Types of Innovation

• Market Innovation.
- New markets.
- New marketing strategy.
• Product Innovation
• Process Innovation
- Improve product quality and quantity.
- Reduced Product cost.
 Types of Innovation
• Supply source Innovation
- Forward integration.
- Backward integration.
- Convergent Combination.
- Divergent Combination.
• Financial Innovation
- Venture Capital.
- Angel investors.
- Peer to peer lending.
 Types of Innovation
• Brand positioning.
- Helps to face competition.
- Develops corporate image.
- Creates status.
  Invention v/s Innovation
 How can we experience innovation?
- Finding problems to solve.(case study)
- Experimenting with new ideas.(volume
enhancement on the speaker)
- Enjoying change.(fat to fit life)
- Facing uncertainty in order to try new ideas.(how to
make your lecture more interesting)
- Providing critical input towards a new idea.
- (way of performing)
 Essential conditions for
successful innovation

According to Peter Drucker,

1) Innovation is work.
2) To succeed, innovators must build on
their strengths.
3) Innovation is an effect in economy and
society.
 The Creative Process
1) Idea germination (start a bistro)
2) Preparation (sourcing local products, appliances etc)
3) Incubation (concentrating on one problem at a time)
4) Illumination (calling my friends to check out my place)
5) Verification (Shall we Begin?)
6) Implementation and Review.
Qualities of Creative People
 Sensitivity.
 Fluency.
 Flexibility.
 Originality.
 Fostering creativity and innovation in
Enterprises
 Challenging Tasks.
 Support from Top management.
 Team Spirit.
 Risk Taking.
 Open channels of communication.
Role of Creativity and Innovation in
Entrepreneurship
 Competitive Advantage.
 Customer satisfaction.
 Corporate image.
 Optimum utilization of resources.
 Higher efficiency.
 Essentials of a promising business
Idea
 Innovative.
 USP.
 Relevant.
 Customer Benefit.
 Profitability.
Methods of generating new ideas for Entrepreneurs

 Nominal Group Technique.

 Brainstorming
 Reverse brain storming
 Delphi technique
 Brain writing
 Gordon Model.
DEVELOPMENT OF PRODUCT/IDEAS
 Idea generation.
 Analyzing the ideas.

 Short listing of ideas.

 Investigation.

 Selection of best idea.

 Product development.

 Test marketing.

 Commercialization.

 Review of product performance.

 Changes in marketing mix.