Innovation

Agenda

Defining innovation

Analyzing innovation

Protecting innovation

Defining innovation

Innovation & business

"Business has only two functions, innovation and marketing.”

- Peter F Drucker

“Creativity is thinking up new things. Innovation is doing new things.”

- Theodore Levitt

Innovation distinguishes between a leader and a follower.“

- Steve Jobs

Creativity vs. Innovation

Creativity generates new ideas that may inspire innovation

Innovation generates solutions that may create value

Entrepreneurs need both creativity & innovation

Creativity drives innovation

Innovation is driven by entrepreneurs!

Using creativity to innovate

Tools• Brainstormi

ng• Brain

writing• Mind maps• Force field• Etc.

Innovation Machine

Where to Innovate

Effects of process & product on value

Source: Derived from the PIMS (Profit Impact of Marketing Strategy) database

Shhhhh...

Analyzing innovation

Stages of New Ventures

Idea

Pitch

Feasibility

Plan

Implement

Schumpeterian Trilogy

Innovation

Diffusion

Invention

Invention

Innovation

Diffusion

Protecting innovation

Intellectual Property (IP)

Challenge for organization to transfer knowledge within enterprise to a tangible product or service thus creating IP.

Multiple forms of IP:Patents

Copyright

Design Rights

Trademark

Patents

Must meet:Novelty

Inventive Step

Industrial Application

Patentable Subject

Clear and Complete Disclosure

Copyright

Expression of ideasVarious from country and material type.

Generally, 50 years from death of author/artist

50 years from creation for any recordings video or audio

©

Design Rights

Similar to copyright, but applies to 3D items

15 years, unless commercially used then 10 years (North America – 25 years EU)

Legos

Trademark

Logo

Applies to:Businesses

People

™

℠

®