innovation 101

A five minute introduction toinnovation for profit and growth

Numerous definitions! My personal favourite is:

“Innovation is creativity with a job to do”

What is innovation?

Creativity is generating original, novel ideas

Innovation is putting those ideas to work and getting the desired result

Creativity or innovation?

Innovation can:

• increase revenue• improve working environment• increase profits

Profit and growth

Why innovate?

“Today, more than ever, innovation is central to survival”

Peter Drucker

“Innovation is the central issue in economic survival”

Michael Porter

“Innovation is a critical factorin boosting growth in the economy and contributing to quality of life”South African Innovation Survey 2005

• discover new revenue streams• identify areas for cost reduction• attain market differentiation• improve productivity• attract and retain talent• speed up time to market• develop new competencies

Utilise innovation to:

What does it take?

• commitment from leadership• a written innovation strategy• time-sensitive goals• an innovation process• tools and training• questioning convention

Why is innovation important?

• provides ongoing competitive advantage• avoids price wars• improves motivation and productivity• provides increase in stakeholder value• boosts economic growth

creating business value through innovation

for more information, visit www.tim-malone.com or email tim@tim-malone.com