Managing Innovation

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