1_CENTURY 21 INNOVATION

1_CENTURY 21 INNOVATION

1. It is defined as a new creation that produces value, an innovation may be as light as a new color nail polish or as extensive as the World Wide Web

   • MARKET EXPECTATIONS
     • not all ideas lead to accomplish a goal
     • it is important time, money, attention and prestige, "Total innovation."
       • also we are looking for new markets and expand customer needs
     • ADJACENT INNOVATION
       • It involves the use of something the company does well in a new space
     • MATRIX INNOVATION
       • First, it gives managers a framework for surveying all initiatives that the company has underway
       • Second, it gives administrators a way to discuss the correct overall ambition for innovation portfolio company.
   • GROWTH OF A COMPANY DEPENDS ON YOUR WAY TO INNOVATE

2. MARKET EXPECTATIONS

   • MAINTAIN THE RIGHT BALANCE
     • Investment pattern of innovation
       • 70% improve primary offering 20% Adjacent 10% Transformation Initiative
         • We are not suggesting that a breakdown 70-20-10 investment in innovation is a magic formula for all companies
   • Transformation initiatives are the engines of growth overproduction.

3. Five key areas of management serving all three levels of ambition innovation.

   • Talent. Analytical skills are of vital importance since these initiatives require market data and customers to be interpreted and translated into specific improvements they offer.
   • Integration. In most companies, the majority of people dedicated to innovation are working on improvements to major deals; which it is more likely to succeed if they remain integrated with the existing business.
   • Money. Most efforts related to the core and adjacent innovation are quite small projects that do not need large infusions of cash. They can and should be financed by the relevant business unit income statement through the annual budget cycles.
   • Pipeline management. Any well-managed innovation process includes mechanisms to monitor ongoing initiatives and ensure they are progressing as planned.
   • Metrics. Finally, there is the question of what measures must inform management. Or adjacent to the central initiatives, traditional financial indicators are entirely appropriate. But the use of such metrics too early in transformation efforts can potentially kill great ideas.

4. Throughout all this activity, leaders must communicate clearly and relentlessly on goals and innovation processes.