Sources of Innovation and Goals of Innovation in Various Sectors

Innovation management notes, lecture 10 5 Sources of Innovation: 1. Startup 2. Corporation 3. University 4. Non-profit 5. Government Value of a company = price of stock x amount of stock Goals of Innovation: 1. Product growth from radical invention a. Wireless: transistor (required for phones), packet switching (required for the internet), web 2. Sustainability from incremental invention a. Hybrid car, alternative energy, wireless energy b. Farm, food, and table 3. Change from social invention a. Crowd sourcing: Wikipedia, Kickstarter, and Indigo go b. Triple Bottom Line: Amazon, Warburg Entrepreneurs within a corporate setting: entrepreneurs Social entrepreneurs- motivated by the good they can do instead of by money Tech transfer entrepreneurs: federal labs and federal funding Federal government has a program so that every agency has to allocate 2-4% of its budget to technical startups. 1Definition Innovation Management Innovation has never been as present as it is today, everybody talks about innovation, and innovation is everywhere. But what is innovation and what does innovation management mean? “Innovation" comes from the Latin word "Innovare" and stands for renewal. Forman economic point of view, innovation is something new that brings benefits for an organization or / and for society. Terms that are often associated with innovation are idea and invention. An invention or invention is to be distinguished in so far as it is not yet exploited as a creative achievement of a new problem solution compared to innovation. It is the same with the idea, which is a creative thought something new. In all cases, "new" is always relative. New it can be for this situation, the company or the world. Improvement vs. innovation

Innovation is renewal. Improvement is also the implementation something new, but with a lower novelty degree and it is usually the optimization or extension of existing. The boundary between innovation and improvement blurs. What innovation is and what is improvement, cannot be clearly defined and is also different depending on the viewer. Improvement management has a long tradition in companies. It includes a variety of management methods and approaches to improve existing products, processes and organizations. Innovation management covers all measures to promote and exploit innovations in the company. Not only is the new the focus, but also the benefit of the innovation. The goal is new and improved products, new business models or new processes. Have you already seen our innovation talk on the subject?