Week 3 Module 5 Part 2

Week 3 Module 5 Part 2: Innovation & New Product Development

This module provides an overview of what is ‘Innovation’ and how companies develop ‘New Products’ through sustainable innovation and product development processes.

LEARNING OBJECTIVES

a. Describe what is innovation, its types and the drivers of innovation
b. Identify potential customers, use cases, novelty factors for tech like ChatGPT and drones
c. Ability to visualize how an innovation process looks like
d. Describe basic steps to convert an innovation into a product

The topics are arranged as follows

a. Types of innovation – 00:18 |Types of innovation, Examples of New to world, New to country and New to company innovations. Company innovation strategy
b. Innovation process – 10:39 | What does an innovation process look like?
c. Innovation cycles – 13:21 | Innovation cycle, Decisions when product attains maturity and is prone to decline in popularity, Using hype-cycles for technology road-mapping
d. New product development – 17:51 | Converting innovation into product, New Product Development and Launch, Short case study – 3M
e. Reflection point – 29:52 | Studying innovation strategies of companies