Understand Innovation

Knowledge Sharing:
1. In its purest sense, “invention“ can be defined as the creation of a product or introduction of a process for the first time. “Innovation,” on the other hand, occurs if someone improves on or makes a significant contribution to an existing product, process or service.
2. What made the iPod and the music ecosystem it engendered innovative wasn’t that it was the first portable music device. It wasn’t that it was the first MP3 player. And it wasn’t that it was the first company to make thousands of songs immediately available to millions of users. What made Apple innovative was that it combined all of these elements — design, ergonomics and ease of use — in a single device, and then tied it directly into a platform that effortlessly kept that device updated with music.
3. the key to ensuring that innovation is successful is aligning your idea with the strategic objectives and business models of your organization.
4. smart innovators frame their ideas to stress the ways in which a new concept is compatible with the existing market landscape, and their company’s place in that marketplace.
5. But an idea that requires too much change in an organization, or too much disruption to the marketplace, may never see the light of day.
6. If invention is a pebble tossed in the pond, innovation is the rippling effect that pebble causes. Someone has to toss the pebble. That’s the inventor. Someone has to recognize the ripple will eventually become a wave. That’s the entrepreneur.
7. Entrepreneurs don’t stop at the water’s edge. They watch the ripples and spot the next big wave before it happens. And it’s the act of anticipating and riding that “next big wave” that drives the innovative nature in every entrepreneur.
8. In today’s global economy, there is a constant drumbeat to come up with something “new.” But you don’t need to invent something entirely new to be successful. Invention is wonderful, but you can be very successful if you focus on innovating on something that already exists rather than inventing something entirely new.
9. Japan didn’t invent the car or the TV, but it certainly innovated on them and built world-leading companies and economies.
10. Whereas innovation may be defined as “change that adds value”, invention may be perhaps best defined as something “new, novel and without precedent”.
11. whereas novelty is an essential part of an invention, novelty is not an essential part of an innovation.
12.

Innovation was the product of new combinations, and he proposed five combination patterns: 
1) the production of a new good; 
2) the introduction of a new method of production; 
3) the development of a new market; 
4) the acquisition of a new source of supply of raw materials; and 
5) the emergence of a new organization of any industry.