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.
