Innovation Reviewer

WEEK 1 -Innovation challenges There is a way to do it better- find it. -Collaborative ideas - Thomas Edison -Compilation- scientific evaluation What is innovation?...

WEEK 1 -Innovation challenges There is a way to do it better- find it. -Collaborative ideas - Thomas Edison -Compilation- scientific evaluation What is innovation? -Testing & developing -Innovation happens when someone "improves -Implementation on or makes a significant contribution" to something that has already been invented. -Review- new ideas & inspiration -And converting the knowledge into a wealth is -market called innovation. Innovation=Creativity+ Commercialization - "Innovation is a complex process- even Difference Between Innovation, Invention, defining innovation is problematic!" Creativity Examples for type of innovation -Creativity is novel ideas that are Process communicated, useful, and appealing. -Enabling process (Align your talent & assets) -Invention means creating something new. -Core process (Use superior methods to do your -Innovation means making the invention into a work) product form. Offering "Invention is the first occurrence of an idea for a new product or process, while innovation is the -Product performance (Employ distinguish first attempt to carry it out into practice." features & functionality) -Jan Fagerberg -Product system (Create complementary products & services) WEEK 2 -Services (Support and enhance the value of GOALS OF INNOVATION offering) -Improving quality Delivery -Creation of new markets -Channel (Deliver your offering to customer & -Extension of the product range user) -Reducing labor cost -Brand (Represent your offering & business) -Improving production process -Customer experience (Foster interaction) -Reducing materials Finance -Reducing environmental damage -Business model (make money) -Replacement of products/services -Networking (connect with other people to make money) -Reducing energy consumption Innovation Process Cycle -Conformance to regulations -Creative ideas Architectural Innovation -Change in product structure Modular Innovation - Basic Research is scientific research aimed to improve scientific theories for improved -Change in component technology understanding or prediction of natural or other INNOVATION OCCURS AT THREE LEVELS phenomena. National Level -Govt. Policies & Support Basic Research Enterprise Level -Start with Observation -Enterprise Policies, Support & Initiatives -then conclusion Individual Level Applied Research -Individual & Group Innovation Activities -Start with target to reach Innovation Management -(problem to solve) Management of Innovation comprises three -then observe things: - then conclude - linking of engineering, science & management Development disciplines -Implement the conclusion ➤ to plan, develop & implement technological capabilities to shape & accomplish the strategic -to solve the problem & operational objectives of an organization. WEEK 3 Enterprises should emphasize Creativity Needs: -Planning & Controlling Systems With high degree of Flexibility ✓ Skill: Learned capacity or talent to carry out pre-determined results. -Respect for Individual Initiative And Personal Growth ✓ Talent: Natural endowments of a person. -Tolerance for mistakes And Allowing Room for Personality: Patterns of relatively enduring Failure characteristics of human behavior. Research & Innovation Webster's Dictionary: Artistic or intellectual inventiveness creativity involves the generation -Innovation of new ideas brings into existence something new. -Knowledge & science CHARACTERISTICS OF CREATIVITY -Money -flexibility and adaptable -Research -curiosity Research, Development and Innovation (RDI) are realities very close to each other, although -positive attitude / broad perspective they represent different concepts. pstrong motivation and determination -Applied research is designed to solve practical problems of the modern world. -fearlessness / risk taker INDIVIDUAL CREATIVITY -A particular Style -Determination patience. Entrepreneurs do not easily give-up when they face obstacles. -Originality -Flexibility COMPONENTS OF CREATIVITY -Competence -Positive outlook a. Creative thinking skills -Experience The use of creative intelligence to approach CREATIVITY problems -your capacity to think outside the box and put b. Knowledge existing ideas together in a new combination Four styles of creative intelligence: Resources -Intuitive -your knowledge, expertise, and access to relevant information -Innovative Internal Motivation -Imaginative -motivation from within your need or passion to -Inspirational ce creative c. Motivation Stages in the Creative Process -Extrinsic -Preparation -Intrinsic -Verification WHERE DO INNOVATIVE IDEAS COME -Incubation FROM? -Illumination ➤ Unsatisfied customers. PHASES OF CREATIVE PROCESS ➤ Demographic changes in society. Phase 1: Background or Knowledge ➤ Vision. Accumulation ➤ Problem solving. Involves seeking and gathering of information through observations, readings, conversations INNOVATION COMES FROM with others, attending seminars, meetings and -TECHNOLOGY workshops, etc. -INSPIRATION Phase 2: The Incubation Process -INNOVATION Entrepreneurs deliberately allows creativity to spur by breaking-away from the problem and let -CONCEPT the subconscious mind work on it. -FUTURE Phase 3: The Idea Experience WEEK 4 Discovery of the idea or solutions to the Knowledge Management (KM) refers to a problems (eureka factor). multi-disciplined approach to achieve Phase 4: Evaluation and Implementation organizational objectives by making the best use of knowledge. Evaluation and implementation of workable ideas requires high level of persistency and Knowledge Management may be viewed in terms of: -People increase the ability of an individual -Processes Its approach varies from organization to organization. -Technology It needs to be choosen. -Culture The biggest enabler of successful knowledge-driven organizations. -Structure the business processes