The Importance of Innovation

What is innovation?

New method, idea generated to solve an issue

New product

the ability to conceive, develop, deliver, and scale new products, services, processes, and business models for customers

e.g. drones

Types of innovation :

incremental innovation

disruptive innovation

adjacent innovation

radical innovation

Current global issues

climate change

lack of education

poverty

gender equality

health

human rights

military conflicts

largest global issue

waste

overconsumption

greenhouse gases

global warming

potential product: reusable materials

Possible research areas

product development

business models

the development of an existing product

marketing

advertising strategies

platforms for target audience

Target audience (user clients)

Teenagers

more knowledge on current trends

problems they face

addiction

stress

unstable mentality

gender neutral

Process

idea generation

process development

prototype development and testing

concept phase

construction

Market

implementation of a new marketing method involving significant changes

product design

packaging

product placement

product promotion

pricing

affordable pricing for teenagers

display

labour

sustainable

circular economy

support ecological, human, and economic health and vitality

materials, size, budget

Value

accountability

creativity

passion

integrity

centered around original thought and knowledge, which unleashes potential and is an integral part of idea generation

Technology innovation

application of new and improved technologies

developing new products, services, or markets that are closely related or “adjacent” to a company's existing offerings, capabilities, or customer base.

leverage existing resources

feedback and adjustments

stress relief toys?

healing/healthy coping mechanism

two sided products

Design specifications

Environment

Function

Aesthetic

Manufacture

Safety

the product must benefit to the environment through reaching sustainable goals or has an effort in solving a global issue

the function must cater to the target audience's needs, and exceeds the functions and purposes of the product itself

the outlook must meet the standards of the target audience in terms of colours, patterns, and texture

the manufacturing process must be cruelty free, green, and sustainable, following the concept of a circular economy

the anthropometric/ergonomic sizes of the product has to be known by testing on the target user to ensure their safety

Every business or company makes a plan for generating profit. They create a model for identifying products and services to sell, the market they want to target and also take into account anticipated expenses.

Business -To- Business Models (B2B)

Business -To-Consumer Models (B2C)

Subscription-Based Models.

On-Demand Business Model.


This stage is often characterized by increased independence, exploration of identity, and the formation of personal values and beliefs. Teenage years are also associated with challenges such as peer pressure, academic stress, and the navigation of social relationships.


There are many challenges facing society today, but some of the biggest ones include climate change, inequality, political polarization, and global health issues.

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