ERADA Module 1 Session 3 - Innovation

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Information about ERADA Module 1 Session 3 - Innovation
Education

Published on March 19, 2014

Author: cfequ

Source: slideshare.net

Module #1 Module #1 Ideation ● Opportunity Mapping ● Innovation ● Pitching

Emad Saif 101

I N N O V A T I O NI N N O V A T I O N Myths Importance

WHAT IS INNOVATION

Something New Economic Growth Inventors Entrepreneurs Technology Research Creating Value Ideas Money $ COOL! Products & Services BIG COMPANIES Art Culture

“Implementing new ideas that create value” INNOVATION is … - Innovation Network, USA

So how is INVENTION ? INNOVATION different than

INVENTION Creating something new INNOVATION Placing product/service in a new context to create value Cycles

Example The Story of the Zipper • Elias Howe Patent for “Automatic Continuous Clothing Closure” • Focused on sewing machine invention 1851 • Sundbäck received patent for "Separable Fastener” & manufactured at UFC • B. F. Goodrich Company used it on its rubber boots & tobacco pouches • Renamed the device “Zipper” 1917 • Defeated the “button” for promoting self-reliance for children & ease of use • Zipper started being used in clothes & fashion 1937 • Became a standard in clothing, luggage & leather goods • Most recent innovation of zippers opens from both ends Today • Judson invented “Clasp Lockers” • Walker, a business man helped him build “Universal Fastener Company” (UFC) & Judson improves design to “C-curity” 1893

Forms of Innovation Product Process Service Value Business Model Market

Types of Innovation New MarketExisting Market ExistingTechnologyNewTechnology Incremental/Sustaining Innovation Disruptive Innovation Disruptive Innovation Breakthrough Innovation MARKET TECHNOLOGY

IMPORTANCE OF INNOVATION

Economic Growth Innovation creates economic growth

Creates better products & services

Increases productivity & lowers cost

Improves quality of life

Reduces waste in the environment

Explores new possibilities

Engages employees & unleashes creativity

Incubators & Accelerators & Innovation Centres

GROUP EXERCISE

INNOVATE the PIZZA! Product Business Model Value Market Services Process Innovate your pizza business using any form(s) of innovation How it generates revenue? What’s the idea & form(s) of innovation? What value is added to customer? 1 2 3 DELIVERABLES:

• http://www.youtube.com/watch?feature=play er_embedded&v=xT7zP-rT3kQ • http://qz.com/170463/this-is-the-worlds-best- designed-pizza-box/ World’s Best Designed Pizza Box

COMMON MYTHS ABOUT INNOVATION

MYTH #1: Moment of Epiphany

Accumulated observations and trial & error

WD-40 = Water displacement 40th attempt

MYTH #2: The Lone Inventor Thomas Edison (1847-1931)

Previous Inventions Chosen Hero Invention from inspiration & collaboration

MYTH #3: Method for Innovation

CUSTOMERS MARKET PROTOTYPE SUPPLIERS IDEA INDUSTRY REGULATIONS LUCK TECHNOLOGY FUNDINGINTELLECTUAL PROPERTY MARKETING INVESTORS TEAM TIMING Innovation is experimental & non-methodological

MYTH #4: All Innovation is Good Alfred Nobel (1833-1896)

Safer Explosives in Mining War Destruction Innovation creates value, but to whom?!

MYTH #5: People Adopt New Ideas Galileo Galilei (1564-1642)

INNOVATION Rejection Adoption • Fear of trying new things • Costly to change • Politics • Time (20+ years) • Early Adopters • Solves their problem • Majority of Users • Proven to work People naturally resist change

LESSONS FROM INNOVATION

Innovation offers value to customers in return for a reward

Innovation needs collaboration

Innovation takes time

Innovation needs hard work

Innovation faces rejection

Innovation needs love & faith

Innovation brings hope

“Never doubt that a small group of thoughtful, committed people can change the world.” Margaret Mead

THANK YOU!Emad Saif Center for Entrepreneurship emadsaif@qu.edu.qa

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