Emad Saif Property of Emad Saif© 2013

101

Presented to:

INNOVATION

INNOVATION

Myths

Importance

WHAT IS INNOVATION

Something New Economic Growth

Inventors

Entrepreneurs

Technology

Research Creating Value

Ideas

Money

$

COOL!

Products &

Services

BIG COMPANIES

Art

Culture

“Implementing new ideas that create value”

INNOVATION is …

- Innovation Network, USA

So how is

INVENTION ?

INNOVATION different than

INVENTION Creating

something new (i.e. product/service)

INNOVATION Placing product/service

in a new context to create value

Cycles

Example The Story of the Zipper

• Elias Howe Patent for “Automatic Continuous Clothing Closure”

• Focused on sewing machine invention

1851

• Sundbäck received patent for "Separable Fastener” & manufactured at UFC

• B. F. Goodrich Company used it on its rubber boots & tobacco pouches

• Renamed the device “Zipper”

1917

• Defeated the “button” for promoting self-reliance for children & ease of use

• Zipper started being used in clothes & fashion

1937

• Became a standard in clothing, luggage & leather goods

• Most recent innovation of zippers opens from both ends

Today

• Judson invented “Clasp Lockers” • Walker, a business man helped him build “Universal Fastener

Company” (UFC) & Judson improves design to “C-curity”

1893

Forms of Innovation

Product

Process

Service

Value

Business Model

Market

Types of Innovation

New Market Existing Market

Exis

tin

g Te

chn

olo

gy

New

Tec

hn

olo

gy

Incremental/Sustaining Innovation

Disruptive Innovation

Disruptive Innovation

Breakthrough Innovation

MARKET

TEC

HN

OLO

GY

IMPORTANCE OF

INNOVATION

Economic Growth

Innovation creates economic growth

Creates better products & services

Increases productivity & lowers cost

Improves quality of life

Reduces waste in the environment

Explores new possibilities

Engages employees & unleashes creativity

Incubators &

Accelerators &

Innovation

Centres

GROUP EXERCISE

INNOVATE the PIZZA!

Product

Business Model

Value

Market

Services

Process

Innovate your pizza business using any form(s) of innovation

How it generates revenue?

What’s the idea & form(s) of innovation?

What value is added to customer?

1 2 3

DELIVERABLES:

COMMON MYTHS ABOUT

INNOVATION

MYTH #1: Moment of Epiphany

Accumulated observations and trial & error

WD-40 = Water displacement 40th attempt

MYTH #2: The Lone Inventor

Thomas Edison (1847-1931)

Previous Inventions

Chosen Hero

Invention from inspiration & collaboration

MYTH #3: Method for Innovation

CUSTOMERS

MARKET

PROTOTYPE SUPPLIERS

IDEA

INDUSTRY REGULATIONS

LUCK TECHNOLOGY

FUNDING INTELLECTUAL PROPERTY

MARKETING

INVESTORS

TEAM

TIMING

Innovation is experimental & non-methodological

MYTH #4: All Innovation is Good

Alfred Nobel (1833-1896)

Safer Explosives in Mining War Destruction

Innovation creates value, but to whom?!

MYTH #5: People Love New Ideas

Galileo Galilei (1564-1642)

INNOVATION

Rejection Adoption

• Fear of trying new things • Costly to change • Politics • Time (20+ years)

• Early Adopters • Solves their problem

• Majority of Users • Proven to work

People naturally resist change

LESSONS FROM

INNOVATION

Innovation offers value to customers in return for a reward

Innovation needs collaboration

Innovation takes time

Innovation needs hard work

Innovation faces rejection

Innovation needs love & faith

Innovation brings hope

“Never doubt that a small group of thoughtful,

committed people can change the world.”

Margaret Mead

THANK YOU! Emad Saif

www.emadsaif.com emadsaif@gmail.com

Property of Emad Saif© 2013