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Lecture 1: what is innovation?1. Conclusion
- Defining innovation
it involves more than just products
it involves more than just inventing something new
- Innovation encompasses a broader set of activities:
innovation = invention + commercialization + diffusion
- Invention is the creative dimension of innovation. It is described by 3 models: individual,
corporate, and open.
- Commercialization is the economic dimension of innovation. It often takes the form of a
business model.
- Diffusion is the social dimension of innovation. Most innovations diffuse following an S-shaped
pattern.
Lecture 3: Types & Theories of innovation
Ch. 2: Innovation typology
1. Typology I: Forms of Innovation (application)
Product Service Process
Physical Intangible Intangible
Consumer Consumer Producer
- Product innovation: development of a new or improved product. Can be achieved by:
a. Developing/using a new technology
b. By reconfiguring an existing technology
c. By developing a product that meets entirely new consumer needs.
d. By making the product better at meeting existing consumer needs.
- Service innovation: offering a new or improved service. Can be achieved by:
a. Using a new technology
b. By offering a service that meets new consumer needs
c. By becoming better at meeting existing consumer needs
- Process innovation: designing/incorporating a new way of making products or delivering
services. Can be achieved by:
a. Using a new product technology
b. Changing the organization/method of production.
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