TECHNOPRENEURSHIP AND INNOVATION

1. What is Innovation

• a new idea, method or device
• the process of making improvements by introducing something new
• the process of translating new ideas into tangible product
• the successful exploitation of new ideas
• A creative idea that is realized
• change that creates a new dimension of performance

Concept of Innovation

• Generally understood as the introduction of a new thing or method
• Embodiment, combination, or synthesis of knowledge in original, relevant, valued new products, processes, or service.
• Concerned with the commercial and practical application of ideas or inventions

         

2. Creativity and Innovation

Creativity	Innovation
All innovation begins with creative ideas . . .We define innovation as the successful implementation of creative ideas.	Creativity by individuals and teams is a starting point for innovation; the first is necessary but not sufficient condition for the second
Creativity– coming up with ideas.	Innovation – bringing the ideas to life.
Creativity– displayed by individuals.	Innovation – occurs in the organisational and societal context

3. Innovation Vs Invention

Innovation	Invention
Innovation occurs when someone uses an invention - or uses existing tools in a new way - to change how the world works, how people organize themselves, and how they conduct their lives.	Invention - the creation of new tools or the novel compilation of existing tool.
Innovation is the management of all the activities involved in the process of idea generation, technology development, manufacturing and marketing of a new (or improved) products/services or manufacturing process or equipment

4. Types of Innovation

PRODUCT INNOVATION	BUSINESS MODEL INNOVATION	MARKETING INNOVATION	PROCESS INNOVATION	SERVICE INNOVATION
Involves the introduction of a new good or service that is new or substantially improved.	A method of doing business by which a company can generate revenue to sustain itself	Development of new marketing methods with improvement in product design or packaging, product promotion or pricing.	Involves the implementation of a new or significantly improved production or delivery method.	Involves less technological advance but more interactive and information-intensive mainly due to the characteristics of services per se.
Might include improvements in functional characteristics, technical abilities, ease of use, or any other dimension.	Informal and formal models that are used by enterprises to represent various aspects of business Involves changing the way business is done in terms of creating values		“Just in Time” Manufacturing – Toyota & Dell	Can be found both in manufacturing and service firms since they can, particularly obviously at present, provide services to customers.