01-12-2016 1 What is Innovation? American Heritage Dictionary: Act of introducing something new Webster's American Dictionary: Change made by the introduction of something new; change in established laws, customs, rites or practices. Innovation is expedient, when it remedies an evil, and safe, when men are prepared to receive it. Stages of Innovation 1.Invention 2.Translation 3.Commercialization Bruce D Merrifield, US Asst. Secretary of Commerce 1986 Innovation Equation: Innovation = Creativity x Risk Taking Dr Jacqueline Byrd (coauthor of Innovation Equation Driving forces of Organizational Innovation 1. Improved quality 2. Creation of new markets 3. Extension of the product range 4. Reduced labour costs 5. Improved production processes 6. Reduced materials 7. Reduced environmental damage 8. Replacement of products/services 9. Reduced energy consumption 10. Conformance to regulations 1.Lack of Innovation Training 2.Lack of Knowledge Base 3.Lack of Motivation for Innovators 4.Lack of Support System 5.Lack of Communication Weakness Strength 1.Top Science Schools 2.Manpower Availability 3.Youth Power 4.Growing Economy 5.One of the largest customer base Innovation Chain Global Process Nation Industry types Groups Organization Teams Individuals Forced Idea Car turned plane method Midnight oil method Mixture of Boss’s Idea is the best Astrologer’s Methods
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01-12-2016
1
What is Innovation? American Heritage Dictionary:
Act of introducing something new
Webster's American Dictionary:
Change made by the introduction of something new; change in established laws, customs, rites or practices. Innovation is expedient, when it remedies an evil, and safe, when men are prepared to receive it.
Stages of Innovation1. Invention
2.Translation
3.Commercialization
Bruce D Merrifield, US Asst. Secretary of Commerce 1986
Innovation Equation:
Innovation = Creativity x Risk Taking
Dr Jacqueline Byrd (coauthor of Innovation Equation
Driving forces of Organizational Innovation
1. Improved quality
2. Creation of new markets
3. Extension of the product range
4. Reduced labour costs
5. Improved production processes
6. Reduced materials
7. Reduced environmental damage
8. Replacement of products/services
9. Reduced energy consumption
10. Conformance to regulations
1.Lack of Innovation Training
2.Lack of Knowledge Base
3.Lack of Motivation for Innovators
4.Lack of Support System
5.Lack of Communication
Weakness
Strength
1.Top Science Schools
2.Manpower Availability
3.Youth Power
4.Growing Economy
5.One of the largest customer base
Innovation Chain
Global Process
Nation
Industry types
Groups
Organization
Teams
IndividualsForced Idea
Car turned plane method
Midnight oil method
Mixture of failures lead to
success
Boss’s Idea is the best
Astrologer’s Methods
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Innovation Methods1.Knowledge on the Project
2. Identifying the present problems
3. Identifying the cause of the problem
4. Identifying all the possible solutions
5.Thinking out-of the box
6.Work in bits and pieces, taking one at a time
7.Putting the solutions together
8.Removing the contradictions
9.Working on customers’ need
10.Work with customers
11.Giving Fishing Touch
Various Innovation Methodologies1.BS (Brain Storming)