Innovation Guide
A guide to the innovation process for established and upcoming innovators in Western Australia;
- Providing information on Business Planning; Project Management; Intellectual Property; Grant Applications; Market Research and Marketing.
- Setting out the key elements for developing and managing innovation.
In his book "The Age of Innovation", Felix Janszen defines innovation as being:
- a new technology (T);
- a new application in the form of a new product, service or process (A);
- a new market or market segment (M);
- a new organisational form or a new management approach (O); or
- a combination of two or more the above.
Innovation is subjective, which means there are different
interpretations of what is innovative: often it is in the eye of
the beholder.
All innovators share a common challenge in taking an idea forward
and persuading one or more parties that the idea is innovative,
distinctive and warrants interest.
The ultimate test is the market: unless people are prepared to use
the product, service or process that emanates from the innovation,
then it may not go anywhere. This often occurs with technically
based innovation that doesn?t take off because either market or
economic conditions are not conducive to the innovation being
produced or used e.g. it may cost too much to produce, which could
outweigh the benefit ? why would people buy it?
Type of
Innovation
In economic terms, innovation can be considered to be the
application and commercialisation of new ideas emanating from new
business processes, products or services. Ultimately, it serves to
create wealth through the fulfilment of customer needs.
Innovation is not necessarily a brand new idea: many organisations
continually innovate to maintain a competitive edge, or to develop
new markets, or reduce the cost of production through innovative
processes. Innovation is also about improving productivity and
being more efficient.
There are other types of innovation, such as social innovation, environmental innovation, educational innovation, and so on.
Within the different types of innovation, the innovation process will invariably need to recognise different types of innovation.
Degrees of
Innovation
Degrees of innovation typically fall between marginally innovative
and highly innovative. Wealth creation does not necessarily require
highly innovative ideas to be successful? many entrepreneurs have
been successful with products or services that others may deem
ordinary by comparison. Therefore, marginally innovative ideas can
be as equally successful as highly innovative ideas and may even
represent lower risk.
There is a correlation between the degree of innovation and the
risks and rewards.
Key Elements for developing and managing innovation
This guide considers the following key elements:
- Business Planning »»
- Project Management »»
- Intellectual Property »»
- Grant Applications »»
- Market Research »»
- Marketing »»
