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Managing Innovation

Innovation - Unit 1 takeaways

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What is innovation?

  • introduction of something new... a new idea, method or device... a new product, service or process.
  • is a catalyst for economic growth
  • used to turn ideas/products (coming from inventions) into money

2 types of innovation:
- Incremental : small. happens over time.
- Radical : big. happens once dramatically.

3 pillars of innovation:
- Technology
- Organization
- Market Skills

4 dimensions of innovation:

  • Product (& Services) : change in the offering that an organisation presents to the market

  • Process : change in how a product is delivered to the market or behaves or is used in the market

  • Position : change in the market group or niche that a company caters to

  • Business model : elemental change in one of the fundamental business components to create or appropriate value to the market

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