With Notes LaTech 4th Year KE Jpnovation + The word “innovation” is derived from the Latin verb innovare, which means to renew. * Innovation is a process by which a domain, a product, or a service is renewed and brought Up to date by applying new processes, introducing new techniques, or establishing ‘successful ideas to create new value. * Roles of innovation © Creative development © Persistent improvement © Reinforcing your brand © Making the best of your existing products U With Notes LaTech 4th Year KH Innovation Types _ Disruptive Innovation > Incremental Innovation “+ Sustaining Innovation “y-Radical InnovationLunin2: Entrepreneurial Prt Identify a good business opportunities Identity Your Pain Points + Analysis of internal Demand + External Assistance + Internal Sources + Knowledge about Industrial Development + Risk in Business Opportunities + Performance of Existing Units er Managerial skill for entrepreneur + Time Management * Business Planning ‘+ Employee Management + Customer Management Sales Management Financial Management Business Managementee ' F er Value creation * Value creation is the process that creates outputs which are more valuable than the input. * Itis a performance of actions that increase the worth of goods, services or even a business. + Manage value creation © Quality Management © Quality of Products or Services © Manage skilled workers. © Capacity to innovate ee ' F er Steps to create a enterprise model Identification of business opportunities * Generation of business idea + Feasibility Study + Preparation of a business plan + Launching the enterprise © Acquire license © Permission for local authorities © Approvals from banks © Registration etc.Strategies for a sustainable enterprise model _ Maximize material and energy efficiency * Control resource wastage + Deliver functionality rather than ownership * Adopt a stewardship role * Inclusive value creation * Develop sustainable scale up solutions