what is innovation
it is when an invention is made useful and put into the market successfully
the categories of innovation
sustaining innovation: continuously develop a product
disruptive innovation: when something comes that challenges other companies
process innovation: an innovation of how a product is made
innovation strategies for designers
architectural innovation: this looks at the design of a product and innovating it
modular innovation: changing part of the design
innovation strategies for the market
diffusion: how fast a new product is accepted by the market. it can start small and gradually get bigger and well-known
suppression: the slowing down or stopping the product from entering the market
strategies for innovation
act of insight: sudden idea
adaptation: taking solution from one and applying to the other
transfer technology: tech made for one field but can be used in another
analogy: taking an idea from one area and applying it in yours
chance: unexpected discoveries
technology push: tech pushes you to make new products
market pull: the market pulls products out of a market to match what it needs
stakeholder in invention and innovation
the inventor: an entrepreneur + product champion
lone inventors: work by themselves
product champion: know what the market needs and produces a product + becomes the face of it
entrepreneur: take product into market + most likely invest in the company and are CEO
Multidisciplinary approach to innovation:they are the inventor + product champion + entrepreneur all in one.
laggards
the ones who wait until the very end and refuse to buy the product but then eventually do