Innovation
Lets talk
By- Arjun Mathur
What can you learn from this?• What innovation is
• Why it’s important
• The types of innovation
• The degrees of innovation
• What’s stopping us?
• Some examples
• 10 words
“Innovation is the profitable
implementation of ideas.”
"The intersection of invention and insight, leading to the
creation of social and economic value."
What is innovation?
Innovation is the thing that separates a leader from a follower!
Why is it important?
An innovation can increase profits on the value side
(customers value an innovation enough to pay
more for it) . . .
. . . or the cost side (the company produces a
product offering in a more efficient way).
Either way, value is created for the firm and the
consumer.
The famed New York Times columnist, Thomas Friedman, wrote a column in which he said America needs more jobs—Steve Jobs. He meant that innovation and creativity must be nurtured and encouraged to help the countries emerge from the global recession.
An invention is different from an innovation at any particular time in that it doesn’t have commercial
value but . . .
INVENTION / INNOVATION!
. . . it may have in future.
Think of invention as the laying of an egg, innovation as the laying,
incubation and hatching.
Now there is no shortage of ideas and inventions in the world. The challenge is to introduce these
successfully to a market.
Only then can the idea/invention be called an innovation……..
Why is innovation important?
Innovation reduces waste and environmental damage.
Innovation creates growth, increases productivity, and economic wealth (avoids
stagnation).
Innovation provides better goods and services at a cheaper price – higher
standard of living.
More interesting work for employees.
Old strategies get replicated and,
consequently, margins get squeezed.
Survival!
What are the essential ingredients, or elements, of an innovation
ecosystem?
A better world Shedding status quo
Rise and fall
What are the types of innovation?
Numerous types . . .
. . . but all these labels just describe where something
new, better or different occurs.
Product
Process
Service
Business model
Value
Market
BROADLY:
. . . and many more, depending on level of
detail. Basically, innovation can occur anywhere in the firm’s business by anyone.
We all have great potential!
3 MORE…
Structured
Unstructured Open
The degrees of innovation.
Once again, many labels . . .
. . . however, they all describe the degree of change required by the
innovating firm and/or the market.
Incremental
Semi-radical
Radical
Some cool Innovations!
So what’s stopping us?
Wrong sense of entrepreneurship
Lack of financial support
Unfriendly curriculum
How To Be
Innovativethen?@##!!
CHILL OUTHERE ARE 10 WORDS FOR YOU
OptimismPerceiveOpportunityAttitudeFocus
PassionEmbraceExperienceReboundThrill
“Don’t be someone who asks “what happened?” — make things happen. Change your attitude, and you’ll find that things really can improve. The year ahead is full of opportunity, and it’s yours if you want it! ”
THANK YOU