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Innovation and Idea Generation Innovation and Creativity. Innovation bringing ideas to life. Creativity coming up with ideas. Innovation = creative idea + implementation. Innovation.

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Innovation and Idea Generation Innovation and Creativity

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    1. Innovation and Idea Generation Innovation and Creativity Innovation bringing ideas to life Creativity coming up with ideas Innovation = creative idea + implementation

    2. Innovation ‘…… the process of harnessing creative activity to createnew value in new ways through new products, new services, and new businesses. This value creation activity…also applies to business strategy and processes.’ – Arthur D Little (Technology and Management Consultancy)

    3. The Innovation Process Assess & Validate Trial &Compare Generate Ideas Prototype Test Roll Out time, cost, people, skills, structure

    4. Drivers of Innovation • Competition • Direct • Indirect • New entrants • Regulatory, legal and patents • Litigation • Policies • Regulatory requirements • Technology advances • New techniques • Smaller, faster, cheaper, remote • Data processing capacity • People and society • Quality of life • Lifestyle drugs • Expectations • Social structures • Disruptive events • Climate Change • SARS • Bioterrorism • BSE

    5. Incremental and Disruptive Innovation Incremental (or sustaining) innovation focuses on improving existing methods and techniques • Extend application areas • Improve efficacy, reduce side effects • Reduce human error • Redesign or refine for comfort, ease of use (eg. devices or surgical tools) Disruptive (or radical) innovation results in new drugs, devices. Or techniques that redefine gold standards • Introduce a new technology, eg. medical imaging, internet, wireless • Sudden changes in available resources (time, space, money, raw materials) • Redefinition of existing protocols or policy

    6. Innovation Equals Benefits Simplify task Environmental benefit Reduce effort Convenience Reduce uncertainty Enjoyment

    7. sales Product 3 Product 2 Product 1 time Why Do Companies Innovate? Image source: Cambridge Consultants Ltd

    8. Elements of Innovation in Organisations Leadership -vision -culture End-users -needs -opinions Technology -opportunities -driver of change Innovation Customers -needs -opinions Employees-knowledge -resource

    9. Sources of Innovation Universities and research institutions • Novel concepts and techniques • Access technology at very early stage • Limited investment and risk Biotechnology companies • Development stage products • Boost product pipeline • Reduce risk of access to emerging technologies Collaboration and joint ventures • Partner on projects with defined objectives • Bring additional skills from across disciplines • Share risk and reward

    10. Why is Innovation Difficult? The way we think, act and behave is influenced by: • Years of academic study and training • Daily habits, routines and patterns • Protocols, methods and approaches to problems • The people and environment around us But... New ideas come from differences. They come from having different perspectives and juxtaposing different theories– Nicholas Negroponte (Chairman of MIT Media Laboratory) Problems can not be solved by thinking within the framework in which they were created – Albert Einstein (Physicist)

    11. Thinking Outside the Box Relate to other areas - generic words and phrases - transfer concepts Challenge rules and assumptions - consider ‘impossible’ ideas - turn the problem on its head    wheel round metal move transport exercise Force connections with random object - Break obvious connections - Opens new perspectives Re-express - words, pictures, acting - describe to non-expert 

    12. How Many Ideas do I Need? ‘… start with around3,000 bright ideasto end up with four plausibledevelopment programmes...the minimum needed to get justonewinner’ - (Leaps of Faith, The Economist 18 Feb 1999)

    13. External factors Internal factors What Needs to be Considered? For a technology idea to be successful you need: • An application • Target customer • Route to market

    14. Start with the Technology How much development work is required? Weeks, months, years, decades! What technical skills and expertise are required? Who needs to be involved to bring this to fruition Are there any ethical, regulatory or legal hurdles? Stem cells, GM foods, IVF treatment... Do competitive barriers to entry exist? Competing organisations, other technologies, intellectual property

    15. What is the Context? What are the objectives of your organisation? Research, grow, expand customer base... What are your personal objectives? Make money, get promoted, build a team... Who are the stakeholders? Your boss, employees, colleagues, funders, customers Is the environment right? Consumer opinion, economic climate, political policy

    16. What About the Market? What is your market? Is there unmet demand or trying to create demand Is there a need? Do existing products already address the market Who are the customers? Where, who, how many, will they pay, how much What is the competitive landscape? Direct, indirect, fragmented, concentrated, monopoly, threats

    17. Now Apply Assessment Criteria Select 4 criteria you would use to assess your ideas, start with ‘quick wins’ and ‘investigate’ boxes For each criteria mark out of 5 how well an idea meets the criteria Assess as many ideas as possible Are you able to eliminate ideas easily? Is there a clear winner?

    18. Validate Using Assessment Criteria

    19. Due Diligence • The process of investigation, performed by investors or their representatives, into the details of a company and its activities, such as an examination of operations and management and the verification of market size and other material facts • If you don’t validate your idea someone else will • Good validation of ideas requires objectivity • Investors don’t get it right all of the time

    20. Innovation Takes Persistence and Patience! Ups & Downs Ecstasy Enthusiasm Despair Source: The Economist, 18 Feb 1999

    21. Further Reading Articles • The Theory Behind HBDI; • Open Your Company to New Ideas; M.Skapinker; Financial Times; 16 Jan 2001 • Creativity: Gale Encyclopaedia of Psychology • ‘The Innovation Premium: Capturing the value of creativity’; R.S. Jonash and T. Sommerlatte; Prism Q3 1999 Books • Crash Course in Creativity, B. Clegg and P.Birch • Leading the Revolution, G. Hamel • Innovator’s Dilemma, C.M. Christensen • Nevens et al (1999) Commercialising Technology: what the best companies do in Harvard Business Review on Entrepreneurship, (Harvard Business School Press) Web Links • • •

    22. "The real magic of discovery lies not in seeking new landscapes, but in having new eyes" - Marcel Proust