Basics on Innovation
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Innovation 101
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What we will cover inthis presentation.
3.What is Innovation?4.Types of Innovation?5.Importance of Innovation?
6.Innovation Today?7.Meet the most Innovative.
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1. What is Innovation?
Exploiting New Ideas • New Ideas not enough
• Commercializing the idea is required
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1. What is Innovation?
Exploiting New Ideas • New Ideas not enough
• Commercializing the idea is required
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Like ProductsInnovation too has a
Life Cycle
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Innovation Life Cycle
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Example: From Idea to Start-up
Improve
Search
NewAlgorithm
File forPatents
Idea
R&D
IP Protection
Start-up
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Example: From Idea to Licensing
Improve
VideoQuality
Develop Technolog
y
Protectionof
IntellectualProperty
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Example: From Idea to Product or Service
Enhance quality& experience
R&D
Patents, Trademark
s
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2. Types of Innovation
Product & Service InnovationNew or Improved Products & Services i.e. the mobile phone.
Operational InnovationTransforming Internal Business Processes into Competitive Strategyi.e. Motorola / GE’s 6 Sigma.
Business Model InnovationNew ways of generating revenue i.e. Google monetizing search.
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Innovation can be or
Incremental or Radical e.g. A new feature vs.
Dramatic Change
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3. Importance of
Innovation
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Innovation is a
major driver of the Economy Advantage toGovernment
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Advancement of
Science & TechnologySociety
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New & Improved
Products, Servicesmeans Competitive
AdvantageBusinesses
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Creating Barriersto Entry
Start-ups
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Opportunity tocreate IntangibleAssets
Individuals
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StimulatesCompetition –
Keeps a check on
price/ monopolyEveryone
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4. Innovation Today
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R&D isexpensive
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There are Risks.
What if theInnovation does
not work.
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Good Talentis expensive
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Good talent isscattered.
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A new Model:Open
Innovation
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When companies rely onboth internal + externalresources
Goldcorp Inc leveraged professionals from around theworld to identify where they should dig for gold on
their Red Lake mine.
1000 professionals participated from 50 countriesIdentified 110 Targets
=
Goldcorp Inc found 3Bn $ worth of gold.
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5. Meet theMost Innovative
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Companies
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Companies 2008
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Countries
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Countries 2008
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The GlobalInnovation Platform
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Thank You.