Part 1: Innovation Management

What is innovation in simple words?
The process of translating an idea or invention into a good or service that creates value or for which customers will pay. … In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers.
Innovation management:-
Image result for innovation managementInnovation management involves the process of managing an organization’s innovation procedure, starting at the initial stage of ideation, to its final stage of successful implementation. It encompasses the decisions, activities and practices of devising and implementing an innovation strategy.
criteria for issuance of patent by patent office
  • The invention must be statutory (subject matter eligible)
  • The invention must be new.
  • The invention must be useful.
  • The invention must be non-obvious.
  • Novelty. This means that your invention must not have been made public – not even by yourself – before the date of the application.
  • Inventive step. This means that your product or process must be an inventive solution. …
  • Industrial applicability.

Design patents

design patent is a form of legal protection of the unique visual qualities of a manufactured item. A design patent may be granted if the product has a distinct configuration, distinct surface ornamentation or both.

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Image result for product life cycle model example

Self-driving cars are still at the testing stage, but firms hope to be able to sell to early adopters relatively soon. Growth – Electric cars. For example, the Tesla Model S is in its growth phase. … Decline – Diesel cars.

Diffusion of innovations is a theory that seeks to explain how, why, and at what rate new ideas and technology spread. … Rogers proposes that four main elements influence the spread of a new idea: the innovation itself, communication channels, time, and a social system. This process relies heavily on human capital.

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  1. Innovators – These are people who want to be the first to try the innovation. They are venturesome and interested in new ideas. These people are very willing to take risks, and are often the first to develop new ideas. Very little, if anything, needs to be done to appeal to this population.
  2. Early Adopters – These are people who represent opinion leaders. They enjoy leadership roles, and embrace change opportunities. They are already aware of the need to change and so are very comfortable adopting new ideas. Strategies to appeal to this population include how-to manuals and information sheets on implementation. They do not need information to convince them to change.
  3. Early Majority – These people are rarely leaders, but they do adopt new ideas before the average person. That said, they typically need to see evidence that the innovation works before they are willing to adopt it. Strategies to appeal to this population include success stories and evidence of the innovation’s effectiveness.
  4. Late Majority – These people are skeptical of change, and will only adopt an innovation after it has been tried by the majority. Strategies to appeal to this population include information on how many other people have tried the innovation and have adopted it successfully.
  5. Laggards – These people are bound by tradition and very conservative. They are very skeptical of change and are the hardest group to bring on board. Strategies to appeal to this population include statistics, fear appeals, and pressure from people in the other adopter groups.

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Phases of R&D project execution