innovation 101
DESCRIPTION
A short introduction to innovating in businessTRANSCRIPT
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innovation 101
A five minute introduction toinnovation for profit and growth
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Numerous definitions! My personal favourite is:
“Innovation is creativity with a job to do”
What is innovation?
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Creativity is generating original, novel ideas
Innovation is putting those ideas to work and getting the desired result
Creativity or innovation?
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Innovation can:
• increase revenue• improve working environment• increase profits
Profit and growth
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Why innovate?
“Today, more than ever, innovation is central to survival”
Peter Drucker
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“Innovation is the central issue in economic survival”
Michael Porter
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“Innovation is a critical factorin boosting growth in the economy and contributing to quality of life”South African Innovation Survey 2005
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• discover new revenue streams• identify areas for cost reduction• attain market differentiation• improve productivity• attract and retain talent• speed up time to market• develop new competencies
Utilise innovation to:
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What does it take?
• commitment from leadership• a written innovation strategy• time-sensitive goals• an innovation process• tools and training• questioning convention
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Why is innovation important?
• provides ongoing competitive advantage• avoids price wars• improves motivation and productivity• provides increase in stakeholder value• boosts economic growth
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creating business value through innovation
for more information, visit www.tim-malone.com or email [email protected]