BUSINESS INNOVATION in the 21st Century

Author: Pravin Gupta

Innovations have become an buzz word in corporate and innovations starts from the day business gets started. The book provides the total framework that organisations could consider to develop and implement framework for Innovation.

The summary of the book in nutshell

# Innovation depends on being creative on the spot. Innovation is applied creativity
#Thinking is classified into Process, Statistical & Innovative
# Main method of innovation are collaboration, Networking & brainstorming
# Innovation requires creativity, but creativity does not necessarily lead to innovation
# Autocratic styles of leadership, rigid bureaucracy and /or highly functional structures can hinder innovation
# Innovation is the creative application of imaginations to meet the needs of the business
# Mind mapping promotes the visualization of ideas and provides a method to expand creativity by balancing the influence of logical evaluation
# CREATES - Combine | Rearrange /Reverse |Exaggerate|Adaptation|Transform|Eliminate|Substitute
#Three basic type of innovation - Incremental | Architectural | Radical
# Innovation on Demand is a process that enables an individual, or a group of individuals, to follow a structured approach to think, discuss and arrive at a set of new ideas that are unique
# Creative thinking are Divergent / Lateral thinking & Convergent / Vertical thinking
# Seven sources of innovation - Flash of genius, Exploiting incongruity or Contradiction, Growth in demand, Changes in demographics or Perceptions and Creating new knowledge - (Drucker)
# CI-3 framework includes - 3 CI : Customer Intelligence, Customer Intimacy, Customer Innovation and 9 approaches - Brand Asset Monitoring |Customer Satisfaction & loyalty measurement | Touch-point Data Management | Customer Blending | Customer Mind mapping | Customer Ecosystem mapping | Innovation Process | Magnet Team | Product Forums
# Four basic tools exist for protecting innovations: Patents | Trademarks | copyrights | Trade Secrets
# CAISH process consist of Conceive |Assess | Invent | Secure | Harvest
# Valuation of intellectual property is calculated using blend of three methods: Cost | Income | Market