BE INNOVATIVE

Presenter : Talha Tariq

 Discovery : Discovery refers to the act of finding or
exploring something which already existed but not
perceived before.
 Invention : A new device or process. To qualify for a
patent an invention must pass a test of originality--
that is, be sufficiently different from previous
inventions.
 Innovation : Innovation means coming up with new
ways of doing things. Bringing innovation into your
business can help you save time and money, and give
you the competitive advantage to grow and adapt your
business in the marketplace.
 Explaining Innovation:
 The introduction of something new… a new idea, method, or
device
 The process of translating an idea or invention into a good or
service that creates value or for which customers will pay. ... In
business, innovation often results when ideas are applied by
the company in order to further satisfy the needs and
expectations of the customers.

 https://youtu.be/OTWfHihd3qU
 This could mean implementing new ideas, creating dynamic
products or improving your existing services. Innovation can be a
catalyst for the growth and success of your business, and help you
to adapt and grow in the marketplace.
 Innovation as an initiative drive leads to
which results into creativity and yields for healthy top & Bottom
lines.
 It also leads into development of Intellectual capital in the form
of “Innovators” among the organizations assets.
 https://youtu.be/pQXnCGl8hFc
 To be Innovative , we need to follow & learn 08 basic
principles which are the pillars of any Innovation
Drive. These principles are the result of research
studies made by different consultants & corporate
entities . INSEAD has compiled it for the business
professionals.
 PRINCIPLE 1:
A good understanding of the market and listening to
the customer all over the world
 High-quality communication with the customer, the
user, the citizen or anybody who influences buying
decisions…
 Example: Downloading ring tones is the best business
activity for mobile commerce in France. Who would have
been able to predict that teenagers would be prepared to pay
up to a Euro to download an original ring tone?
 In a competitive world where complete originality and
genius are rare, good marketing is the innovator’s most
important weapon for success.
 PRINCIPLE 2:
Returning to Leadership: Communicating the
Vision
 Successful innovation requires a clear vision defined by the
leadership of the organization as well as the creation of an
environment where this vision can be shared by colleagues and
collaborators.
 A clear vision is not enough. Real leadership is also ensuring
that the rest of the organization has taken ownership of the goals,
understands them and acts according to them. So creating
environment is as important as Vision…
 This combination of vision and environment is what we call the
strategic context.
 Strategic Context:
 Strategic context gives purpose and direction, benchmarks and role
models. It measures progress and shows the way ahead.
 L’Oreal:
The successful French cosmetics company. The chairman’s vision of
being the world leader in cosmetics is translated into concrete goals for
branding and research.
 Amazon:
"Our vision is to be earth's most customer centric company; to build a
place where people can come to find and discover anything they might
want to buy online."
 BASF:
“To be the world’s leading chemical company for our customers, we will
grow profitably and add value to society. This is how we create
chemistry for a sustainable future.”
 PRINCIPLE 3:
Risk Management
 One challenge of innovation is to learn how to manage risk. All
innovations will entail risk and you need to develop a system in
your organization to handle that risk.
 First of all, this includes ensuring that the key employees of an
organization act as innovators and entrepreneurs, and that they
can inspire the same spirit in their collaborators. This is often
described as a form of corporate entrepreneurship .
 An organization is often full of people who are willing to take
some risk. They just need the right context and stimuli to do so.
To be a successful innovator a company will need to convince its
employees to take some calculated risks.
 Stimulus:
How do you provide that stimulus? While this is very much dependent on the culture of
the organization, it is our experience that three simple ideas can go a long way:

 Offer role models of corporate entrepreneurs that have succeeded in taking risks and are
well rewarded by the organization.
 Offer a fall back position to potential corporate entrepreneurs: if you can somewhat
reduce the personal career risk of pursuing a potential innovation you will find more
candidates who are prepared to take the plunge.
 Put potential and current corporate entrepreneurs in networks with each other. They need
to hear that others have difficulties too. They need to share in each other’s successes.

