Outlines
• What is Innovation?
• Creativity & Innovation
• Innovation Vs Invention
• Types of Innovation
What is Innovation ?
• a new idea, method or device.
• the process of making improvements by introducing something new.
• the process of translating new ideas into tangible product.
• the successful exploitation of new ideas.
• A creative idea that is realized.
• change that creates a new dimension of performance.
Innovation & Creativity
• All innovation begins with creative ideas . . . We define innovation as the successful implementation of creative ideas.
• Creativity by individuals and teams is a starting point for innovation; the first is necessary but not sufficient condition for the second
• Creativity – coming up with ideas.
• Innovation – bringing the ideas to life.
• Creativity – displayed by individuals.
• Innovation – occurs in the organisational and societal context.
Innovation vs Invention
• Invention - the creation of new tools or the novel compilation of existing tool.
• Innovation occurs when someone uses an invention - or uses existing tools in a new way - to change how the world works, how people organize themselves, and how they conduct their lives.
• Innovation is the management of all the activities involved in the process of idea generation, technology development, manufacturing and marketing of a new (or improved) products/services or manufacturing process or equipment.
