innovation Flashcards
incremental (sustaining) innovation
small scale improvements to existing things; focus on improving value proposition
ex: new version of Apple’s iPhone release
disruptive innovation
new product/service on new tech which engages existing markets. NOT overnight sensations.
ex: cameras on phone, inferior to digital cameras before, disrupted digital cam industry
objects of innovation
product, process, business model, service (PPBS)
product
development of new product, improvement of existing/new feature to existing product
- driven by tech advancement, change in customer demand
process
implementation of new/improved production or delivery method
business model
creating, adapting, fundamentally changing the way a company delivers value to its customers/generates revenue
- most challenging innovation
- important for firm to be competitive
service
introduces new service or improve delivery of existing services
may combine w/ product offering (groceries delivered to people’s homes)
SCAMPER technique
substitute, combine, adapt, modify/magnify, put to other uses, eliminate, rearrange/reverse
design thinking
1) empathize w/ users: learn and understand who you’re designing for
2) define design problem: identify user needs, focus on design challenge
3) ideate: generate/evaluate creative ideas
4) prototype solutions: turn insights/ideas into tangible products
5) test: evaluate/evolve solutions by gathering feedback by users
Lego Innovation
digital era, demand for legos diminished. centered business on iconic building sets/franchise sets/accept feedback from friends.
open innovative strategy to co-create w/ customers
wicked problems
breakthroughs driven by incorporation of technologies into one another
open innovation
organization doesn’t just rely on internal knowledge, sources, resources, uses multiple external sources to drive innovation
