Innovation

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• Innovation is a process of
transforming the new ideas, new
knowledge into new products
and services, new technologic
process, new organization, or
enhancement of existing
product or service, existing
technologic process and
existing organization.

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• Introducing a new product.
• Introducing a new method of
production – same input quantity
to get max output - same output
quantity with min input.

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• Opening new markets.
• Finding of appropriate sources of
raw materials.
• Establishing a new organization
in the industry - an entrance of the
entrepreneur in the monopoly
market

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• From the aspect of customers -
products with better quality and better
services.
• From the aspect of businesses -
sustainable growth and development,
realization of great profit.

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• Invention - creation of a new
concept.
• Innovation - reducing that concept
to practice, and making it a commercial
success.

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• Creativity - coming up with ideas.
• Innovation - bringing ideas to life.

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• Science - conversion of money into
knowledge.
• Innovation - conversion of
knowledge into money.

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• Peter F. Drucker - in his book
“Innovation and Entrepreneurship” .
• He has grouped these principles in Do’s
and Don’t’s in the process of innovation..

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• Innovation starts with analysis of
opportunities - seven opportunities
for innovation (unexpected events,
disagreements in the process, requirements
of the process (the need for a new process),
and unexpected changes in industry or
market structure, demographic changes,
changes in perception, importance and new
knowledge).

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• Innovation is a conceptual and
perceptual activity - to go out and
see, ask and hear.
• to go out and see customers/users and
they find out what are their expectations,
their values and their needs.

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• Innovation, in order to be
successful, should be simple and
focused.
• Innovation should start as “small”.
• A successful innovation aims
towards leadership.

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• Innovations should not be very
“smart”.
• Many things should not be done
at a time.
• Don’t innovate for the future, but
for the present.

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• Innovation starts when people convert
problems to ideas - New ideas are born
through questions, problems and obstacles.
• Innovation needs a system - All organizations
have innovation systems. Some are formal,
designed by the leadership, and some are
informal, taking place outside established
channels. Informal channels are untidy and
inefficient, yet innovation is always
associated with them.

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• Passion is the fuel and pain is the
hidden ingredient - Passion is what
transforms other resources into profits.
Innovation leaders need to take the pain with
the passion and learn to manage both
effectively.
• Co-locating drives effective exchange -
Co-location refers to physical proximity
between people. It is a key for building the
trust that is essential to the innovation
process..

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• Differences should be leveraged
- The differences that normally divide
people - such as language, culture,
race, gender and thinking and problem
solving styles - can be a boon to
innovation.

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• Peter F. Drucker
• The Unexpected - The business world
is full of surprises – not only the
unexpected failures but also the
unexpected success that comes to the
organization can be a great source of
inspiration for innovation. Be extremely
powerful in the business world as they
inspire the leaders and innovators.

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• Many companies fall into the trap of
developing their product without to
actually do the appropriate research to
determine what the target customers
really want.
• The customer reviews, feedback, and
complaints are often the best way to
determine incongruity.

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• more task-focused rather than
situation-focused..
• source of opportunity for innovation
comes after looking closely at the
processes of the company and
identifying clearly the weak spots and
the ways they can be improved..

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• Technology development, many
industries are disrupted almost
overnight.

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• Determine the demand for products,
who is buying these products and what
quantities of the product are bought.
• The demographic changes in age,
education, employment, affect the
direction that the business.

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• Perception changes over time, and,
nowadays, due to the involvement of
technology and the power of social
networks, these changes happen faster
than ever.
• People can change their perception
about certain product, brand or industry
overnight.
• The changes of perception open a road
for businesses to innovate, to develop
new products and services.

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• Technological and scientific
breakthroughs are the source of
innovation that can’t be overlooked by
businesses.
• New knowledge, however, can be
applied in every aspect of the company
– from learning more about the
customers through analytics through
improving the supply chain to hiring
the best employees..