Innovation is the process of creating something new that adds value to society. It can involve developing new products, services, processes, or business models. Innovation can be driven by a variety of factors, such as technological advances, changes in consumer preferences, or shifts in the competitive landscape.
- ### Types of Innovation
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There are different types of innovation, including:
- Radical innovation: involves creating something entirely new that disrupts existing markets or creates new ones.
- Incremental innovation: involves making small improvements to existing products or processes.
- Disruptive innovation: involves creating a new product or service that initially serves a niche market but eventually disrupts the existing market.
- Sustaining innovation: involves making improvements to existing products or processes that help maintain a company's competitive position.
- ### Models of Innovation
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Innovation can follow different models, such as:
- Linear model: involves a sequential process of research, development, and commercialization.
- Cyclical model: involves a continuous process of feedback and iteration.
- Open innovation: involves collaborating with external partners to develop new products or services.
- ### Characteristics of Innovative Companies
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Innovative companies share certain characteristics, such as:
- A willingness to take risks and experiment with new ideas.
- A focus on customer needs and preferences.
- A culture that encourages creativity, collaboration, and learning.
- A commitment to continuous improvement and innovation.
- ### Strategies for Fostering a Culture of Innovation
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Companies can foster a culture of innovation by:
- Providing resources, such as funding, time, and expertise, to support innovation initiatives.
- Encouraging collaboration and cross-functional teams.
- Rewarding creativity and risk-taking.
- Creating a supportive and inclusive work environment.
- ### Examples of Innovative Companies and Products
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There are many examples of innovative companies and products, such as:
- Apple: known for its innovative products, such as the iPhone and iPad.
- Tesla: known for its innovative electric vehicles and renewable energy solutions.
- Sinclair C5: an innovative electric vehicle developed in the 1980s that was ahead of its time.
- ### Further Resources
The PDF provides links to further resources for learning about innovation, such as a video and short videos about new inventions. These resources can help individuals and companies stay up-to-date on the latest trends and developments in innovation and product development.
- ## Topic 7 PDF 概述
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本 PDF 文件提供了创新和产品开发的概述。它涵盖了创新的基本原则、创新的类型、创新的模型以及什么使一个创新型公司。
本 PDF 文件提供了进一步了解创新的资源链接，如一个视频和关于新发明的短视频。这些资源可以帮助个人和公司了解创新和产品开发的最新趋势和发展。
- ## Topic 8: Digital Transofrmation and Digital Products
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- Digital Transformation
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- Terms
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- **Digitisation** is the process of converting information from analog to digital.
- **Digitalisation** is the process of using digitised information to make established ways of working simpler and more efficient.
- **Digital transformation** is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements
- **Types** of Digital transformation
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- **Process Transformation** – aims to process such as data, analytics, AI, and any process that can work towards lowering costs and driving operational efficiency in the business.
- **Business Model Transformation** – aims to make fundamental changes in how a business or organization runs which can include personnel, processes, and technology.
- **Domain Transformation** - This area offers a great opportunity to move into a new domain or area that a business may not have explored before by acquiring new technologies.
- **Cultural/Organizational Transformation** -
This is about redefining mindsets, processes, capabilities and skills for a digital world. It’s about driving digital transformation forward through growth initiatives that are grounded in a new culture and way of thinking.
- **Guidelines** for a successful Digital
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Transformation
- Understand your technology
- Embrace Cultural Change
- Consider a new digital business model
- Digital upskilling
- Ensure Collaboration
- Top Management Support
- Digital Product
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- Characteristics
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- no physical form, exist only in the digital realm,
- _intangible_ items delivered _electronically_,
- anything that can be _downloaded_ and _used digitally_ can be considered a digital product,
- sold online or through brick-and-mortar retailers,
- can be easily updated or modified to keep up with changing technology and trends because they're intangible,
- often come with a license that allows a customer to use them in unlimited ways.
- Will everything become digital?
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- In practice, most products and experiences they are part of are _hybrid_.
- **Why** digital products?
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- Customer happiness is how you win in business. Modern customer expectations are being driven by largely digital technology and digital innovations.
- Low investment, (potentially) high returns
- More profitable than physical goods
- No inventory, shipping or rent hassle
- Automated delivery for passive income
- Serve a niche at scale
- Digital products offer unique ways to communicate directly with the customers.
- Digital Project Development
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- Phase 1. **Discovery**: the process of identifying the problem to be
solved, making sure the problem is worth solving, and
envisioning the solution to that problem.
- Phase 2. **Ideate**: The goal is to brainstorm possible solutions to the
problem identified in the discovery phase, creating a
strategy for how to build a product that will solve that
problem.
