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    Intro To Innovation

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    Innovation is defined as the process of creating something new that has value. It involves identifying opportunities, developing ideas, prototyping, producing, marketing, and selling new products, services, or processes. There are different types and degrees of innovation from incremental to radical changes. Drivers of innovation include financial pressures, competition, regulations, technology advances, and customer expectations. Today, both large firms and small startups depend on each other for innovation through partnerships, financing, knowledge sharing, and opening new markets. Universities also play a larger role in driving innovation through research, entrepreneurship, and industry collaborations.

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    Intro To Innovation

    Uploaded by

    [email protected]
    207 views10 pages
    Innovation is defined as the process of creating something new that has value. It involves identifying opportunities, developing ideas, prototyping, producing, marketing, and selling new products, services, or processes. There are different types and degrees of innovation from incremental to radical changes. Drivers of innovation include financial pressures, competition, regulations, technology advances, and customer expectations. Today, both large firms and small startups depend on each other for innovation through partnerships, financing, knowledge sharing, and opening new markets. Universities also play a larger role in driving innovation through research, entrepreneurship, and industry collaborations.

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    Intro to Innovation

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    Innovation is defined as the process of creating something new that has value. It involves identifying opportunities, developing ideas, prototyping, producing, marketing, and selling new products, services, or processes. There are different types and degrees of innovation from incremental to radical changes. Drivers of innovation include financial pressures, competition, regulations, technology advances, and customer expectations. Today, both large firms and small startups depend on each other for innovation through partnerships, financing, knowledge sharing, and opening new markets. Universities also play a larger role in driving innovation through research, entrepreneurship, and industry collaborations.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    207 views10 pages

    Intro To Innovation

    Uploaded by

    [email protected]
    Innovation is defined as the process of creating something new that has value. It involves identifying opportunities, developing ideas, prototyping, producing, marketing, and selling new products, services, or processes. There are different types and degrees of innovation from incremental to radical changes. Drivers of innovation include financial pressures, competition, regulations, technology advances, and customer expectations. Today, both large firms and small startups depend on each other for innovation through partnerships, financing, knowledge sharing, and opening new markets. Universities also play a larger role in driving innovation through research, entrepreneurship, and industry collaborations.

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    of 10

    Introduction to innovation

    Definitions
    Dimensions
    Drivers
    Developments
    What is innovation?
    • Innovation is the process and outcome of creating
    something new, which is also of value.

    • Innovation involves the whole process from


    opportunity identification, ideation or invention to
    development, prototyping, production marketing
    and sales, while entrepreneurship only needs to
    involve commercialization (Schumpeter).
    What is innovation?
    • Today it is said to involve the capacity to quickly
    adapt by adopting new innovations (products,
    processes, strategies, organization, etc)

    • Also, traditionally the focus has been on new


    products or processes, but recently new business
    models have come into focus, i.e. the way a firm
    delivers value and secures profits.
    What is innovation?
    • Schumpeter argued that innovation comes
    about through new combinations made by
    an entrepreneur, resulting in
    – a new product,
    – a new process,
    – opening of new market,
    – new way of organizing the business
    – new sources of supply
    Dimensions of innovation
    There are several types of innovation
    – Process, product/service, strategy,
    which can vary in degree of newness:
    – Incremental to radical,
    and impact:
    continuous to discontinuous
    Drivers for innovation
    – Financial pressures to reduce costs, increase efficiency, do more
    with less, etc
    – Increased competition
    – Shorter product life cycles
    – Value migration
    – Stricter regulation
    – Industry and community needs for sustainable development
    – Increased demend for accountability
    – Demographic, social and maket changes
    – Rising customer expectations regarding service and quality
    – Changing economy
    – Greater availability of potentially useful technologies coupled with
    a need to exceed the competition in these technologies
    What is innovation?
    • Gary Hamel argued that today’s market
    place is hostile to incumbents, who now
    needs to conduct radical business
    innovation:
    – Radically reconceiving products and services,
    not just developing new products and services
    – Redefining market space
    – Redrawing industry boundaries
    New conditions for innovation
    • Small start-up entrepreneurs increasingly
    depend on large firms:
    – as suppliers or customers
    – for venture finance,
    – for exit opportunites,
    – for knowledge (production, markets and R&D)
    – and for opening new markets.
    New conditions for innovation
    • Large firms increasingly depend on small
    start-ups
    – for NPD,
    – as suppliers of new knowledge (which they cannot
    develop themselves),
    – or organizational renewal, for experimentation with
    busienss models,
    – for opening new markets, etc
    New developments in innovation
    raises new issues and problems
    • Greater emphasis on commercializing scientific
    discoveries, particularly in IT and the bio-sciences
    • Speed and potential value of scientific progress leads to
    emphasis on solid and well-designed portfolios of
    research projects
    • Universites as active drivers of innovation: Academic
    entrepreneurship and the entrepreneurial university
    • University-industry partnerships
    • Increased search for radical innovation and top-line
    growth.

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