Outline
Definition
Some definitions and opinions
Origin of Innovation
General Outlook on Innovation
Role of Innovation
Innovation and Business
Competition and Innovation
Innovation and Organizations
Categories of Innovation
'Incremental innovation
Radical innovation
Leadership and Innovation
Leaders' Perspective
Leadership Perspective
Conclusion
INNOVATION
"The innovator has for enemies all who have done well under the old, and lukewarm defenders in those who may do well under the new law."
Nicoló Machiavelli
Definition
While many organizations accept that innovation is significant to their growth and success, the "innovation" term has various definitions:
According to Yuri Ljuri and Robert Lawrence innovation has the following features;
Innovation is
1. product extension (same base product with slight modifications; identical product in a new segment),
2. new platform product (net product from which product extensions are possible),
3. new-to-the-company products and
4. new-to-the-world (never been done before; no market exists).
The Origin of Innovation: "innovation is the result of:
5. a shock (a major failure) to the system,
6. problematic search,
7. random variability in experimentation,
8. deliberate decision to invest in learning,
9. match between a need and ideas which already exist,
10. formal vehicles for stimulating innovation such as research and development,
11. managerial risk seeking or risk averse behavior,
12. availability of slack resources,
13. management philosophy and organizational climate, and
14. Customer needs."
Innovation is the application of a new or improved idea, good, service, process or practice that is useful. Researchers who have studied innovation generally split the innovation under five main types of innovation: product innovation, process innovation, organizational innovation, marketing innovation and business model innovation.
As consumers we enjoy new products and services that were not available a few years ago. Older products are available at much cheaper prices.
General Outlook on Innovation
Innovation is the key to...