- Phase 3. **Test**: The testing phase is all about gathering data,
refining and improving your idea, and gathering more data
until you have a sharp idea. The testing phase should
involve at least four steps, known as the lean validation
process
- Phase 4. **Execute**: This stage aims to develop the“most
valuable player” namely the _Minimum Viable
Product (MVP)._
- Phase 5. **Launch**: Once your MVP is ready to go, it’s time to launch. A
digital product launch usually means putting the MVP
on the market and giving customers their first crack at
your solution.
- Phase 6. **Grow**: As refine the digital product into its final form, based on
the feedback from the MVP launch, it’s time to consider
the growth or scaling phase.
- Digital Project Management
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- Terms
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- **Digital Project Manager**: the glue that brings
together many facets of a successful digital product—
- **Developers or engineers** – the people who will code, test and deploy the digital application that will be used by customers.
- **Experts in customer or user experience** who focus on how the product and associated services will be used by the customer, and who create the user interface, services and other interactions with the customers
- **Sales and marketing experts**, who will actually get customers to use the product.
- It is a product description in an embryonic form
- a newly sensed need,
- a newly discovered technology,
- a rough match between a need and a possible solution
- It can be thought of as a hypothesis about how value might be created
- Type
- Ansoff’s growth matrix
- Market penetration
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- **Opportunities** can exist within a business’s existing
markets through increasing the volume of sales
of existing products
- market development
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- **Opportunities** are said to exist for a business’s
products through making them available to new
markets
- e.g. using existing products in new
geographical markets
- e.g. selling your existing products to a new age
group of customers
- product development
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- **Opportunities**: offering new or improved products to
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existing markets
- diversification
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- **Opportunities**: Moving into new markets, potentially with a base
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from your existing product knowledge or
diversification through acquisition of other
companies
- Risk
- The element of risk _increases the further the strategy moves away from known quantities_ the existing product and the existing market
- **Product development** (requiring, in effect, a new product) and market extension (a new market) involve a greater risk than market penetration
- **Diversification** (both new products and new markets) generally carries the greatest risk of all
- Opportunity identification process
- Establish **a charter**
- A **charter** articulates **the goals of the organisation**
(in relation to NPD) and establishes the **boundary
conditions for an innovation effort.** Charters can be
termed as mission statement for a new product.
- Generate and sense **many opportunities**
- Focus has to be both on **internal** and **external** sources of raw opportunities. Some of these are generated:
- Internally
- R&D department
- Externally
- customer
- competitive product
- sales forces
- collab. with universities
- investors
- distribution partners
- other partner companies
- Sense opportunities: Where do they come from?
- Passively
- Proactively
- Document **frustrations** and **complaints** that current **customers** experience with existing products
- Interview lead users, with attention devoted to
- **innovations** by these users and
- **modifications** these users may have
made to existing products
- **trends**
- Systematically gather suggestions from **current customers**
- **Competitors**
- **Transfer** emerging tech.
- **R&D**: _Research_ and _Development_
- **Definition**: to develop new knowledge and apply scientific or engineering knowledge to connect the knowledge in one field to that in others
- Roles:
- **Discovering and developing** new technologies Improving understanding of the technology in existing products
- **Improving and strengthening** understanding of technologies used in manufacturing
- **Understanding research results** from universities and other research institutions
- Areas:
- R&D for existing businesses
- R&D for new businesses
- R&D for exploratory research
- **Screen** opportunities
- Purpose:
- to eliminate any opportunities that are **unlikely to result in the creation of value**,
- to focus attention on the opportunities **worthy of further investigation**
- **not to** pick the _single best opportunity_!
- Approach:
- Web-based **surveys**
- Workshops with **multi-voting**: collaborative sessions or meetings where participants engage in a voting process to prioritize or make decisions on various options or ideas.
- Develop **promising opportunities**
- Details
- customer interviews,
- testing of existing products,
- concept generation,
- quick prototypes,
- estimates of market sizes and growth rates.
- Goal
- resolve the greatest uncertainty surrounding each one at the lowest cost in time and money.
- Select **exceptional opportunities**
- Goal
- select a few that warrant a significant investment in product development.
- Approach:**Real-Win-Worth-it**
- **Real**: Is the opportunity real?
- **Win**: Can you win with this opportunity?
- **Worth** It: Is it worth doing?
- **Reflect** on the result and process.
Ask the following questions:
- **How many** of the opportunities identified came from internal sources versus external sources?
- Did we consider **dozens or hundreds** of opportunities?
- Was the innovation charter **too narrowly focused**?
- Were our filtering criteria **biased**, or largely based on the best possible estimates of eventual product success?
- Are the resulting opportunities **exciting** to the team?
