Innovation in Business - Business & Keynote Speaker Vikas Jain (English)
666 بار بازدید -
6 سال پیش
-
Innovation Explained in Simple Words
Innovation Explained in Simple Words by Keynote Speaker Vikas Jain
More information available at: http://vikasjain.org/business-innovat...
This talk primarily has two sections
1. Deeper understanding of Innovation covering What, Why, How and
2. Focusing specifically on Event Industry
In the fast changing environment, there are victims of change and winners because of change. The primary attribute of winners is Innovation.
Hence to Innovate, it needs an aspiring body language and mindset.Thus, people first need to imbibe the right mindset required for innovation.
Then we need to deeply understand the what, why, how of Innovation. So let’s take it one by one.
What is Innovation?
To understand it better, we can take help of etymology rather than remembering the definition of the word as the world focuses on the root of the word. Innovation is "introduce as new" from Latin word innovatus. Also we can just focus on “Nov” which has close parallelism with “nav”, sanskrit word for “New”. Hence to understand it in simple words, we can say Innovation is constant pursuit of doing something “new”.
Why Innovation?
In this world, we have only two choices, to innovate or not to innovate. Some of the reasons for not to innovate could be additional efforts required to get into the process of “innovation”. But if we think from different perspective, both choices require “additional efforts”. In the case of “choose to innovate”, we need to put additional efforts to create the disruption which has the potential to create industry leaders. On the other hand, “choose not to innovate” may not have immediate action items. But as market would definitely change, people and businesses who choose to innovate take the lead and acquire major chunk of opportunities. Only residual opportunities are left for “people who choose not to innovate”. Hence these secondary people, need to put in efforts later on for their survival in the market.
How to Innovate?
To understand How to innovate, first we need to understand the famous S-curve of innovation. As per this, if we take time and efforts on X-axis and Growth & value on Y-axis, Innovation is found to be following the s-curve
1. During the initial phase, even after putting the efforts there are marginal or no value generated
2. After some time, during the middle phase, we get to see the desired growth and value as per the efforts
3. In the last phase, innovation get to the maturity and again the value generated from the innovation starts minimizing.
So some people might think that they would first reap the benefits of first innovation and only when it gets to the maturity phase, they would start working on second innovation. But if we observe closely it leads to a phase where first innovation has matured and stopped generating value and second innovation is still in the initial phase and not generating any value. To avoid such lean period, we should follow the other approach where second innovation is started while we are in the growth phase (phase 2) of first innovation. In this manner, by the time first innovation reaches the maturity phase, second innovation is already getting into “Growth Phase”.
Two Strategies of Innovation:
Incremental and Disruptive
Incremental innovation is when we make comparatively minor improvements in current flow of work on regular basis.
Disruptive Innovation is the one which changes the paradigm itself and lead to major improvements.
More information available at: http://vikasjain.org/business-innovat...
This talk primarily has two sections
1. Deeper understanding of Innovation covering What, Why, How and
2. Focusing specifically on Event Industry
In the fast changing environment, there are victims of change and winners because of change. The primary attribute of winners is Innovation.
Hence to Innovate, it needs an aspiring body language and mindset.Thus, people first need to imbibe the right mindset required for innovation.
Then we need to deeply understand the what, why, how of Innovation. So let’s take it one by one.
What is Innovation?
To understand it better, we can take help of etymology rather than remembering the definition of the word as the world focuses on the root of the word. Innovation is "introduce as new" from Latin word innovatus. Also we can just focus on “Nov” which has close parallelism with “nav”, sanskrit word for “New”. Hence to understand it in simple words, we can say Innovation is constant pursuit of doing something “new”.
Why Innovation?
In this world, we have only two choices, to innovate or not to innovate. Some of the reasons for not to innovate could be additional efforts required to get into the process of “innovation”. But if we think from different perspective, both choices require “additional efforts”. In the case of “choose to innovate”, we need to put additional efforts to create the disruption which has the potential to create industry leaders. On the other hand, “choose not to innovate” may not have immediate action items. But as market would definitely change, people and businesses who choose to innovate take the lead and acquire major chunk of opportunities. Only residual opportunities are left for “people who choose not to innovate”. Hence these secondary people, need to put in efforts later on for their survival in the market.
How to Innovate?
To understand How to innovate, first we need to understand the famous S-curve of innovation. As per this, if we take time and efforts on X-axis and Growth & value on Y-axis, Innovation is found to be following the s-curve
1. During the initial phase, even after putting the efforts there are marginal or no value generated
2. After some time, during the middle phase, we get to see the desired growth and value as per the efforts
3. In the last phase, innovation get to the maturity and again the value generated from the innovation starts minimizing.
So some people might think that they would first reap the benefits of first innovation and only when it gets to the maturity phase, they would start working on second innovation. But if we observe closely it leads to a phase where first innovation has matured and stopped generating value and second innovation is still in the initial phase and not generating any value. To avoid such lean period, we should follow the other approach where second innovation is started while we are in the growth phase (phase 2) of first innovation. In this manner, by the time first innovation reaches the maturity phase, second innovation is already getting into “Growth Phase”.
Two Strategies of Innovation:
Incremental and Disruptive
Incremental innovation is when we make comparatively minor improvements in current flow of work on regular basis.
Disruptive Innovation is the one which changes the paradigm itself and lead to major improvements.
6 سال پیش
در تاریخ 1397/05/19 منتشر شده
است.
666
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