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Sources of Innovation, Gabriel Koresy - Coggle Diagram
Sources of Innovation
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• Active users among medical professionals have long been a rich source of medical device innovations.
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• The term 'emerging markets' refers to countries like India, China, Latin America, and Africa.
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• Developing low-cost products and services for these markets has become an important driver for innovation.
• Mass customization is the ability to offer highly configured bundles of non-price factors to different market segments without incurring cost penalties.
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• Mass customization offers a range of options from simple personalization to complete customization.
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• Recombinant innovation is the process of transferring or combining old ideas in new contexts to create new products.
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• Thomas Edison's 'Invention Factory' employed scientists and engineers from emerging industries resulting in cross-over applications of well-known innovations from other sectors.
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• By asking about the meaning of products in people's lives, companies like Apple and Nintendo have created successful products through their design-led approach.
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• Sometimes, innovation is driven by the urgency of a need or the extent of demand.
• Underserved markets can provide opportunities for entrepreneurs to innovate and create new markets.
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• Research and Development (R&D) is a systematic activity that involves generating ideas to provide a steady stream of innovations.
• R&D requires specialist staff, equipment, facilities, and resources targeted at key technological problems or challenges.
• Organized R&D aims to explore and elaborate on trajectories established as a result of occasional breakthroughs.
• The 'knowledge push' model of R&D has a strong track record in producing a steady stream of innovations, especially in the fields of automation and information/communications technology.
• Innovation is a story of occasional breakthrough punctuated by long periods of incremental innovation.
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• There are still plenty of patents being registered around innovation driven by scientific research.
• Prototyping is a crucial step in innovation because it allows for feedback and modification to ensure that the idea meets user needs.
• Prototyping creates a boundary object, offers plurality, allows for learning and emergence, and enables a conversation with a shadowy idea.
• Prototyping has always been an important part of innovation and is especially valuable to entrepreneurs.
• Innovation can arise from extreme environments and users with unique needs that challenge traditional designs.
• Examples of innovations originating from extreme needs include antilock braking systems (ABS) and stealth technology.
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