Innovation

BIG IDEA There are many different types of innovation.

Innovation vs. Invention Invention is: – The creation of something for the first time Innovation is: – The improvement or significant contribution to something that already exists

“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.”

Categories of Innovation 1.Sustaining Innovation – An evolution of an existing good or service Does not change the market Allows the same companies (or whatever) to compete against one another’s sustaining improvements

2.Disruptive Innovation – Help create new markets and eventually disrupts an existing market Usually results in the displacement of an older technology Improves a product or service in a way that the market does not expect – Aimed at different people – Lower prices in the existing market

3.Process Innovation – Creating a better/more efficient way of creating a product Reduce waste Reduce cost Increase productivity

Your Homework Find three examples (be specific!) of each type: – Have a list ready to talk about/justify each one! – This will stay in your notebook w/ these notes

Innovation Strategies for Design 1.Architectural Innovation 2.Modular Innovation 3.Configurational Innovation What are they? – Simple definition (but surprisingly hard to find!) – Why are they specific to Design? This is a difficult one to answer – it is going to require some reading/thinking!!!