Innovation is creation of a viable new offering

I come across Book “Ten types of Innovation  – The Discipline of building breakthrough “- Larry Kelly , Ryan ,Brain , Helen etc.  , while getting some reading done on Innovation and Practical methods to Entrepreneurial Innovations . Book has some breakthrough ideas and concepts which are really worth going through number of times.  Following is direct extra from Book ,  Reproduced here in contemplation that this simple idea can help more people.

“Innovation is creation of a viable new offering

  1. Innovation is not only Invention :    innovation may involve Invention , but it need many more things e.g Deep understanding of whether customers need or desire that invention, how partner network can be formed to deliver it, and how i will be sustainable in long term .
  2. Innovation have to earn their Keep : Innovation have to return values , then only privilege of making another same day. Viability is defined with two criteria : The innovation must be able to sustain itself and return its weighted cost of capital .
  3. Very Little is Truly new in Innovation : “Every living thing comes from living thing” , Most innovations are based on previous advances . Innovation dont have to be new to the world – only to a market of industry .
  4. Think Beyond Products : Innovation should be about more than products. They can encompass new ways of doing business and making money , new systems of products and services , and even new interactions and forms of engagement between company and its customers .

 

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