Innovation is a very broad terminology and overly mis-used or overused in many context. Do explain this from my point of view, this can be separated with multiple small topics. each topics can give a perspective of what innovation is and collectively we can carve a shape for this.
Imperative:
The important reason for the motivating any innovation lies in 3 different reasons. They are
economic - no economic motivation will not lead to any new innovation
psychology - any innovation will have a psychological motivation to drive this to a successful path.sociology - behavioural in groups or in society will create the space for innovation.
Vocabulary:
There are lo of terminology which is fist step for any innovation. Invention happens in many forms and for many reasons, and only very few is converted into the form of innovation. Mostly all this vocabulary are connected tot he invention. Some of them are
Creativity:
The thought process of every living being is unique for any given situation. The creativity is the uniqueness that demonstrated by an one. As long as the thought process is unique, then there comes the creation of creativity. All the unique ideas is not considered as creative as they don't have any appreciable note in that.
Inventors:
Every idea is invented by inventors are meant to solve some specific problem. Though all the invented ideas can solve a particular problem, only very few can pass the economic, psychology and sociological challenges imposed on these ideas.Inventors can not have any knowledge of the future of the idea can go with filing a patent to protect the uniqueness of this idea. The patents are a registering medium to say that you own the invention and expect to get royalty if any one use this invention. In most scenarios that this patent go useless as there are 1000 ways to circumvent the problem and create a new model.
The maximum invention with patent to solve one single problem is the RAT-TRAP. there 5000+ of them. only 1 RAT-TRAP is 98% used effectively.
Ideas:
Ideas are just the thought process for any give problem. the ides cannot be as matured as to give a complete solution for the problem. This is just the trigger for any given situation, and this vary depend on how creative the minds are.
Type of Innovation:
The innovation can be categorized in to multiple types based on their problem.
Impact based innovations are:
Sustaining
The innovation is to sustain an already developed product to solve any given problem. Here the requirement is to make sure the current innovated product is taken care well and solve the customer needs and protect its existence with minimal changes to it. Even though this is iterative or changes tot he existing model, the innovation here is to sustain the product with out any economic disadvantage.Disruptive
Innovation can be disruptive. In most cases, new innovation will disrupt the existing business in that specific space. Almost every field get disrupted with a new ideas and that change the complete picture. If you don't disrupt yourself, someone will always disrupt you before even you realize it.
Context based innovations are:
Business models:
The development of any new creative, unique ideas to improve the business concept in improving the financial situation or any optimization in the structure to make it economically viableProcess
The process followed by the organization can be optimized or improved to produce more goods or to save resources and make it a repeatable solution in all the departments.Product
Developing the product which is already known and this can be added as +1 product in the same space. Depend on positioning yourself, the product will take a portion of the existing market share from the economical point of view.
Process of Innovation
The innovation is not just always a one step process. In basic term, if there is no problem then there is no innovation. So innovation requires to identify, define the problem as the first step and later one to invent the solution to it.
This step are
Discovery:
The problem discovery, which happens to anyone when exposed to any uncommon situation which makes the life difficult.
Interpretation:
Discovery is always possible, but interpreting the discovery in the right way is the difficult task. Every one who see the problem will interrupt in the way how they filter the thought process. This gives 100 different interpretation to the same problem.Ideation:
The next step is to define the interpretation inform ideas. The ideas are the transformation of the thought process on the experience and the interview that we conduct.Experimentation:
The ideas are experimented my implementing it in form of a prototype or a working model. This stage will give life to the idea.Evolution:
The invention for a problem is not a final solution. this get transformed as the ecosystem around that space keep changing.
Innovative Culture
Measuring Innovation
Tools And Techniques:
There tools and techniques are available to solve a problem. It is important to choose the right tools and or technique to solve the problem. Some of them are
Design Thinking
This is a study of process of how to build the thinking process to approach a problem to transform it into an innovation. This required
Mindset
Skill set
Lateral Thinking
Blue Ocean Strategy
Business Management
Following are the 3 areas interconnected for a successful innovation and for the successful business
Economics
On high level,
- oldest required strategy for the successful business management
- Profit maximization
- Market no friction (instance correction)
- No information Asymmetry.
- Economics comes with models to build phenomena
- No morality in economics.
Psychology
This is the youngest addition to the management
- ABC - Affect (feeling), Behaviour (expression), Cognition (thinking)
- Behavioural economics
- Ultimatum experience (machine, human sharing 100rs)
Sociology
The following has large impact on the business management
- How behave in groups
- Network theory
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