Business
This page detail critical Business perspective of startups.
Innovation
Innovation from wikipedia
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services.
Innovation often takes place through the development of more-effective products, processes, services, technologies, art works[3] or business models that innovators make available to markets, governments and society. Innovation is related to, but not the same as, invention:[4] innovation is more apt to involve the practical implementation of an invention (i.e. new / improved ability) to make a meaningful impact in a market or society,[5] and not all innovations require a new invention.[6]
Technical innovation often manifests itself via the engineering process when the problem being solved is of a technical or scientific nature.
"Innovation is the multi-stage process whereby organizations transform ideas into new/improved products, service or processes, in order to advance, compete and differentiate themselves successfully in their marketplace"[8]
In an industrial survey of how the software industry defined innovation, the following definition given by Crossan and Apaydin was considered to be the most complete, which builds on the Organisation for Economic Co-operation and Development (OECD) manual's definition:[7]
Innovation is production or adoption, assimilation, and exploitation of a value-added novelty in economic and social spheres; renewal and enlargement of products, services, and markets; development of new methods of production; and the establishment of new management systems. It is both a process and an outcome.
- Sustaining vs disruptive innovation
Four types model
Another framework was suggested by Henderson and Clark. They divide innovation into four types;
Radical innovation: "establishes a new dominant design and, hence, a new set of core design concepts embodied in components that are linked together in a new architecture." (p.11)[21]
Incremental innovation: "refines and extends an established design. Improvement occurs in individual components, but the underlying core design concepts, and the links between them, remain the same." (p.11)[21]
Architectural innovation: "innovation that changes only the relationships between them [the core design concepts]" (p.12)[21]
Modular Innovation: "innovation that changes only the core design concepts of a technology" (p.12)[21]
Non-economic innovation: The classical definition of innovation being limited to the primary goal of generating profit for a firm, has led others to define other types of innovation such as: social innovation, sustainable or green innovation, and responsible innovation
definaton of Innovation
Innovation is truly a confusing buzzword which many people love to hate.
Even amongst the group of industry insiders here who teach and author books on innovation methodologies, case studies and thought leadership, there was a huge variety between the responses.
Make changes in something established, especially by introducing new methods, ideas, or products (Oxford dictionary)
Executing an idea which addresses a specific challenge and achieves value for both the company and customer
Creativity is thinking of something new. Innovation is the implementation of something new.
An innovation is a feasible relevant offering such as a product, service, process or experience with a viable business model that is perceived as new and is adopted by customers.
Turning an idea into a solution that adds value from a customer’s perspective
The application of ideas that are novel and useful. Creativity, the ability to generate novel and useful ideas, is the seed of innovation but unless it’s applied and scaled it’s still just an idea.
pythontutor.com(VISUALIZE CODE EXECUTION)work that delivers new goodness to new customers in new markets, and does it in a way that radically improves the profitability equation.
the implementation of creative ideas in order to generate value, usually through increased revenues, reduced costs or both.
something new or different that delivers value to the world, with the key criteria that I’m not innovating if I’m not bettering people’s lives. Put simply, it is the future delivered.
the fundamental way the company brings constant value to their customers business or life and consequently their shareholders and stakeholders.
I define the innovation process as a great idea, executed brilliantly, and communicated in a way that is both intuitive and fully celebrates the magic of the initial concept. We need all of these parts to succeed. Innovative ideas can be big or small, but breakthrough or disruptive innovation is something that either creates a new category, or changes an existing one dramatically, and obsoletes the existing market leader. We can obsolete ourselves or someone else, and it can be ‘sexy’, or address a basic human need – both the iPad and disposable diapers qualify for me. But it needs to either create a new market, or radically change an existing one.
exampmples in the wild
- examples of innovation in my OWN Experience
- clorox toilet wand
- Rainbird sprinkler timer (UI/UX innovation)
- Redbox dvd rental, automated key copy machine
What is the Innovation here
Recent startup innovations
- apna.co : a) blue color workers are pre-screened by the company, allowing to cut down employer interview time by 70% ; b) workers chat each other on online forum and trasmit work oopertunities.
- Tosast.com : just pay a montly fee, have a restarurant/fastfood setup done (ordre taking, payments, order tranmit to kitchern) ; you just need to manage one thing that is COOKING.
- Gusto / Rippling : setup Payroll, HR, Benefits for a company in days not months; cut ongoing maintanance by 80% ; for Employer and HR Staff
why start a business
- steve jobs video
- Gary Tran video series ....
- the PRODUCT guru : Shyaesh twitter threads