Innovation- Basics
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Innovation By: Sarabjeet Singh
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Transcript of Innovation- Basics
![Page 1: Innovation- Basics](https://reader036.fdocuments.in/reader036/viewer/2022071814/55a5f8e21a28ab3e188b489c/html5/thumbnails/1.jpg)
Innovation
By: Sarabjeet Singh
![Page 2: Innovation- Basics](https://reader036.fdocuments.in/reader036/viewer/2022071814/55a5f8e21a28ab3e188b489c/html5/thumbnails/2.jpg)
What is Innovation?
• Innovation is the process and outcome of creating something new, which is also of value
• To think out of the box
![Page 3: Innovation- Basics](https://reader036.fdocuments.in/reader036/viewer/2022071814/55a5f8e21a28ab3e188b489c/html5/thumbnails/3.jpg)
What is innovation?
• Schumpeter argued that innovation comes about through new combinations made by an entrepreneur, resulting in – a new product,
– a new process,
– opening of new market,
– new way of organizing the business
– new sources of supply
![Page 4: Innovation- Basics](https://reader036.fdocuments.in/reader036/viewer/2022071814/55a5f8e21a28ab3e188b489c/html5/thumbnails/4.jpg)
Drivers for innovation
–Financial pressures to reduce costs, increase efficiency, do more with less, etc
– Increased competition
–Shorter product life cycles
–Value migration
–Stricter regulation
– Industry and community needs for sustainable development
![Page 5: Innovation- Basics](https://reader036.fdocuments.in/reader036/viewer/2022071814/55a5f8e21a28ab3e188b489c/html5/thumbnails/5.jpg)
Process of Innovation
![Page 6: Innovation- Basics](https://reader036.fdocuments.in/reader036/viewer/2022071814/55a5f8e21a28ab3e188b489c/html5/thumbnails/6.jpg)
Thank You