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The Importance of Innovation, Screen Shot 2024-01-14 at 9.23.44 PM -…
The Importance of Innovation
What is innovation?
New method, idea generated to solve an issue
the ability to conceive, develop, deliver, and scale new products, services, processes, and business models for customers
e.g. drones
New product
Technology innovation
application of new and improved technologies
Types of innovation :
incremental innovation
disruptive innovation
adjacent innovation
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
radical innovation
Current global issues
climate change
largest global issue
waste
potential product: reusable materials
sustainable
circular economy
support ecological, human, and economic health and vitality
overconsumption
greenhouse gases
global warming
labour
lack of education
poverty
gender equality
health
human rights
military conflicts
There are many challenges facing society today, but some of the biggest ones include climate change, inequality, political polarization, and global health issues.
Possible research areas
product development
the development of an existing product
business models
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.
marketing
advertising strategies
platforms for target audience
Target audience (user clients)
Teenagers
more knowledge on current trends
problems they face
addiction
stress
stress relief toys?
unstable mentality
healing/healthy coping mechanism
gender neutral
two sided products
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.
Process
idea generation
process development
feedback and adjustments
prototype development and testing
concept phase
construction
materials, size, budget
Market
implementation of a new marketing method involving significant changes
product design
packaging
product placement
display
product promotion
pricing
affordable pricing for teenagers
Value
accountability
creativity
centered around original thought and knowledge, which unleashes potential and is an integral part of idea generation
passion
integrity
Design specifications
Environment
the product must benefit to the environment through reaching sustainable goals or has an effort in solving a global issue
Function
the function must cater to the target audience's needs, and exceeds the functions and purposes of the product itself
Aesthetic
the outlook must meet the standards of the target audience in terms of colours, patterns, and texture
Manufacture
the manufacturing process must be cruelty free, green, and sustainable, following the concept of a circular economy
Safety
the anthropometric/ergonomic sizes of the product has to be known by testing on the target user to ensure their safety
