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3 Types of Innovation

by: Noelle Wiggins

3 Types of Innovation ENTP 102

Marketplace > Drexel University > Entrepreneurship > ENTP 102 > 3 Types of Innovation
Noelle Wiggins
GPA 3.8

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About this Document

You just thought innovation meant creating new stuff? Think again! There are three distinctive types of innovation. The third is what this class focuses on and what every great entrepreneur should ...
Life Strategies 2
Zahed Subhan
Class Notes
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This 3 page Class Notes was uploaded by Noelle Wiggins on Friday February 26, 2016. The Class Notes belongs to ENTP 102 at Drexel University taught by Zahed Subhan in Winter 2016. Since its upload, it has received 27 views. For similar materials see Life Strategies 2 in Entrepreneurship at Drexel University.

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Date Created: 02/26/16
Tuesday, January 12, 2016 Types of Innovation Interfaces - Entrepreneurship does not exist in isolation - Entrepreneurship, innovation, marketing are all connected - Entrepreneurship has linkages that are very important Innovation - Making things better - Pioneering in a field - Creating something new that has value - Iterative improvement - Dictionary: The introduction of new things or methods - In business that means delivering customer value through solutions that meet: new needs • • inarticulate needs • old customer needs in value adding new ways - More effective products, processes, services, technologies, or ideas Better, Cheaper, Faster - You don’t want to be inventing a new wheel - You don’t need to do something that’s rocket science - Inventing something new is not necessary to innovation - Don’t focus your mental energy on something nobody can ever think about - Focus on making something better cheaper faster 1 Tuesday, January 12, 2016 Incremental Innovation - Innovations involve modest changes - These are enhancements that keep a business competitive - Can include new product features or services - Keeps big companies in the game - Requires significant resources to keep generating incremental innovations - Does not mean it’s easy or cost effective - Keeps them competitive - Apple, Samsung, etc. Radical Innovation - Significant advance in technology or service - It should take the company or product into the stratosphere - Should put the company way ahead of the competition - Pharmaceuticals, Tesla Disruptive Innovation - “Make a simpler, more convenient product that will sell for less money and appeals to a new or unattractive consumer set.” - Worse product performance at least in the near term - Bring to a market a very different value proposition than had been available previously - Initially offers substandard performance - Brings to the marketplace a very different complexion than the competition - Uber, Airbnb, University of Phoenix, Napster (Shawn Parker), iTunes 2 Tuesday, January 12, 2016 Large Company Entrepreneurship - Most grow by offering new products that are variants of their core products - 3M- continuous stream of various innovations using their core technology, adhesives. - Rubbermaid- launches a new product every 3 months • Fastest new product development cycle of any company - May also turn to disruptive innovations- attempting to introduce new products into new markets with new customers - Large companies’ size and culture makes disruptive innovation difficult because they’re slow. Seiko Watches - Japanese watch company - Invented the quartz crystal chip so you could buy a watch for $20 - Seiko creates watches that now cost $6000. - Moved into a higher end market - Creating markets and taking market shares Dynamics in Disruptive Innovation - Innovating companies almost always outstrip the ability of customers in any given tier to use it - They overshoot what people want - With a disruption, the dominant firms cannot react - Their every instinct is to go up-market rather than defend the new lower end market that the innovators find attractive - Both disruptive and incremental innovators continue to improve their product or service - The disruptive innovator eventually gets to the point where they’re meeting all the needs of all the customers in that market. 3


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