Article of INNOVATE | INNOVATION types | Sources of INNOVATION | Goals and Failures

1. Presented By –
Srashti Patel
srashtipatel87@gmail.com
[BBA]Bachelor of Business Administration

2. Introduction
 INNOVATE is the idea of introducing something
latest goods or services to the society. And
Innovation is that the practical implementation of
ideas that end in the introduction of latest goods or
services or improvement in offering goods or
services.
 Innovation often takes place through the event of
more-effective products, processes, services,

3. Definition
 In 2009, Baregheh et al. Plant around 60 delineations in
different scientific papers, while a 2014 check plant over 40.
Grounded on their check, Baragheh et al. tried to define a
multidisciplinary description and arrived at the following
description
 “Innovation is the multi-stage process whereby
associations transfigure ideas into new/ advanced
products, service or processes, in order to advance,
contend and separate themselves successfully in their
business”.
 Innovation is said to, but not an equivalent as, invention:
innovation is more apt to involve the sensible implementation of
an invention (i.e. new / improved ability) to form a meaningful
impact during a market or society, and not all innovations

4. Sustaining vs disruptive innovation
 One frame proposed by Clayton Christensen draws a
distinction between sustaining and disruptive
innovations. Sustaining innovation is the enhancement
of a product or service grounded on the known
requirements of current guests (e.g. briskly
microprocessors, flat screen boxes). Disruptive
innovation in discrepancy refers to a process by which
a new product or service creates a new request (e.g.
transistor radio, free crowd sourced encyclopedia, etc.),
ultimately displacing established challengers. According
to Christensen, disruptive innovations are critical to
long- term success in business.

5. Four types model
Another framework was suggested by Henderson and
Clark.
They divide innovation into four types :-
1. Radical innovation: “establishes a new dominant design and,
hence, a new set of core design concepts embodied in
components that are linked together in a new architecture.”
2. Incremental innovation: “refines and extends an established
design. Improvement occurs in individual components, but
the underlying core design concepts, and the links between
them, remain the same.”
3. Architectural innovation: “innovation that changes only the
relationships between them [the core design concepts]”
4. Modular Innovation: “innovation that changes only the core
design concepts of a technology”

6. Non-economic innovation
 The classical description of innovation being limited to the primary thing of
generating profit for a establishment, has led others to define other types of
innovation similar as social invention, sustainable or green invention, and
responsible innovation.
Sources of innovation
 Innovation may do due to trouble from a range of different agents, by chance,
or as a result of a major system failure. According to PeterF. Drucker, the
general sources of innovations are changes in assiduity structure, in request
structure, in original and global demographics, in mortal perception, in the
quantum of available scientific knowledge, etc.
Facilitating innovation
 Innovation by businesses is achieved in numerous ways, with important
attention now given to formal exploration and development ( R&D) for”
advance inventions”. R&D help goad on patents and other scientific
inventions that leads to productive growth in similar areas as assiduity, drug,
engineering, and government. Yet, inventions can be developed by lower
formal on-the- job variations of practice, through exchange and combination
of professional experience and by numerous other routes.

7. Goals and failures
Programs of organizational invention are generally tightly linked to
organizational pretensions and objects, to the business plan, and to request
competitive positioning. One individuals for invention programs in pots is to
achieve growth objects. As Davila etal. (2006) notes,” Companies can not
grow through cost reduction and reengineering alone. Innovation is the
crucial element in furnishing aggressive top- line growth, and for adding
bottom- line results”.
References :-
•https://en.wikipedia.org/wiki/Innovation
•https://youmatter.world/en/definition/definitions-innovation-definition-types-
examples/
•https://hbr.org/2015/12/what-is-disruptive-innovation
•https://digintent.com/what-is-innovation/
•https://www.iimb.ac.in/sites/default/files/pdf/11%20The%20meaning%20of%20l
ife%20and%20innovation.pdf

8. THANK YOU !