Presented to

Mahpara Shah, Lecturer MS,Management, University of the Punjab, Lahore

Presented by

A.D Ahsan L1F11MCOM2144 Sohaib Ur Rehman L1F11MCOM2176 Umar Farooq L1F11MCOM0177 Usman Shahzad L1F11MCOM2175 Arslan Nawaz L1F11MCOM2165

 What is innovation? Importantance of innovation to businesses? Reasons for innovating Benefits of good innovation Disadvantages of innovations What happens if you don't innovate? Approaches To Innovation Barriers to innovation Innovation Process Examples

Innovation is the creation of better or more effective products, processes, services, technologies, or ideas.

Innovation!

Complicated!

Smart, I want to buy it!

 Technology is changing fast, new products come from new

competitors Fast changing environment Customers expect more in terms of customization, newness, quality and price Customers have more choice Markets forming and changing fast With markets and technology changing fast, and good ideas quickly copied, there is continual pressure to devise new and better products, processes and services faster

Responding to customers
Increasing market share Being at the forefront of industry Establishing a new market Improving the quality and speed of service Expanding the product range Meeting Government standards/regulations Reducing costs Increasing revenues

First to market
Premium prices More customers Large market share Increased shareholder return Increased employee

motivation and morale

 High Investments needed

Traditional peoples do not like

new technologies Customer may do not like it High risk of failure of innovative product

 Customers stop buying your products, processes and services

Sales drop

Revenues drop
Shareholder returns drop Stock price drops

More customers stop buying your products, processes and services

Six Most Common Approaches To Innovation

 Find New Ideas To Power Up Growth

Strategy An approach to innovation in which organization make the most strategic use of innovation. Linking innovation to a growth strategy is wise for organizations.
Find Customer Needs And Want

In which companies relentlessly uncover customers unmet needs through a Jobsto-the-done lens. Then devise solutions to address those unmet needs and often unarticulated needs (things that traditional market research often fails to uncover).

 Find A Killer Idea First

Sometimes people just want to look for the next big idea. The best example is the famous story that Jeff Bezos was driving across the country and came up with the ideas of Amazon.com. Throw Plenty Of Ideas Often ideas are left there without any follow-up action or ideas are not attached to business. Funny enough this is the most common way companies are trying to get new ideas.

 Define The Problem First

This is another good way to start. Spend more time on framing the issues and understand the problem context before you start innovating.
Hide-In-The-Dark

This is when people want to innovate under the radarscreen for reasons such as there's a lack of support from senior executives or not ready to expose the idea until theyre ready.

Employees Business partners Customers directly Consultants Competitors Associations Internal Sales & Service Unites Internal R&D Academia Think-tanks Labs and/or other institutions

Lack of time, resources, finance or staff Innovation costs too high Interdepartmental borders prevent communication of innovative ideas Interdepartmental rivalry Maintaining traditional ways of thinking Excessive rules, constraints and bureaucracy

No competitive pressure (Necessity is the mother of invention) No recognition of the need for a creativity process Inappropriate incentives Government rules make it difficult to introduce new services No opportunity to see how similar companies and industries are innovating

Stage 1 The Challenge

Stage 8 New Needs and Inspiration

Stage 2 Collaboration

Stage 7 Review

Stage 3 Combination

Stage 6 Implementation Stage 5 Testing and Development

Stage 4 Scientific Peer Review Evaluation

APPLE TWITTER FACEBOOK NISSAN GROUPON GOOGLE DAWNING INFORMATION INDUSTRY 8. NETFLIX 9. ZYNGA 10. EPOCRATES
1. 2. 3. 4. 5. 6. 7.

I want to ask one question!