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INNOVATION (Areas of innovation (Science (Physical (Engineering, Quantum…
INNOVATION
Areas of innovation
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Social
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Transport
eg. to increase carrying capacity of MRT during peak hours, foldable seats were introduced to allow more passengers to board trains
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definition
new ideas, methods or products (change and alternatives) :
4 types of innovation
architectural innovation
taking technology/processes from one market and applying it to another market, low risk method as it relies on already proven technology (eg. NASA invented soft spring foam for space ships which is then applied in medical fields such as mattresses)
radical innovation
gives birth to new industries and swallows existing ones (eg. revolutionary technology such as airplanes)
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incremental innovation
most common form, utilises existing technology to increase value to consumers in existing markets (eg. adding new features, removing certain features)
disruptive innovation
applying new technology/processes to the current market, harder to use initially as it is still developing, disrupts current systems and processes (eg. iphone as the first non button phone, Uber/ Grab disrupted taxi industry)
Value of innovation
Increasing trends of globalisation, migration and interdependence has created an increasing need of new processes/ products. Innovation can blur the boundaries between different markets (eg. how bike-sharing innovation merged the finance and recreation industries) and create more opportunities in terms of employment and further innovation
On a basic level, innovation enables one to improve the quality of life either by solving a problem or enhancing current systems or processes
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