Harvard Business Review On Innovation: ARPIT SHARMA-01416603909
Harvard Business Review On Innovation: ARPIT SHARMA-01416603909
Harvard Business Review On Innovation: ARPIT SHARMA-01416603909
On
INNOVATION
Applied Research
Invention
Development
Production
Marketing
The Innovation Process
• An innovation starts as an idea/concept that is evaluated,
refined and developed before it is applied or acted upon.
• Innovations may be inspired by reality (known problem).
The innovation (new or improved product development)
process, which leads to useful technology, requires:
– Research
– Development (up-scaling, testing)
– Production
– Marketing
– Sale
– Use/Consume
• Experience with a product results in feedback and leads to
incrementally or radically improved innovations.
Innovation – What is it?
Invention
• The adoption of an
innovation by similar firms
• Usually leads to product or
Innovation process standardization
• Products based on imitation
often are offered at lower
prices but with fewer
Imitation features
New/Improved Product Development