Innovation Strategies
Kodak built the first digital camera — then buried it to protect its film business, and collapsed. In a fast-changing environment, whoever doesn't innovate doesn't survive. In this lesson we'll see what innovation is (and how it differs from creativity), sort its types, and meet the 'innovator's dil
Creativity = coming up with a new idea. Innovation = turning it into real value (idea + applicability + value). There's 'sustaining' innovation (doing the same a bit better) and 'disruptive' innovation (new tech and model that capture a new market) — that's the innovator's dilemma.
- innovation
- Creating added value through new solutions to existing needs, or creating solutions to new needs.
- creativity
- The ability to produce new, original ideas, concepts or solutions. Innovation = creativity + applicability + value.
- technological innovation
- Innovation in the product/service or the production process — improving, renewing, or new technology in what is made and how.
- non-technological innovation
- Innovation in marketing or organization — a new business model, new markets, new working methods or structure.
- sustaining innovation
- Incremental improvement of an existing product for existing customers — 'the same thing, just a bit better'.
- disruptive innovation
- Capturing new markets through new technology and a new business model that break the existing rules of the game.
- the innovator's dilemma
- The tension between investing in improving the existing (sustaining) and disrupting via new technology and model (disruptive).
- open innovation
- Developing innovation through interaction and collaboration with the environment — universities, partners and customers.
