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TOPIC: Introduction To Innovation

Introduction To Innovation 18 Sep 2018 06:16 #248

  • RDN
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INNOVATION is the process and outcome of creating something new, which is also of value. It involves the whole process from opportunity identification, ideation or invention to development, prototyping, production marketing, and sales.

INNOVATION = INVENTION + EXPLOITATION (Ettlie)
A new way of doing things, which is commercialized | Adoption of ideas that are new to the adopting organization.

KEY CHANGES AS A RESULT OF INNOVATION
(i) New Product
(ii) New process
(iii) Offer something which others find difficult to master
(iv) First mover advantage, fast follower
(v) Value-added from price to quality or choice
(vi) Contribute a platform on which other variations can build
(vii) Building more effective business networks

INNOVATION DIMENSION
(i) The extent of change- This is radical incremental
(ii) The modality of change - This is product process/improvement in the production process
(iii) The complexity of change - This is component architecture change
(iv) The materiality of change - This is the physical intangible change
(v) The capabilities and change - This is enhanced or technological capabilities
(vi) The relatedness of change- This replaces a firm’s existing product or extends it.
(vii) The appropriability/Imitability - Difficult or hard to hang on to
(viii) The cycle of innovation - This is the time between discontinuities

INNOVATION DRIVERS
(i) Community needs
(ii) Demand for accountability
(iii) Changes in demographics, social and market
(vi) Increased competition
(vii) Shorter product life cycles
(viii) Value migration
(vix) Stricter regulation
(x) Customer needs
(xi) Changing economy
(xii) High Competition

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