Tag: management

why is innovation important,”Innovation is the genesis of many new businesses Mechanism for growth; add new products/services!On average, only 32% of company profits come from new productsInnovative firms generate 50% of profits from new products!Single best predictor for investment value: degree of innovativeness (study by Cooper)Innovative companies generate more money, more profits

Management

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what is innovation and how is it different from invention and creation,”Invention or creativity – the generation of a novel AND useful ideaInnovation – the act of implementing novel and useful ideas into value-creating new products, new services, or new processes How Innovation Happens – combine creative ideas with resources and competencies to create a useful, value-creating new product, new service

Management

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thomas edison..,”. Created world’s first R&D lab in Menlo Park and staffed with diverse experts, later moved to West Orange NJ (very cool museum there now)Had more than 1,000 patentsLots of contract work, close connections to customers and their problemsDuring his lifetime, Edison was involved in more than 150 businesses either as inventor, investor, licensee, licensor, senior manager, or board member. The tremendous success of Edison is attributable both to his skill in designing new technologies, and to willingness to experiment with different business models for creating super-value. His business empire was worth $21.6 billion in 1920.GREAT EXAMPLE of the difference between invention and innovation. He did NOT invent the light bulb, there were patents on versions of light bulb going way back to 1800. Here is HIS patent for the light bulb (next. Edison INNOVATED by creating a usable (long lasting and could be manufactured in mass), commercially viable light bulb

Management

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rogers five factors,”relative advantage-(An innovation will be adopted more widely when it is considered superior to the alternative solution that it replaces.)compatibility-(Compatibility measures whether the innovation is consistent with the set of norms, values and other cultural aspects or religious beliefs that predominate in the population.)complexity-(Complexity is the level to which an innovation is seen as being complex to use in practice, maybe because its user interface is not intuitive, or it requires too many successive steps to be applied, like swallowing pills every hour ten times a day.)trialability-(Triability is the degree to which an innovation may be experimented with on a limited basis. It lowers barriers to entry for customers, especially the late majority.)observability-(Finally, innovations that have a lower degree of observability will spread more slowly than others

Management

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