Innovation 101 Workshop
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Transcript of Innovation 101 Workshop
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Emad Saif Property of Emad Saif© 2013
101
Presented to:
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INNOVATION
INNOVATION
Myths
Importance
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WHAT IS INNOVATION
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Something New Economic Growth
Inventors
Entrepreneurs
Technology
Research Creating Value
Ideas
Money
$
COOL!
Products &
Services
BIG COMPANIES
Art
Culture
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“Implementing new ideas that create value”
INNOVATION is …
- Innovation Network, USA
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So how is
INVENTION ?
INNOVATION different than
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INVENTION Creating
something new (i.e. product/service)
INNOVATION Placing product/service
in a new context to create value
Cycles
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Example The Story of the Zipper
• Elias Howe Patent for “Automatic Continuous Clothing Closure”
• Focused on sewing machine invention
1851
• Sundbäck received patent for "Separable Fastener” & manufactured at UFC
• B. F. Goodrich Company used it on its rubber boots & tobacco pouches
• Renamed the device “Zipper”
1917
• Defeated the “button” for promoting self-reliance for children & ease of use
• Zipper started being used in clothes & fashion
1937
• Became a standard in clothing, luggage & leather goods
• Most recent innovation of zippers opens from both ends
Today
• Judson invented “Clasp Lockers” • Walker, a business man helped him build “Universal Fastener
Company” (UFC) & Judson improves design to “C-curity”
1893
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Forms of Innovation
Product
Process
Service
Value
Business Model
Market
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Types of Innovation
New Market Existing Market
Exis
tin
g Te
chn
olo
gy
New
Tec
hn
olo
gy
Incremental/Sustaining Innovation
Disruptive Innovation
Disruptive Innovation
Breakthrough Innovation
MARKET
TEC
HN
OLO
GY
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IMPORTANCE OF
INNOVATION
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Economic Growth
Innovation creates economic growth
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Creates better products & services
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Increases productivity & lowers cost
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Improves quality of life
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Reduces waste in the environment
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Explores new possibilities
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Engages employees & unleashes creativity
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Incubators &
Accelerators &
Innovation
Centres
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GROUP EXERCISE
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INNOVATE the PIZZA!
Product
Business Model
Value
Market
Services
Process
Innovate your pizza business using any form(s) of innovation
How it generates revenue?
What’s the idea & form(s) of innovation?
What value is added to customer?
1 2 3
DELIVERABLES:
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COMMON MYTHS ABOUT
INNOVATION
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MYTH #1: Moment of Epiphany
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Accumulated observations and trial & error
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WD-40 = Water displacement 40th attempt
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MYTH #2: The Lone Inventor
Thomas Edison (1847-1931)
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Previous Inventions
Chosen Hero
Invention from inspiration & collaboration
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MYTH #3: Method for Innovation
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CUSTOMERS
MARKET
PROTOTYPE SUPPLIERS
IDEA
INDUSTRY REGULATIONS
LUCK TECHNOLOGY
FUNDING INTELLECTUAL PROPERTY
MARKETING
INVESTORS
TEAM
TIMING
Innovation is experimental & non-methodological
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MYTH #4: All Innovation is Good
Alfred Nobel (1833-1896)
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Safer Explosives in Mining War Destruction
Innovation creates value, but to whom?!
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MYTH #5: People Love New Ideas
Galileo Galilei (1564-1642)
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INNOVATION
Rejection Adoption
• Fear of trying new things • Costly to change • Politics • Time (20+ years)
• Early Adopters • Solves their problem
• Majority of Users • Proven to work
People naturally resist change
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LESSONS FROM
INNOVATION
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Innovation offers value to customers in return for a reward
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Innovation needs collaboration
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Innovation takes time
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Innovation needs hard work
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Innovation faces rejection
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Innovation needs love & faith
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Innovation brings hope
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“Never doubt that a small group of thoughtful,
committed people can change the world.”
Margaret Mead