Innovation

1. Innovation Adriana Vazquez

2. Innovation What Is INNOVATION? Innovation is something original, new, and important. Innovation is the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. This is accomplished through more effective products, processes, services, technologies, or ideas that are readily available to markets, governments and society. Innovation = creativity + risk-taking.

3. Not The Same Innovation differs from invention in that innovation refers to the use of a better idea or method, whereas invention refers more directly to the creation of the idea or method itself. Innovation differs from improvement in that innovation refers to the notion of doing something different rather than doing the same thing better.

4. Innovations are divided into two broad categories: 1. Evolutionary innovations (continuous or dynamic evolutionary innovation) that are brought about by many incremental advances in technology or processes. 2. Revolutionary innovations (also called discontinuous innovations) which are often disruptive and new.

5. Different Values • Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products.

6. 7 Steps to Create a Successful Innovation Framework Great ideas can come from anywhere, but without a framework, you would just have a collection ideas. Outside in – costumer and partner feedback, consumer technology and market trends. Top down - executive vision, existing products or technology framework. Inside out – your employees’, domains, customer and business knowledge. The rewards of seeing ideas grow to prototypes and ultimately to new customer deliverables keep innovators looking for what’s next.

7. An innovation framework is a global, scalable platform created to harness the creative talents of your employees while staying in alignment with your corporate strategy. A framework, infused with social media tools, helps facilitate collaboration among global employees and creates an online environment (with offline local leadership) where they can build on existing ideas, comment, vote, or submit their own ideas. Step 1: Create a Scalable Platform for Success

8. Step 2: Establish the Right Organizational Principles • A key to promoting innovation across your organization is to establish a community of innovation champions. • They promote a powerful exchange of ideas for large challenges that have a significant impact on the business.

9. Step 3: Engage your Organization’s Employees • Bringing the right people together in the beginning can mean a better chance for success in the end. That is the power of the innovation framework and the network of innovation champions that support it. • Because innovation champions are embedded in the businesses where decisions to adopt new ideas are made, they are the ideal candidates to evaluate, challenge and decide whether to bank ideas or pursue them.

10. Step 4: Build an Idea Management Tool An idea management system comprises a critical part of the innovation framework. It makes it easy for employees to participate and brings transparency to this process. Ours begins with an interactive portal where every idea is tracked and a history is established. The tool also supports social collaboration with both innovation champions and subject matter experts to filter ideas and focus more resources around high-potential ones.

11. Step 5: Focus on Targeted Innovation In addition to fostering the open exchange of ideas, having an innovation framework also functions to challenge internal stakeholders to solve specific problems. We call this “targeted innovation.” It begins with a challenge from a business, customer or industry trend. When we first established our innovation framework, we used targeted innovation campaigns – focused on improvements to existing products and features – to train employees on this new approach to collaboration and innovation.

12. Step 6: Manage the Backend of Innovation • A rigorous triage process helps ensure that ideas are reviewed frequently and efficiently. Concepts that immediately show promise or align to business strategy move forward, while those that do not are banked for later consideration. • The ultimate goal is to quickly identify and adopt high-impact business ideas.

13. Step 7: Celebrate Successes! • Our innovation framework makes global contributions more visible at the individual, facility and business unit level. • This promotes a more innovative and accountable culture. • Several innovators have commented that their greatest reward is having their idea acknowledged and acted upon.

14. Questions 1. What is innovation? 2. Into how many categories is innovation divided and what are they? 3. How many steps are to have a successful innovation framework?

15. Links • http://www.innovationmanagement.se/2014/01/27/seven-steps-to-creating-a-successful-innovation-framework/ • https://www.palgrave.com/business/goffin/about/1403912602_02_cha01.pdf • http://www.innovationmanagement.se/article-library/