When to innovat in your busness
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The document discusses the importance of innovation in business, emphasizing the difference between invention and innovation, with examples of notable figures like Thomas Edison and Steve Jobs. It outlines barriers to success and presents the Gartner Hype Cycle and Technology S Curve as frameworks to understand innovation diffusion and timing. Additionally, it lists seven principles of innovation and different types, urging continuous learning and adaptability.
When to innovat in your busness
- 1. Master Class: When to Innovate in Your Business Bruce Wade
- 3. Personal Motivation / Attention Time Motivation Innovation = Renewed Hope Second Wind Initial Results Fading interest Where most People give up
- 4. Product Life Cycle Time Effectiveness Introduction Popularity Plateau Decline Innovation Required
- 5. Business Life Cycle Curve Start Early Success Plateau Decline Death Innovation = Renewed Hope
- 6. What is Invention? Invention is the "creation of a product or introduction of a process for the first time." Thomas Edison was an inventor
- 7. What is Innovation? Innovation happens when someone "improves on or makes a significant contribution" to something that has already been invented. Steve Jobs was an innovator
- 8. What makes an Innovator Business? Curious Minds Not Happy with the Status Quo Ability to explore and experiment Has resources Networked Coachable Stickability
- 9. Barriers to Success 1. Attitude 2. Time 3. Resources 4. Network 5. Ego 6. Money
- 10. Gartner Hype Cycle Time Visibility Technology Trigger Peak of inflated Expectations Trough of disillusionment Slope of enlightenment Plateau of productivity
- 11. Innovation Diffusion Innovators Techies 2.5% Try It Early Adopters Visionaries 13.5% Get ahead of the heard Early Majority Pragmatics 34% Stick with the heard Late Majority Conservatives 34% Hold on Laggards Sceptics 16% No Way
- 12. Technology S curve Time Performance New innovation Tech Improvement Mature Technology
- 14. 7 Principles of Innovation 1. Quest for continuous learning 2. Learn from mistakes 3. Scan for opportunities 4. Embrace ambiguity 5. Balance different view points 6. Express your thoughts 7. Recognise ‘systems’ relationships
- 15. Types of Innovation • Market Pull – Problem exists, need solution, innovation, sales • Technology Push – Technology breakthrough – create a need, sales • Frugal – How to do more with less, cost saving, environment • Marketing – Barrier to market, innovation, sales
- 16. Quote “Be innovative, but always learn from those before you”