Innovation happen when an Idea is implemented to create an impact. It has three element: 1. Idea 2. Implementation and 3. Impact (Profit Companies – Higher Revenue or Lower Cost and Non-Profitable Companies – Other Criteria's of measurement)

1. Summary by Deepak Soni

2. WHAT IS INNOVATION
• Innovation happen when an Idea is implemented to create an impact.
• It has three element:
1. Idea
2. Implementation and
3. Impact (Profit Companies – Higher Revenue or Lower Cost and Non-
Profitable Companies – Other Criteria's of measurement)
‘Once your mind stretches to a new level, it never goes back to its original
dimension’ ………… A.P.J. Abdul Kalam

3. TYPES OF INNOVATION
• Innovation classified into different types - Magazine businessweek uses are :
1. Process
2. Product
3. Customer Experience and
4. Business Model
Difference between Invention and Innovation –
• Every invention does not becomes an innovation
• Research in US shows that its only 5% of inventions covered into
innovation

4. MYTHS OF INNOVATION
1. Innovation begins with
Creativity
2. Innovation is smooth linear
process
3. Innovation is about risk-taking
1. Innovation begins with
Curiosity
2. Innovation is iterative and the
outcome of a series of
experiments.
3. Effective Innovation involves
risk-taking, assessment and
mitigation.
MYTHS REALTY

5. THREE GOALS OF IDEA MANAGEMENT SYSTEMS
TWO VILLANS
First is “Resistance to Change” and Second is “Prediction Disability”

6. THEME 1: BUILD A PIPELINE
1. Lay the Foundation 2. Create a Challenge Book
3. Built Participation
PAIN
New generation of
bike riders wanted
more than
transportation:
power & style at a
reasonable cost
WAVE
Young, male
employees with
disposable income
far away from
home
WASTE
Powerful bikes
consumed too
much fuel (solved
by DTSi technology)

7. THEME 2: IMPROVE THE IDEA VELOCITY
1. Experiment with Low Cost at
High Speed
2. Go Fast from Prototyping to
Incubation
3. Iterate on the Business Model

8. THEME 3: INCREASE THE BATTING AVG
1. Built an Innovation Sandbox 2. Create a Margin of Safety

9. MEASURING PROGRESS…