Reflective report-

Everyone can innovate which makes it crucial that how we implement our
innovation in business which saves time, money and gives us a competitive
advantage to grow and adapt our business in the marketplace. People often relate
innovation with product innovation but for me it refers to indulging change in the
process and creating more effective processes, products and ideas.

Among the numerous effective techniques I learned for developing a business

model during the course the one which had the greatest impact on my approach
to innovation is The Ten Types of Innovation.

Ten types of Innovation

This structure helps to provide new opportunities for innovations beyond products
and develop viable innovations. Every great innovation comprises some
combination of these ten basic types.

Figure-1 Types of innovation (source: Google images)

All the then types of innovations are categories under three subheads. The center
represents Offerings; left side is Configuration i.e. planning by which a business
earns its profit and the right side showing Experience, the business- customer
interaction.

1. Innovative Profit Models challenges an industry’s assumptions about what

to offer, what to charge, or how to collect revenues.
2. Network Innovations provide a way for firms to take advantage of other
companies’ processes, technology, or brand credibility.
3. Structure Innovations are pivoted on the talents and assets in the company.
4. Process Innovations forms the core proficiency of an enterprise, it’s a
patented approach, or proprietary approaches.
5. Product Performance Innovation involves the capability, features and quality
of a firm's product; including new as well as updates and line extensions.
6. Product System innovations refers to adding in other firm’s products and
services together to create a robust and scalable system.
7. Service innovations upgrading product utility, performance, and apparent
charge of making it easier to use and more enjoyable.
8. Channel innovations making connections with customers and users,
emphasizing more on the ways in which you connect electronically as well as
via traditional channels such as physical stores.
9. Brand innovations help to create an identity for a business, it can represent
the values it stands for, making customers prefer our offerings to those of
competitors or substitutes.
 10. Customer Engagement Innovations Deals with analyzing the needs and
aspirations of customers and users; by developing a understanding with
them.

Effectual study-
The authors of the book ‘The Ten Types of Innovation: The Discipline of Building
Breakthroughs’, studied companies considered innovative in 2011, grouping them
into average and top innovators, and found that top innovators (those repeatedly
launching successful offerings) were integrating twice as many types of innovation
as the average innovators.

Figure -2 Top Innovators (Source: Ten Types of Innovation (Doblin))

 Figure -3 Average Innovators (Source: Ten Types of Innovation
(Doblin))

Author Tim Woods

Article title: The Ten Types of Innovation Framework - and How to Use It
Website title: Blog.hypeinnovation.com
URL: https://blog.hypeinnovation.com/using-the-ten-types-of-innovation-framework

Limitation and Scope for Expansion-

Limitations-

Unsure rate of commercial returns

Much research is conjecture and there is no certainty of future gains and profits.

Financial difficulties

Given the risks involved, innovation has high required rate of return. Small
businesses which have limited cash supply investing in innovation can possible
turn out adversely.

Scope of Expansion
Wider range of products

Wider range of product provides better scope of innovation implementation and

attracts more customers intensifying the target customers and increasing the
sales.

Better quality

Better quality product than the ones being offered by competitors eventually
promotes sales. Assuming that they are efficiently marketed, they should result in
higher gains.

Technique Enhancing my Business Idea-

I had an idea for starting a company called ‘Musician’ which would produce
customized songs for people; it would convert famous songs into parody, diss
tracks and would also convert song ideas into original songs according to given
specification.

With this course I learned to create an efficient business model for this company. I
could use the Ten Types of Innovation technique in this manner-

 Product Model-Financing this business idea by collecting money from my

potential customers before recruiting the creative team.
 Network- Developing a website for this business and also a customer
interactive page where customers could rate other songs and songs with
highest rating would be released with 80-20 profit sharing.
 Product System- the business would be available in different product bases
as apps and devices.
  Channel- Highest rated songs would be featured in the company’s webpage,
allowing commercial downloads.

Word Count- 749 words

References-

 Google images
 Ten Types of Innovation: The Discipline of Building Breakthroughs
- Book by Brian Quinn, Helen Walters, Larry Keeley, and Ryan Pikkel
 Effectual study-
Author Tim Woods
Article title: The Ten Types of Innovation Framework - and How to Use It
Website title: Blog.hypeinnovation.com
URL: https://blog.hypeinnovation.com/using-the-ten-types-of-innovation-framework

 business.gov.au. wikipedia, n.d. Web. 1 Jul. 2019.

<https://www.business.gov.au/change-and-growth/innovation>.