Meeting of the Minds - Inspiring Futures

Meeting of the Minds
at The Saxons Barn
Oakley Green
Windsor
Berkshire
SL4 4LH
Tel: 01753 852904
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Inspiring Futures

Types of Innovation
It is easy to talk about innovation but it seems to mean almost everything new. Hat is important about innovation is that it is about developing competitive advantage. There are several classifications of innovation but this should make things clearer:

Financial innovation

Business model innovation - How you make money e.g. Dell – prepayment before your computer is built

Network innovation - How you work with other companies for joint benefit - outsourcing parts of your business to concentrate on what you are good at

Process innovation

Cultural innovation - Continuous improvement as a way of working for all employees

Employment innovation - Innovation in employment models and compensation – using a part time workforce or an older, more experienced workforce e.g. B & Q

Product/Service innovation

Invention or adaptation - of products from one market to another
e.g. post –it notes -> Flip charts with the same adhesive strips

Customer focused innovation - Inventing new products based on the current or unmet needs of customers e.g Ipod

Bundling products in new or innovative ways e.g. Microsoft Office

Providing services that significantly enhance your offering e.g. Virgin Upper Class

Delivery Innovation

How you get your offerings to market e.g. on line supermarket shopping & home delivery

Brand innovation - this can completely re-position a range of products in a market e.g. Magners cider

Customer Experience - customers identify so closely with the brand that it defines how they feel about themselves e.g Harley David son owner

Over the next few editions of the showcase I will discuss each of these types of innovation in more detail and I would like you to give me more examples from your own business or recommend businesses you deal with.