1. TYPES OF INNOVATION

2. What does the term ‘innovation’ mean to you?

3. Creative thinking Coming up with innovative ideas ???
Individually, without conferring, write down the name of an everyday manufactured item, fold it up and place it in the bag
Then in groups of 3, pick out two of the papers at random.
Business Ideas_1213_v1 © Peter Jones Enterprise Academy 2013

4. Learning Outcomes Identify and explore different types of innovation
Discover ideas for an innovative product and select ways to improve an existing product
Improve your problem-solving/creative skills by looking at innovating existing business models

5. Different types of innovation
Product innovation:
New product/invention
Market innovation:
Developing an existing product into new area
Business Model Innovation:
Increasing efficiency and developing cost advantage
Business Ideas_1213_v1 © Peter Jones Enterprise Academy 2013

6. Product Innovation
The development and market introduction of a new, redesigned or substantially improved good or service.
Examples of product innovation by a business might include a new product’s invention; technical specification and quality improvements made to a product; or the inclusion of new components, materials or desirable functions into an existing product.
Source:

7. 25 awesome uses for coke from You tube

8. Discussion Name some examples of product innovation iPad Mini car
iPhone
Driverless car
Collaborations – Shampoo and conditioner in one;
Online banking

9. Product Innovation
Identify ways in which the two items chosen could be combined to make a new product.

10. Use ‘SCAMPER’:
S Substitute C Combine A Adapt M Modify P Put to other uses E Eliminate (or Elaborate) R Rearrange(or Reverse)
Creative brainstorming tool for coming up with ways to improve an existing product or service
Business Ideas_1112_v1 © Peter Jones Enterprise Academy 2011

11. Present this to the group
Narrow down your ideas, choosing one that is both innovative and interesting;
Explain and justify your choice to the whole group.

12. Business Model Innovation
What is a business model? Description of means and methods a firm employs to earn the revenue projected in its plans. It views the business as a system and answers the question, “How are we going to make money to survive and grow?”
Business model innovation – how can efficiency be improved or cost savings made?
Source:

13. Discussion Name some examples of business model innovation
Virgin – how it approaches all its enterprises
Easyjet
Shutl
Amazon
Argos
Pret a Manger
Credit card readers to attach to mobile phones

14. Business Model Innovation
In pairs suggest a way that each of these services
can be improved to increase efficiency and develop a cost advantage

15. Market Innovation
The expansion of the total market for a product or company by:
Entering new segments of the target market
Converting non-users into users, and/or increasing usage per user
Entering new geographic markets
Source:

16. Discussion
Name some examples of market innovation
Lucozade

18. What did you learn today?
What are the different types of innovation?
Are the different types of innovation used in isolation?