What are the major sources of new, innovation ideas? What players are necessary

Question

What are the major sources of new, innovation ideas?

What players are necessary in an innovation process?

How do innovation players relate?

What are the steps or activities that can be present in an innovation process?

What are the sources of control and resources in an innovation process?

How can we measure innovation success?

Are there different innovation paths for goods, services, and organizational creation and development?

Are there different innovation paths for products and processes?

Is there a minimum or optimum time limit for an innovation process?

How do we know if our innovation is successfully progressing?

How do we handle process failure and new knowledge as innovation processes progress?

How does strategy and strategy development relate to an innovation process?

Explanation / Answer

1)The sources of new innovation ideas are:

a)Customers

Since customers are the ones to provide the final evaluation of products and services and well as drive sales, it is no wonder that they are the most fruitful source for ideas. In order to fully utilize the power of customers, innovation leaders should put into place methods for garnering and gathering customer ideas.

b)Competitors

Competing organizations and firm leaders are two other underutilized sources for innovation. Attending industry conferences, exhibitions and tradeshows is a good way to keep aware of what the competition is developing or researching. Businesses can often use these ideas and append or modify them to create new products themselves.

2)The players who can think out of the norms,who are experienced enough and have done some research and also have some intelligence to think about new ideas and keep on researching throughout.

3)Innovation players relate by working together and thinking about a common subject or field and performing and in depth research on a patricular topic. This will help them discover new things provided they have same interests.

4)The various steps for the innovation process are:

Step 1 – Identifying the goals or problems to be solved

The first step in the innovation process is to clarify what your business’s innovation goals are and why you want, or need to engage in this kind of innovation. It is important to involve a good cross section of the business in developing these goals, utilising the expertise within the organisation and even extending this to the customer and client network to get the market view.

Step 2 – Analysis

The second step consists of some real-world discovery of the current situation, customers, their needs, challenges etc. In addition to customers, it is vital to look into what the competition is doing, any trends which will impact on your business, and which innovations companies outside your industry are implementing that you can learn from. You should check inside your own company to determine what assets, resources and core competencies you have within your company that you can apply.

Step 3 – Development and design

Based on the information and thoughts gained during analysis, it is advisable to develop an ideas portfolio that includes ways you could innovate to meet these goals and problems. Once you have developed these ideas, an initial evaluation and prioritisation will lead to a portfolio of innovations you can test.

Step 4 – Conversion

The next requirement is to translate the ideas into practical innovation products that could be targeted towards the identified marketplace. The aim here is not to fully launch the innovative products but to test your ideas within a limited scope to determine whether customers like the innovation, accept it and are willing to pay. This means providing prototypes complete with some basis of costing and a rudimentary process to make or design them, and this is where innovation centres like CPI become involved.

Step 5:Commercialisation

The final step is where you take tested innovations and develop them to full-scale operations. This will require access to production facilities, routes to market, logistics etc. It is here where collaborative working across the business and in industries outside the business, partnerships and sub-contracting management can play an important role

5)The sources of control and resources are the various requirements and the topic on which research is to be to done followed by the past works in the same field and thereby using them to think differently and implement in a new way using a platform like a programming language or a design model.These all things are interrelated and help in the innovation process.

6)we can measure the innovation process by:

a)Looking at the impact on brand and image

1.   The outputs of the innovation system significantly enhance the brand. They accelerate the acquisition of new customers, contracts, and/or clients, as measured by the “rate of new customer acquisition.” This is evident in new sales to new customers.

2.   The opinion that customers have of our company, as indicated through brand image surveys, customer feedback, and analyst rankings, improves consistently and significantly.

b) Looking at Impact on growth and revenue

1. The innovation system results in a significant increase in the number of attractive, new, internally-sourced investment opportunities that are available for consideration by senior managers and the board of directors.

2. Valuation of the total innovation portfolio increases significantly compared to prior period, year over year. Financial valuation methods would include NPV, asset valuation, and /or option value. Incremental innovation metrics would include percent of products/services revenue attributable to innovation within existing product/services lines.

7)yes there are different innovation paths for goods ,services as the type and quantity of them may differ.moreover the process for their creation maybe different.Thats why we need to think differently for creating them .

8) The product is the final product and process is the way the product is delivered.They are interlinked as a result they have the same innovation path and involves same ideas needed to create the end software .

9)The time limit depends on the whether it is for a company or student doing his phd.If its a company the time limited is decided by the project manager depending on the time required for the product has to be delievered. The innovation process is the initial phase before developing anything so it does require more time as compared to other aspects of SDLC. for example if a project is to be delivered in 5 months then a company can spend 15-25 days for the innovation process.

10)Our innovation is successfully prgressing if the product is acceptable and leads to growth and profit to the organization.Moreover if the new idea is accepted by the customers and users and they require more products.

11)The process is said to fail if the ideas are not working and not being liked by the customers. It is a part of the innovation process. The important thing is to learn from the mistakes and understand where we are going wrong whether its the idea or the implementation andtry to come up with new ideas and implement them along with the existing ideas to see if they are compatible and prove to a boom .

12)The important features of the strategy involved include:

->First, an innovation strategy needs to be truly inspiring and should describe a desirable future state for the company.

This is a high bar as it rules out a single-minded focus on incremental add-ons to the business. Rather, it requires the organization to aim higher.

->Second, the innovation strategy needs to be ambitious in terms of providing the basis to break away from the competition, beat the competition, and create new spaces. Too many innovation strategies that we have seen tend to be mostly incremental. Even if executed according to plan, they fail to deliver the truly sustainable competitive advantages that can only be derived by performing above the overall market growth level and exceeding average profit margins.

->Third, the process of developing the strategy needs to be open. Open means bringing the outside in and working under the assumption that the other seven billion people on our planet may have insights that do not exist within a particular company’s boundaries

->Fourth, an innovation strategy must also be specific to the time in which it is developed, as it is grounded in the reality of a company’s environment, and it reflects the available capabilities, technologies and gaps that may need to be filled.

Finally, an innovation strategy needs to be adaptive and to evolve over time, i.e. incorporate learning, allow adjustments to the desired course and maybe even allow an organization to cut its losses if required. This typically does not fit with the classic annual corporate planning cycle.

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