Many organizations have developed tools or questionnaires to ensure that risks are
known and well evaluated. And they build contingency plans to cope with the
possible outcomes of risky ventures. But any innovative project will also be confronted
with unexpected and unpredictable events. Organizations need to have systems to
cope with these—flexible responses and learning from these unexpected events
are the key elements of success.
 PRINCIPLE 4:
Stimulating Creativity
Innovation inevitably starts with creativity. Many of us
have some creativity and it is the organization's role to
provide an environment where we can dare to be
creative.
Based on research, we always emphasize the Five ideas
that, when put into practice, can help employees to
become more creative.
Five Ideas:
1. Non political groups tend to be more creative than the sum of the individuals.
2. We also know that exposure to information can stimulate creativity, though
information overload can stifle it.
3. Reward and recognition: in many cases the recognition is more important to
stimulate innovation than monetary rewards.
4. Pressure and deadlines can render us more creative, but only on condition that
management provides some direction in which to look for a creative solution.
You don’t become creative when you are imprisoned in a perfect prison. You only
become creative when you see a slight chance to escape out of the prison.
5. Many consultants offer tools and techniques to make you more creative. Many of
these tools do indeed help. Most of them are based on the observation that we
are victims of our education and past experience: we see a problem and we
immediately search our database of experience and lessons learned to see how to
solve the problem. Many of the tools and techniques that are available do help us
break free from patterns. However, once you have an insight it is often easier to
develop your own system to tear down the walls created by your experience and
education.
 PRINCIPLE 5:
Organizational integration of all departments
and services involved
 Innovation is essentially an “enterprise of the enterprise”: it is a
risky effort for which the whole organization should assume
accountability. This organizational integration is a key concept
for innovation.
 Innovation cannot be delegated to a development group, a new
business task force or a marketing department. The whole
organization has to take ownership of it.
 PRINCIPLE 6:
Excellence in project management
Echoing Edison and other great inventor-entrepreneurs, success in innovation
requires 2% Inspiration and 98% perspiration.

 Excellence in project management is the way to cope with this 98%

perspiration.
 Managing a project is about four major challenges:

 Doing an excellent planning exercise, and putting in place the appropriate

systems to monitor deviations from the plan and controls for these deviations.
 Ensuring that you manage well all the stakeholders in the project (both those that
oppose you and those that may support you in to benefit from the innovation).
 Organizing the information flows: innovation projects need outside information
and you need to ensure that this information reaches the team, and finally
 Having a great project manager who is sufficiently politically astute to get things
done in the organization and highly enthusiastic about the end result.
 Innovation Projects:
 There are two major ideas specific to innovation
projects. They are:
Idea 1: There are three goals to be achieved when you
develop a new product: you need to meet the design criteria
and reach a high level of design quality; you need to deploy
your resources in the most efficient way, obviously; and you
need to deliver on time.
Idea 2: The successful execution is heavily influenced by
the uncertainty in the environment. Many good ideas have
been derailed by unexpected events. Good project
management in innovation needs to develop systems to
cope with that uncertainty.
 PRINCIPLE 7:
Information Management
If innovation is thought of as a production process, then
information and ideas are the raw materials to be transformed
into better goods or services, we need to ensure that the
innovation team gets good access to that information.

Four points deserve special attention for the management of

Information:
1. Face to face communication
2. Architecture and interior design of Office … don’t isolate the
innovation team
3. Organization structures influence communication patterns.
4. “The Gatekeepers” should be part of Innovation team.
 PRINCIPLE 8:
Protecting the results of the innovative process
Free markets are all very well, but intellectual capital is
vulnerable. You will need to protect your innovative output.
The logical answer to this need for protection is a combination of
patents and copyrights. But patents or copyrights may not be
enough. Let us be realistic. In many cases and countries the
value of these legal tools is limited and enforcing them is
expensive and wastes sometimes valuable time .
 A Disruptive Innovation is an innovation that
creates a new market and value network and
eventually disrupts an existing market and value
network, displacing established market-leading firms,
products, and alliances.[2] The term was defined and
first analyzed by the American scholar Clayton M.
Christensen and his collaborators beginning in 1995,[3]
and has been called the most influential business idea
of the early 21st century.
 Difference between Innovation vs Invention vs Discovery.
 Innovation explained through examples and video
 How essential is Innovation ?(Team Work & Creativity Video)
 8 Principles of Innovation (Research based study)
1. A Good Understanding of Market & Customer
2. Leadership & Vision
3. Risk Management
4. Stimulating Creativity
5. Organizational Integration
6. Excellence in Project Management
7. Information Management
8. Protecting the results of Innovation
 Disruptive Innovation Explained