1. Shuktij Singh 12 Feb 09 Innovation

2. Contents What is Innovation? Idea, Invention & Innovation 3 Steps to Innovation

3. “ Innovation is the profitable implementation of ideas” What is Innovation?

4. An innovation can increase profits on the value side (customers value an innovation enough to pay more for it)… What is Innovation?

5. … or the cost cutting side ( the company produces a product offering in a more efficient way). What is Innovation?

6. Either way value is created for the firm and the customer. “ £¥$€” What is Innovation?

12. "Everyone who has ever taken a shower has had an idea. It's the person who gets out of the shower, dries off, and does something about it that makes a difference.“ — Nolan Bushnell

13. 3 Steps to Innovation :Step 1 Identify a practice that is not working well

14. 3 Steps to Innovation :Step 2 Envisage an approach that may work better

15. 3 Steps to Innovation Step 3 Come up with a short term and usually inexpensive project to test the new approach

16. The problem is never how to get new, innovative thoughts into your mind, but how to get the old ones out . — Dee Hock