Soumitri’s email on Innovation

After reading through the links I decided to keep the main points that I feel are most relevant up here other wise I loose track of things and it helps to see where my own project fits in and covers the points.

7 Ways to Unlock Innovation
1. Explicit the assumptions: if you want to unlock innovation you should start by exposing the rules and behaviors inside your organization that might be hindering innovation in the first place. Often times more important than getting answers is asking the right questions.
2. Challenge the assumptions: the second step is to challenge the outlined assumptions. Ask yourself “what if we decided to do the complete opposite?”.
3. Welcome failures: you need to pursue failure if you want to innovate and consequently to succeed. You can learn from failures and because it will spark new ideas. When a company fails it is necessarily trying new things, new concepts. It is stretching itself beyond the comfort zone.
4. Use multiple sources of innovation:
5. Go beyond product innovation: innovation with the introduction of a new, revolutionary, uber-technological device. Instead of focusing exclusively on product innovation companies should think how they can innovate their processes, their structure, their business model and even their market.
6. Spot changes both as threats and opportunities:
7. Execute: “Ready. Fire! Aim”.

The term innovation means a new way of doing something. These changes can be incremental, radical and revolutionary.

A consistent theme may be identified: innovation is typically understood as the successful introduction of something new and useful, for example introducing new methods, techniques, or practices or new or altered products and services.

An improvement on an existing form, composition or processes might be an invention, an innovation, both or neither if it is not substantial enough. It can be difficult to differentiate change from innovation. According to business literature, an idea, a change or an improvement is only an innovation when it is put to use and effectively causes a social or commercial reorganization.

Innovation occurs when someone uses an invention or an idea to change how the world works, how people organize themselves, or how they conduct their lives. In this view innovation occurs whether or not the act of innovating succeeds in generating value for its champions.

Innovation = (Creativity * Risk Taking)
Goals of innovation
1. Improved quality
2. Creation of new markets
3. Extension of the product range
4. Reduced labour costs
5. Improved production processes
6. Reduced materials
7. Reduced environmental damage
8. Replacement of products/services
9. Reduced energy consumption
10. Conformance to regulations

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