National Seminar on Innovation & Entrepreneurship

What is innovation?
The Concise Oxford English Dictionary

The act of bringing in new methods, ideas,etc.

Peter Drucker

Change that creates a new dimension of performance. Product innovation Vs. Process innovation Incremental Vs. Radical innovation

Why Innovation?
For development and commercialization of new

products/services that replace the old ones and also more effectively satisfy new needs
For development and implementation of new processes that

produce such products and deliver higher quality with lower consumption of resources.
For creation of new organizational structures that make

economic and productive systems more capable of responding to the dynamic evolution of needs.

Innovation and Entrepreneurship Education

Innovation is linked to the specific strengths that the

innovator/entrepreneur brings to bear on the problem to be solved. It is dependent to a large extent on the individuals ability to identify and grasp discontinuities earlier than other people. Any innovative idea, if it is to be taken further and translated into reality in the form of a product, service, process or even organization, needs to have the risks involved assessed in detail. Entrepreneurship education is essential for

Helping with the development of the ability to generate such ideas Developing the ability to assess the risks ( and hence the chances of success) involved.

 It must be noted that innovative ideas are not necessarily the

same as serendipity. An inborn talent bestowed on a chosen few by the merciful Heavens above. While all individuals have creative potential and the ability to be innovative in some field. It is necessary to make specific efforts to turn this potential into expression. Entrepreneurship education plays a major role in developing this skill.

IBM 2008 Global CEO Study

Nearly all CEOs are adapting their business models Two-thirds are implementing extensive innovations. More than 40 percent are changing their enterprise models to be more collaborative. Enterprise of the future is

The System of Innovation

Industry

Government

A system Of the people By the people For the people

The Innovators

Intellectual Capital

The Stake Holders

Innovators

Students at any level/age Working professionals at any level/age Non-working section of society Retired people Government Industry Regular Companies Venture capitalists Intellectual Capital Professors of top universities/colleges Research associates/heads of leading industries Academic scholars Established entrepreneurs / business heads

The Process
Identific ation

Ideas suitable to meet challenges posted by industry Fresh ideas that have potential and need support Companies to filter ideas for suitability. Academic / Research associate to filter feasible, profitable ideas Innovator works closely with company to develop a sustainable proposition Innovator works with research associate to develop a sustainable proposition
Company executes the proposition Venture capitalist / Government Invests in the proposition
Idea at abstract level Sustainable/ profitable proposition

Filtratio n

Transfor mation

Maximiz ation

Government Industry Venture Capitalist

Innovator Government Industry Venture Capitalist

Comparison of top 15 Innovative companies

2009 2010

Apple Google Toyota Microsoft Nintendo

Apple Google Microsoft IBM Toyota

IBM
Hewlett-Packard Rsearch In Motion

Amazon.com
LG Electronics BYD (china)

Continued.
2009 2010

Nokia Wal-Mart Amazon.com Procter & Gamble TATA Group Sony Reliance Industries

GE Sony Samsung Electronics Intel Ford Motors Research In Motion Volkswagen

Methods of Idea Generation

Focus Groups
In this method a Moderator leads a group of 8 to 10 participants through an open, in-depth discussion. The group participants are stimulated by comments from other group members in creativity conceptualizing and developing a new idea.

Brainstorming This type of method allows people to be stimulated to greater creativity. In this of method no criticism is allowed by any group member, quantity of idea is desired.

 Reverse Brainstorming

It is a group method for obtaining new ideas focusing on the negative. Criticism is allowed in this method.
Brain writing

It is a form of silent, written brainstorming. Participants write their ideas on special forms or cards that circulate within the group ,usually of six members. This method gives participants more time to think.
Gordon Method

This is a method for developing new ideas when the individuals are unaware of the problem. This ensures that solution is not clouded by preconceived ideas.

 Free association

This is a method of developing new ideas through a chain of word association. The word or the phrase related to the problem is written down, with each new word attempting to add something new to the ongoing thought processes, thereby creating a chain of ideas ending with a new product idea emerging.
Forced relationship

This is a method of developing new ideas by looking at product combinations. 1.Isolate the elements of the problem. 2.find the relationship between these elements. 3.Analyse the resulting relationships to find ideas or patterns. 4.Develop new ideas from these patterns.

 Parameter Analysis

This is a method of developing new ideas by focusing on parameter identification and creative synthesis. This method deals with analyzing variables in different situation to determine their relative importance. These variables become the focus of the investigation.
Checklist Method

This is a method of developing new ideas through a list of related issues. The checklist can be used to guide the direction of developing entirely new ideas or concentrating on specific idea.
Collective notebook Method

This is a method of developing new ideas by group members regularly recording new ideas in a small notebook.

 Attribute listing

This is a method of developing new ideas by looking at the positives and negatives. This is an idea finding technique that requires to list the attributes of an item or problem and then look at each from a variety of viewpoints.
Big-dream Approach

This is a method of developing new ideas by thinking without constraints. Every possibility should be recorded and investigated without regard to all the negatives involved or the resources required. Idea should be conceptualized without any constraints until an idea is developed into a workable form.

Every idea is not an opportunity

A significant risk that entrepreneurs-to-be run is assuming

that the creative idea they are exploring is necessarily something the rest of the world loves, too.

Business opportunity is therefore assumed to be the same

as their business idea, often only to be met with rejection and disillusionment. It is necessary, once the idea has been developed, to ask oneself these questions

Do I know who will find my idea useful , and more useful

than other alternatives available for satisfying the need My idea aims at? How many such people are there?

Innovation In Gist