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Innovations: Principles and Strategies

Innovation

Innovation, invention, creativity

Benefits of innovation

Types of innovations

Sources of innovation

New ideas transformation process

New knowledge in new products and services

A novel idea is brought to the stage where it finally makes money

means better quality products and better services

Invention

Is the first occurrence of an idea for a new product or process

Creativity

ability to develop new ideas and ways of dealing with problems

Innovation

is linked to the final commercialization of the new product, service or process

Radical

Incremental

Focuses on products, processes or services

with performance characteristics not emphasized

focuses on improvements to costs or characteristics of existing processes, products or services

Improves competitiveness in current markets or industries

Create dramatic change that transforms existing markets or industries, or create a new one

Watch the market carefully.

unexpected changes in the market structure, demographic changes, social moods

Existing customers

customers represent a very important source of innovation

Providers

facilitate open discussions aimed at identifying emerging business needs

Learn from experience

Unexpected successes and failures can provide new and potentially important information.

improvement of the quality of products and services offered to customers

creación de mejores condiciones de trabajo

maintaining current market position

enter new markets

create flexibility at work

improve the ecological environment

diversify the product range

Sources of financing for innovations

Innovation can be supported by two main forms of financing

merit-based awards

external capital

can be provided by public services

government institutions or agencies

funds are received unconditionally, which means they do not have to be returned

receive equity stakes in exchange for equity

business angels, venture capital firms and corporations

These types of investors are called "smart money"