Basics on Innovation

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Innovation 101

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What we will cover inthis presentation.

3.What is Innovation?4.Types of Innovation?5.Importance of Innovation?

6.Innovation Today?7.Meet the most Innovative. 

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1. What is Innovation?

Exploiting New Ideas • New Ideas not enough

• Commercializing the idea is required 

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1. What is Innovation?

Exploiting New Ideas • New Ideas not enough

• Commercializing the idea is required 

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Like ProductsInnovation too has a

Life Cycle

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Innovation Life Cycle

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Example: From Idea to Start-up

Improve

Search

NewAlgorithm

File forPatents

Idea

R&D

IP Protection

Start-up

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Example: From Idea to Licensing

Improve

VideoQuality

Develop Technolog

y

Protectionof 

IntellectualProperty

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Example: From Idea to Product or Service

Enhance quality& experience

R&D

Patents, Trademark

s

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2. Types of Innovation

Product & Service InnovationNew or Improved Products & Services i.e. the mobile phone.

Operational InnovationTransforming Internal Business Processes into Competitive Strategyi.e. Motorola / GE’s 6 Sigma.

Business Model InnovationNew ways of generating revenue i.e. Google monetizing search.

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Innovation can be or 

Incremental or Radical e.g.  A new feature vs.

Dramatic Change

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3. Importance of 

Innovation

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Innovation is a

major driver of the Economy Advantage toGovernment

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Advancement of 

Science & TechnologySociety

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New & Improved

Products, Servicesmeans Competitive

AdvantageBusinesses

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Creating Barriersto Entry

Start-ups

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Opportunity tocreate IntangibleAssets

Individuals

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StimulatesCompetition –

Keeps a check on

price/ monopolyEveryone

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4. Innovation  Today

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R&D isexpensive

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 There are Risks.

What if theInnovation does

not work. 

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Good Talentis expensive

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Good talent isscattered.

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A new Model:Open

Innovation

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When companies rely onboth internal + externalresources

Goldcorp Inc leveraged professionals from around theworld to identify where they should dig for gold on

their Red Lake mine.

1000 professionals participated from 50 countriesIdentified 110 Targets

=

Goldcorp Inc found 3Bn $ worth of gold.

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5. Meet theMost Innovative

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Companies

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Companies 2008

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Countries

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Countries 2008

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 The GlobalInnovation Platform

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 Thank You.