Your Guide To Reach Innovation

Book excerpt: Why does this book matter? I have spent months thinking about innovation and how to reach it, finding this task challenging to get references that are easy to understand and practice to make innovation. For many people, there is a lot of misconception about innovation and how to develop it, making this book a valuable resource to guide you to reach innovation and specifically answer the following questions: 1. What is the concept of innovation? Innovation is creative thinking and practical creativity to make novel ideas that bring significant value to customers and companies. Innovation comes in a variety of outcomes as new or improved products, invented or upgraded processes, enhancement of customer experience, marketing activities, or breakthrough technology. Besides, innovation is vital to both customers and businesses as it enhances the value propositions, improves product design and usability, reduces costs, and increases customer experience, yet it leads to business profitability and sustainability. 2. What is the framework of innovation? One of the book's merits is designing a comprehensive framework for innovation, explaining four key subjects of innovation: inputs, processes, outputs, and control. This framework enables readers to understand innovation flows and requirements. Innovation inputs include vision, strategy, leadership, resources, system, and disciplined culture. Innovation processes include inspiration, synthesis, ideating and experimenting, and implementation. Innovation outputs cover three spaces relevant to customers, businesses, and technology. Innovation control involves aligning, monitoring and controlling, quality checks, testing, and assessment. 3. What are the types of innovation? There are many types of innovation, although they all share the same concept of innovation attributed to novelty and value advantages. Innovation comes in different types like lifecycle categories, disruptive, incremental, product, process, business model, configuration, customer experience, and open and closed model of innovation. 4. How do you diffuse a business innovation? The diffusion of technological innovation explains how innovation rollouts in the market. In the technology lifecycle, an innovation product begins as a breakthrough technology developed by techies, then diffused to the market as technology products and applications by early adopters. Then, these technology products are transformed into innovation platforms by the early majority, followed by slowing down the growth rate of revenues and reaching maturity, encouraging late majorities to involve sustainable innovation to improve customer experience and operational excellence. Last, the cycle reaches a maturity where laggards involve in renewal activities of innovation. 5. How can you design a business model for innovation? A business model explains how a firm creates, delivers, and captures values. A business model typically identifies three elements: value creation, transaction, and resources. The book discusses various kinds of business models and proposes criteria for the assessment of business models. The book also draws a new business model for innovation that comprises eight business elements: (1) customer segment, (2) customer-value fit, (3) commercializing, (4) activities, (5) resources, (6) partnership, (7) profitability, and (8) measurement. 6. What are the best practices and models of innovation? The book illustrates (29) best practices and models of innovation like lean start-up thinking, blue ocean strategy, business model Canvas, good-to-great thinking, design thinking, job-to-do thinking, SPRINT, open innovation, and more.