in whatever field- that breaks into a market or society.
Innovation is the application of better solutions that meet new requirements, inarticulate needs, or existing market needs.
INNOVATION
Innovation takes place through the interaction of three intermingled factors or forces i.e. 1. What technology is available to produce 2. Whether that technology is viable in the marketplace 3. What features or services are desired by consumers
INNOVATION IS
Innovation distinguishes between a leader and a follower [Steve Jobs] Innovation has nothing to do with how many R&D dollars you have. When Apple came up with the Mac, IBM was spending at least 100 times more on R & D. Its not about money. Its about the people you have, how youre led, and how much you get it. [Steve Jobs] If you always do what you always did, you will always get what you always got. [Albert Einstein]
Invention
Innovation
1.Creation of new Product, service or process Introduction of Product/service in market place 2. May not be commercialised 2. Results in Commercialisation 3. May be for Non Economic or Economic motive 3. Usually for Economic motive
TYPES OF INNOVATION
Open & Closed Innovation
Closed Model For Innovation PROJECT START CONCEPT FROZEN MARKET INTRODUCTION Implementation Open Model For Innovation
Concept Development
It refers to significant change in elements of product and process of technology without any significant change to the existing configuration of the elements.
Modular Innovation Change in Component Technology
Architectural Innovation
These innovation requires use of existing organizational practices and technologies but reconfigure them in a new knowledge of how the existing components are to be configured into a new system, which will result in better organizational efficiency.
Radical Innovation
It represents revolutionary change that require clear departure from existing organizational practices and technologies. They are not aligned with the organizational skills and capabilities and these require significant new knowledge for both component and
Innovation Levels
Innovation Occurs at Three Levels
NATIONAL LEVEL
ENTERPRISE LEVEL
INDIVIDUAL LEVEL
INNOVATION STRATEGY
A plan made by an organisation to encourage advancements in technology or services, usually by investing in research and development activities.
Degree of competition
Availability of funds Age of organisation viz. new vs old organisation
Innovation Follower
A firm chooses not to be first on innovations Aims at learning from the experiences of innovation leader
( by cost imitation, by bringing better products and services through
improvements etc)
INNOVATION MODELS
Traditional Phase Gate Model (linear model)
a) Technology push Model
next phase
Gatekeeper involved at each gate Gatekeeper examines stated objectives of preceding
Project start
Concept Frozen
Market Introduction
Concept Development
Implementation
TRADITIONAL MODEL
later stage
b)
c) d)
Concept/idea generation
Refining idea to meet consumer needs Design
e)
f) g)
Engineering
Manufacturing Test marketing &sales
Ideas/improvements can emerge from any source and at any stage of innovation process
Model includes:
a) b) c) Technology push + Market pull combination R&D + Marketing Cyclical Model
Project start
Concept Frozen
Market Introduction
FLEXIBLE MODEL
THANK YOU