•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 services.
•Concerned with the commercial and practical application of ideas or inventions.
Innovation & Creativity:
•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
Innovation vs Creativity :
•Creativity – coming up with ideas.
•Innovation – bringing the ideas to life.
•Creativity – displayed by individuals.
Innovation – occurs in the organizational and societal context•Invention - the creation of new tools or the novel compilation of existing tool.
•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.
•Involves the introduction of a new good or service that is new or substantially improved.
Business Model Innovation :
•A method of doing business by which a company can generate revenue to sustain itself.
•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.
Fast Company 100 Innovative Companies:
•10 – Nintendo
•9 – Amazon
•8 – AliBaba
•7 – Nokia
•6 – Nike
•5 – IDEO
•4 – GE
•3 – Facebook
•2 - Apple
•1 - Google
The Most Innovative Company in Asia
