Q1 ) How do we select which invention can be converted in a commercialy viable i
ID: 373163 • Letter: Q
Question
Q1 ) How do we select which invention can be converted in a commercialy viable innovation ?
Q2) Key Marketing steps for innovative products i.e how do we fasten up diffusion process of innovation ?
Q3) Is it Better to have contionous innovation every year or provide a breakthrough product in timeline of 3-4 years from a customer value perspective ?
Q4) How do we as a company adapt to the breakthrough innovation done by our competitor that has the ability to destruct our market ?
Q5) Process of determining if an innovation would be succesful ?
Explanation / Answer
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The Most Innovative Companies in the World
innovation
noun in·no·va·tion i-n-v-shn
1 : the introduction of something new
2 : a new idea, method, or device: novelty
What is the difference between innovation and invention?
The words innovation and invention overlap semantically but are really quite distinct .
Invention can refer to a type of musical composition, a falsehood, a discovery, or any
product of the imagination. The sense of invention most likely to be confused with
innovation is “a device, contrivance, or process originated after study and
experiment,” usually something which has not previously been in existence.
Innovation, for its part, can refer to something new or to a change made to an
existing product, idea, or field. One might say that the first telephone was an
invention, the first cellular telephone either an invention or an innovation, and the
first smartphone an innovation.
Why should a company strive to be innovative?
In 1997, Bill Gates said his company operates under the same rules as everyone
else: "Innovate or die.“
Innovation Theory of Profit – postulates that (economic) profit is the reward for
the introduction of a successful innovation (Salvatore, 2015, p. 18)
The introduction of innovations is the single most important determinant of a
firm’s long-term competiveness at home and abroad (Salvatore, 2015, p. 302).
Unless a firm aggressively and continuously improves the product or the
production process, in will inevitably be overtaken by other more innovative
firms (Salvatore, 2015, p. 303).
Innovation in Business
The challenge is how to change corporate structure
to stimulate creativity so as to increase innovation
productivity from the dismally low rate of success of
less than 1 in 20 for traditional innovations
(Salvatore, 2015, p. 454
Types of Innovation:
Product Innovation - the introduction of new or improved products.
Process Innovation - the introduction of new or improved production processes.
Innovation Strategies:
Closed – company generates, develops, and commercializes its own ideas, innovations, and
technological breakthroughs.
Open – commercialization of both a company’s own ideas and innovations as well as the
innovations of other firms, and deploying external as well as internal or in-house pathways to
market.
Disruptive – new products or services start out at the bottom of the marketplace but end up
eventually moving up and displacing their competitors.
Reverse – products or services are developed first for use in developing nations.
Incremental – making small changes to products and services to ensure they keep their spot
in the marketplace.
Breakthrough – developing completely new ideas and concepts that don't build off any
existing products, servicers or operations; commonly referred to as radical innovation.
Ranking based on the threeyear
shareholder growth,
revenue growth, and marginal
growth of the company, as
well as the answers given by
1500 senior global executives
polled as to how innovative
the companies in their
industries were.
Important Stats:
7 of top 10 were U.S. companies
5 of top 10 were tech companies
9 of top 20 were automotive
More Noteworthy Facts
Tech, telecom, and automotive dominated the top slots
Apple has been number one every year from 2005-13
Google has been number two every year from 2006-13
Microsoft has been in the top ten every year from 2005-13
IBM and Sony are in the top ten nearly every year from 2005-13
Meeting Modern Challenges
The digital revolution is still showing its impact
Long-standing tech giants (Apple, Google, Microsoft, Amazon, IBM) have shown
themselves to be steady innovators and hold the top slots – AGAIN
New digital disrupters such as Uber and Airbnb have joined the list
The expanding role of digital innovation is apparent in some of the traditional
manufacturers and process-driven companies such as GE and Daimler
Using technology to secure an innovation advantage is no longer the primary
goal of tech companies
Technology-driven change is faster than ever before, and to keep up, more
companies are exploring sources of external innovation
Companies take advantage of “creative company” strategies, as well as use
“virtual corporations” and strategic alliances to bring products to market in a timely manner
The Most Innovative Companies in 2016
Meeting Modern Challenges
The digital revolution is still showing its impact
Long-standing tech giants (Apple, Google, Microsoft, Amazon, IBM) have shown
themselves to be steady innovators and hold the top slots – AGAIN
New digital disrupters such as Uber and Airbnb have joined the list
The expanding role of digital innovation is apparent in some of the traditional
manufacturers and process-driven companies such as GE and Daimler
Using technology to secure an innovation advantage is no longer the primary
goal of tech companies
Technology-driven change is faster than ever before, and to keep up, more
companies are exploring sources of external innovation
Companies take advantage of “creative company” strategies, as well as use
“virtual corporations” and strategic alliances to bring products to market in a
timely manner
Contrary to popular belief, most innovations are incremental and involve more
or less continuous small improvements in the products or processes rather than
a major technological breakthrough (Salvatore, 2015, p. 302).
One of the keys to any successful business is being able to come up with new
ideas to keep operations, products and services fresh. The process of bringing
those ideas to reality is called innovation. While thinking up new ideas is one
step of the process, businesses have a much greater task in trying to turn that
into an actual product or service that will benefit customers (Brooks, 2017).
Tech natives and non-tech companies alike must continually be on the lookout
for promising new technologies and then incorporate them into their
operations in order to realize the market potential of these innovations (Ringel,
Taylor, & Zablit, 2017).
Most innovations involve the commercial use of ideas that have been around
for years (Salvatore, 2015, p. 302).
Often the most exciting discovery is a diamond in the rough: an unexpected
use for a new technology (Ringel, Taylor, & Zablit, 2017).
Innovation Success?
Contrary to popular belief, most innovations are incremental and involve more
or less continuous small improvements in the products or processes rather than
a major technological breakthrough (Salvatore, 2015, p. 302).
One of the keys to any successful business is being able to come up with new
ideas to keep operations, products and services fresh. The process of bringing
those ideas to reality is called innovation. While thinking up new ideas is one
step of the process, businesses have a much greater task in trying to turn that
into an actual product or service that will benefit customers (Brooks, 2017).
Tech natives and non-tech companies alike must continually be on the lookout
for promising new technologies and then incorporate them into their
operations in order to realize the market potential of these innovations (Ringel,
Taylor, & Zablit, 2017).
Most innovations involve the commercial use of ideas that have been around
for years (Salvatore, 2015, p. 302).
Often the most exciting discovery is a diamond in the rough: an unexpected
use for a new technology (Ringel, Taylor, & Zablit, 2017).
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