innovation - what it is not

INNOVATIONWhat it is NOT

What is NOT Innovation?

• Innovation is NOT rocket science• Innovation is NOT spending loads of money• Innovation is NOT for someone with fancy degrees

• Innovation is NOT just for geeks• Innovation is NOT Invention

What is innovation?

It is the ability to look at the “obvious”!

Innovation is about taking an existing thing and doing it differently that makes it better than all others.

CASE STUDY

IKEA

When Ingvar Kampard (founder of IKEA, then a small time businessman) was struggling to load a table into a customer’s car, he was struck by a thought; wouldn’t it be easier, he reasoned,

if I took the legs off?

IKEA – Self Assembling

IKEA sells furniture as components in a carton. It provides necessary instructions and tools for customers to assemble the furniture at home.

BENEFITS• Helps reduce cost and use of packaging• Customers find it easier to carry in their cars and in public transport

CASE STUDY

Airbnb

Joe Gebbia and Brian Chesky were struggling to pay their room rent. There was a conference happening in their city and all hotels were booked. So to earn some money, they decided to rent three airbeds to guests who would come to the city for the conference.

They put up a website and within 6 days they had three guests in their house using their rented airbeds.

Airbnb

BENEFITS

• Travelers could find affordable and decent places to stay

• Gave people, with extra room spaces to rent, an additional income source

Innovation in India

Innovation through missed call Sachets for BoP people

Understanding the Consumer Psychology is at the heart of

Innovation

Therefore Innovation…

Pic Courtesy – bj-o23 at Devianart

Want to Innovate?

Innovation – Start today

About the AuthorRaunak Guha: Co-Founder of FounderMates.com

Raunak holds an MBA in Innovation & Entrepreneurship from Imperial College, London. Prior to starting FounderMates.com, he worked as a Business Development Executive with a Financial Analytics SME in the UK. He has been very active in the startup eco-system in the UK and possesses a deep passion to foster entrepreneurship globally.

To know more, check out www.foundermates.com.

He can be reached at: raunak.guha@foundermates.com