lets talk innovation

Innovation

Lets talk

By- Arjun Mathur

What can you learn from this?• What innovation is

• Why it’s important

• The types of innovation

• The degrees of innovation

• What’s stopping us?

• Some examples

• 10 words

“Innovation is the profitable

implementation of ideas.”

"The intersection of invention and insight, leading to the

creation of social and economic value."

What is innovation?

Innovation is the thing that separates a leader from a follower!

Why is it important?

An innovation can increase profits on the value side

(customers value an innovation enough to pay

more for it) . . .

. . . or the cost side (the company produces a

product offering in a more efficient way).

Either way, value is created for the firm and the

consumer.

The famed New York Times columnist, Thomas Friedman, wrote a column in which he said America needs more jobs—Steve Jobs. He meant that innovation and creativity must be nurtured and encouraged to help the countries emerge from the global recession.

An invention is different from an innovation at any particular time in that it doesn’t have commercial

value but . . .

INVENTION / INNOVATION!

. . . it may have in future.

Think of invention as the laying of an egg, innovation as the laying,

incubation and hatching.

Now there is no shortage of ideas and inventions in the world. The challenge is to introduce these

successfully to a market.

Only then can the idea/invention be called an innovation……..

Why is innovation important?

Innovation reduces waste and environmental damage.

Innovation creates growth, increases productivity, and economic wealth (avoids

stagnation).

Innovation provides better goods and services at a cheaper price – higher

standard of living.

More interesting work for employees.

Old strategies get replicated and,

consequently, margins get squeezed.

Survival!

What are the essential ingredients, or elements, of an innovation

ecosystem?

A better world Shedding status quo

Rise and fall

What are the types of innovation?

Numerous types . . .

. . . but all these labels just describe where something

new, better or different occurs.

Product

Process

Service

Business model

Value

Market

BROADLY:

. . . and many more, depending on level of

detail. Basically, innovation can occur anywhere in the firm’s business by anyone.

We all have great potential!

3 MORE…

Structured

Unstructured Open

The degrees of innovation.

Once again, many labels . . .

. . . however, they all describe the degree of change required by the

innovating firm and/or the market.

Incremental

Semi-radical

Radical

Some cool Innovations!

So what’s stopping us?

Wrong sense of entrepreneurship

Lack of financial support

Unfriendly curriculum

How To Be

Innovativethen?@##!!

CHILL OUTHERE ARE 10 WORDS FOR YOU

OptimismPerceiveOpportunityAttitudeFocus

PassionEmbraceExperienceReboundThrill

“Don’t be someone who asks “what happened?” — make things happen. Change your attitude, and you’ll find that things really can improve. The year ahead is full of opportunity, and it’s yours if you want it! ”

THANK YOU