Innovations and Ideas

Invention vs Innovation
• Invention can refer to a discovery or any product of
the imagination.
• Innovation can refer to something new or to a
change made to an existing product, idea, or field.
• One might say that the first telephone was an
invention, the first cellular telephone either an
invention or an innovation, and the first smartphone
an innovation.
 Innovation
• Innovation happens when someone “improves or
make significant contribution” to something that has
been invented.
• “Innovation is widely considered as the life blood of
corporate survival and growth”.
• It is recognized to play a central role in creating value
and sustaining competitive advantage.
 How can you determine if your idea is innovative?

• Go out into the market and look around.

• Ask many questions and listen to the voice of the
market.
• Work out analytically what the innovation needs to
take advantage of your opportunity.
 The Modules
• Technology description
• Benefits
• Development status
• IP modules
• Competition
• Market Validation
• Pitching
 The Modules
• Technology description – We explain how to help people
understand what the technology is and what it can do for them. We
talk about how to describe your technology in clear and concise
words.
• Benefits - look at how to express the benefits of your technology in
an attractive way that conveys the true value it brings to your
customers.
• Development status – we look at how to manage the development
of your technology so each step brings it closer to the market and
increases the profitability of successful commercialization.
 The Modules
• IP modules – explore the ways you can protect your
intellectual property. In these modules, we discuss
copyrights, trademarks, patents, and trade secrets.
• Competition – this module discusses how to identify
and analyze your competition to determine your key
benefits compared to close competitors.
 The Modules
• Market validation – we explain how to confirm the
value of your technology with different people in the
market so you know exactly what the market expects
out of your innovation.
• Pitching modules looks how to articulate the
technology in a clear and concise way that helps
attract future partners, customers, and investors.
Technology
Description
 Technology Description
• Technology description module helps you articulate
what your innovation actually is in a compelling
fashion.
• It is the first step engaging your future customer.
• It answers: What is it? What does it do? What
problem does it solve?
 Technology Description
• Use simple, easy to understand terms instead of
technical jargon.
• Something that others could repeat on thier own
word.
• It talks about solutions rather than problems.
• Must leave out sensitive or propriety information
• Make others want to ask you more questions.
Benefits
 Feature, Benefit and Value
• Feature – a technical detail of what the innovation
does, how it was made and what is it.
• Benefit – the advantage of features created for the
customers.
• Value – the business impact the benefits bring.
 Categories of Benefits
1. Performance benefits
2. Physical benefits
3. Cost benefits
4. Physical benefits
5. Environmental benefits
6. Product life cycle benefits
 Performance benefits
• Performance benefits improve the capacities of products
and services.
– Speed
– Strength
– Processing capacity
– Processing speed
– Battery life
– Energy consumption
 Physical benefits
• The technology may improve the characteristics of an
object.
– weight advantages
– size advantages
– portability
– durability
– resistance to weather, temperature extremes,
corrosion, rot, moisture or insects.
 Cost benefits
• There are potential benefits anywhere your technology
can reduce costs to produce a product and create higher
margins.
– expenditures
– personnel
– production
– raw materials
– capital
– operations
– commercialization
 Environmental Benefits
• With the growing awareness of environmental issues,
these benefits may add to your potential value.
– carbon footprint
– greenhouse emissions
– management of chemicals [Volatile Organic
Compounds (VOCs)]
– raw materials used
– resource intensiveness
– energy consumption
– ease of recycling or safe disposal
 Product life-cycle benefits
• These includes benefits that provide value over the time a customer
owns and maintains a product.
– customer support
– maintenance requirements
– services and support requirements
– ease of adoptability
– fit within existing infrastructure and processes
– ease of manufacturing
– scalability
– customer lock-in
– exercise