Sources of Innovation PDF

1 Sources of Innovation  2 What is innovation? Creativity + Implementation = Innovation The idea is not enough. You have to implement it.  witch one...

1 Sources of Innovation  2 What is innovation? Creativity + Implementation = Innovation The idea is not enough. You have to implement it.  witch one on technology push and Marketpall. 3 Where do innovations come from? · · Shocks certain need emerged. Eureka Discovering new thing chance : · imitation · Recombining external Regulation can force you on a rule for example hotels that : are registered. good push but very little limitation. -  4 Types of Innovations 4 Major type source of innovation Invention from where where [ ↓ Extension - Product Process Position Paradigm Duplication - Synthesis · · · u Invention: the creation of a new product, service, or process; Such concepts are ‘revolutionary’ u Extension: new use or different application of an already existing product, service, or process – Mark Zuckerberg (Facebook), Ray Kroc (McDonald’s) u Duplication: creative replication of an existing concept u Synthesis: combination of existing concepts and factors into a new formulation or use – Alan Gibb (NZ) Aquada (car on water), Paul Beckett (NZ) Blokart (wind sailing on land)  9 15 Accidental Inventions You Can't Imagine Your Life Without https://www.youtube.com/watch?v=qO1brxn1rNs  10 Models of Innovational Opportunities thedemand product and service novel. Model 1: Market-Pull/Technology-Push This model states that innovations are created - by demand from the market, the so- called Market-Pull, or by new technologies that enable novel products and services, the so- called Technology-Push. For Market-Pull, those companies that first recognize the market’s needs, its “pull, will strive to develop a technology to meet it. The Technology-Push creates products and services that can better meet existing needs Sumnerize and sometimes even new needs enabled by the generalized way to new technology.  11 Source of innovation. Inside the O Everywhere company industry · or Model 2: The 7 Sources of Innovation This more comprehensive model for and battery the creation of innovations comes Software. from the groundbreaking book “Principles of Entrepreneurship And · - Innovation” by Peter F. Drucker. In 1985, he defined seven sources of innovation that are still used by many practitioners today. give examples - 12 u Unexpected occurrences (product/service success or failure or outside event) - For example, Alexander Fleming was surprised to note that contamination of a bacterial plate culture suppressed the growth of his bacteria. He identified the contamination as penicillin mold. u Incongruities (the gap between what is and what should be) – If the post office did not think there was a need for a FedEx-type delivery service then there did not seem to be a need. Fred Smith saw the gap. Something does not fit. · u Process needs (the “pain” in the marketplace) - Time-saving devices and new medical devices are examples. u Industry and market changes - An example is found in the healthcare industry, where hospital care has undergone radical change and where home health care and preventive medicine have replaced hospitalization and surgery as primary focus areas. u Demographics (population, education, income changes, age, occupations, geographic locations, and similar factors) - as the average population age in Japan has increased, there is a bigger demand for health-related services. u Perceptual changes (in what is in or out, acceptable or not) - The current fitness craze, caused by the perceived need to be healthy and physically fit, has created a demand for both health foods and health facilities throughout the country. u New knowledge (scientific advances) - Such innovations often require the longest time period between initiation and market implementation because of the need for testing and modification.  The Major Misconceptions of Innovation u Innovation is planned and predictable u Technical specifications must be thoroughly prepared u Innovation relies on dreams and blue-sky ideas u Big projects will develop better innovations than smaller ones u Technology is the driving force of innovation success  21 The End