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Outline Definition Some definitions and opinions Origin of Innovation General Outlook on Innovation Role of Innovation Innovation and Business Competition and Innovation Innovation and Organizations Categories of Innovation Incremental innovation Radical innovation Leadership and Innovation Leaders Perspective Leadership Perspective Conclusion INNOVATION The innovator has for enemies all who have done well under the old and lukewarm defenders in those who may do well under the new law Nicoloacute Machiavelli Definition While many organizations accept that innovation is significant to their growth and success the innovation term has various definitions According to Yuri Ljuri and Robert Lawrence innovation has the following features Innovation is 1 product extension same base product with slight modifications identical product in a new segment 2 new platform product net product from which product extensions are possible 3 new-to-the-company products and 4 new-to-the-world never been done before no market exists The Origin of Innovation innovation is the result of 5 a shock a major failure to the system 6 problematic search 7 random variability in experimentation 8 deliberate decision to invest in learning 9 match between a need and ideas which already exist 10 formal vehicles for stimulating innovation such as research and development 11 managerial risk seeking or risk averse behavior 12 availability of slack resources 13 management philosophy and organizational climate and 14 Customer needs Innovation is the application of a new or improved idea good service process or practice that is useful Researchers who have studied innovation generally split the innovation under five main types of innovation product innovation process innovation organizational innovation marketing innovation and business model innovation As consumers we enjoy new products and services that were not available a few years ago Older products are available at much cheaper prices General Outlook on Innovation Innovation is the key to future business success In a highly competitive environment when emerging problems need new and more efficient
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