1. Introduction to Innovation
ISE 432
Introduction to Innovation

2. Kondratiev wave
Cycles consist of alternating intervals between high sectoral growth and intervals of relatively slow growth.
According to the innovation theory, these waves arise from the bunching of basic innovations that launch technological revolutions that in turn create leading industrial or commercial sectors

3. Kondratiev wave
In US, the industries that fueled the long economic expansion after World War II—automobiles, steel, rubber, electrical apparatus, consumer electronics, telephone.
Afterwards, oil shocks” of 1973 and 1979 (oil prices rise enourmously because of OPEC's oil embargo and Iranian Revolution)

4. Innovation - Edison
Early bulbs had such flaws as an extremely short life, high expense to produce, and high electric current drawn, making them difficult to apply on a large scale commercially
Edison envisioned a system which would offer light to all houses, substituting gas lambs by supplying lighting at lower price.
Edison made the light bulb practical and economical.

5. Innovation – Mc Donald's
Standardized the ‘product’
Designed process and tools -
Created standards and training
The first major international fast food restaurant
the first drive-through window