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1. What Is Innovation?  Innovation Generally Refers to Changing Processes Or Creating More Effective Processes, Products and Ideas

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1. What Is Innovation?  Innovation Generally Refers to Changing Processes Or Creating More Effective Processes, Products and Ideas VEL TECH HIGH TECH DR.RANGARAJAN DR.SAKUNTHALA ENGINEEIRNG COLLEGE DEPARTMENT OF BIOTECHNOLOGY BT6703- CREATIVITY INNOVATION & NEW PRODUCT DEVELOPMENT UNIT – I PART – A (2 marks) 1. What is Innovation? Innovation generally refers to changing processes or creating more effective processes, products and ideas. Being innovative does not only mean inventing. Innovation can mean changing your business model and adapting to changes in your environment to deliver better products or services. Successful innovation should be an in-built part of your business strategy, where you create a culture of innovation and lead the way in innovative thinking and creative problem solving. Innovation can increase the likelihood of your business succeeding. Businesses that innovate create more efficient work processes and have better productivity and performance. 2. What Creativity? Creativity is nothing but the process of creating something unique and new. Creativity is reaching to innovative solutions, new ideas, unique concepts through brainstorming, discussions and healthy communication among employees. Creativity is defined as the tendency to generate or recognize ideas, alternatives, or possibilities that may be useful in solving problems, communicating with others, and entertaining ourselves and others. 3. What is mean by brain storming? Process for generating creative ideas and solutions through intensive and free willing group discussion. It is a conference technique by which a group attempts to find a solution for a specific problem by amassing all the ideas spontaneously by its members. To brainstorm is to use a set of specific rules and techniques which encourage and spark off new ideas which would never have happened under normal circumstances 4. Basic rules in brainstorming. No criticism: Criticism of ideas are withheld during the brainstorming session as the purpose is on generating varied and unusual ideals and extending or adding to these ideas. Criticism is reserved for the evaluation stage of the the process. This allows the members to feel comfortable with the idea of generating unusual ideas. Welcome unusual ideas: Unusual ideas are welcomed as it is normally easier to "tame down" than to "tame up" as new ways of thinking and looking at the world may provide better solutions. Quantity Wanted: The greater the number of ideas generated, the greater the chance of producing a radical and effective solution. VEL TECH HIGH TECH DR.RANGARAJAN DR.SAKUNTHALA ENGINEEIRNG COLLEGE VEL TECH HIGH TECH DR.RANGARAJAN DR.SAKUNTHALA ENGINEEIRNG COLLEGE DEPARTMENT OF BIOTECHNOLOGY BT6703- CREATIVITY INNOVATION & NEW PRODUCT DEVELOPMENT Combine and improve ideas: Not only are a variety of ideals wanted, but also ways to combine ideas in order to make them better 5. Differentiate between creativity and innovation? Creativity Innovation Creativity is a act of creating new ideas, Innovation is the introduction of something imaginations and possibilities. new and effective into the market. Imaginative process Productive process Creativity can never be measured Innovation can be measured Creativity is related to the generation of ideas Innovation is related to introduce something which are new and unique better into the market Creativity does not require money innovation requires money 6. Process of Innovation. o Idea Generation (Making) o Idea Screening (test) o Feasibility ( Practically) o Implementation ( Completion) 7. Stages of Technological Innovation. Basic research Applied research Development Engineering Manufacture Marketing Promotion Continuous improvement 8. Need of Innovation. For economic growth For the progression of human well-being For competitive advantage Because cost-cutting is not enough anymore Desire for higher business revenues To improve disappointing performance To take advantage of opportunity For a more constant flow of innovation For better returns For business survival VEL TECH HIGH TECH DR.RANGARAJAN DR.SAKUNTHALA ENGINEEIRNG COLLEGE VEL TECH HIGH TECH DR.RANGARAJAN DR.SAKUNTHALA ENGINEEIRNG COLLEGE DEPARTMENT OF BIOTECHNOLOGY BT6703- CREATIVITY INNOVATION & NEW PRODUCT DEVELOPMENT 9. What is creative problem solving? Creative Problem Solving may be defined as a problem solving technique that addresses a challenge or problem in a creative manner. To meet the criteria for solving a problem in a creative manner, the solution should resolve the declared problem in an original manner with the solution being reached independently. This idea generation strategy usually incorporates a team approach. This is owing to the fact that people inside the workplace are allowed to engage in the process of change in their search for creative solutions. 10. Components of Creativity. 11. Problem Solving Methodologies. An organization needs to define some standard of problem solving, so that leadership can effectively direct others in the research and resolution of issues In problem solving, there are four basic steps Define the problem Generate alternative solutions Evaluate and select an alternative Implement and follow up on the solution. 12. What is BCR? A benefit cost ratio (BCR) attempts to identify the relationship between the cost and benefits of a proposed project. Benefit cost ratios are most often used in corporate finance to detail the relationship between possible benefits and costs, both quantitative and qualitative, of undertaking new projects or replacing old ones. VEL TECH HIGH TECH DR.RANGARAJAN DR.SAKUNTHALA ENGINEEIRNG COLLEGE VEL TECH HIGH TECH DR.RANGARAJAN DR.SAKUNTHALA ENGINEEIRNG COLLEGE DEPARTMENT OF BIOTECHNOLOGY BT6703- CREATIVITY INNOVATION & NEW PRODUCT DEVELOPMENT 13. What is idea generation? Idea generation is the most challenging and most rewarding job. It is the long, tedious, difficult task of assembling all the pertinent information, analyzing the problem and searching for some verbal or visual concepts of how to communicate what need to be said. It means establishing a mental idea or picture of the advertisement, commercial or campaign 14. Creative problem solving techniques: TRIZ Mind mapping Brain Storming Edward de Bonos concept of lateral thinking fractionalisation of problem reversal of problem Root cause analysis Hypothesis testing Trial and error 15. Factors influencing technological innovation. Scientific capacity and reporting Technology life cycle Investment scale and level Political facilitator Complementary Technologies Diffusion mode and rate PART – B (16 marks) 1. FACTORS CONTRIBUTING TO SUCCESSFUL TECHNOLOGICAL INNOVATION: Research into the causes of success and failure in technological innovation reveals the frequent presence of a number of factors. The most critical factors are 1. A market orientation 2. Relevance to the organization‟s corporate objectives 3. An effective project selection and evaluation system 4. Effective project management and control 5. A source of creative ideas 6. An organization receptive to innovation 7. Commitment by one or few individuals i. Market orientation: INVENTION – To conceive the idea VEL TECH HIGH TECH DR.RANGARAJAN DR.SAKUNTHALA ENGINEEIRNG COLLEGE VEL TECH HIGH TECH DR.RANGARAJAN DR.SAKUNTHALA ENGINEEIRNG COLLEGE DEPARTMENT OF BIOTECHNOLOGY BT6703- CREATIVITY INNOVATION & NEW PRODUCT DEVELOPMENT INNOVATION – To use – the process by which an invention or idea is translated into the economy Thus for an invention to become an innovation, it must succeed in the market place. However, the linking of R&D and marketing in a meaning partnership poses one of the most serious practical barriers to successful technological innovation. Two major problem areas are: Communication difficulties between technologists and marketing managers Company organizations which hinder effective communication between them A survey was conducted with 175 research directors and senior research managers who were attending the courses at University of Bradford. Of these 72% of the members referred to communication barriers between marketing and R&D. No other factor was mentioned more than 20%. Approaches to resolve this problem: Development of mutual understanding through educational programs Framing organizational structure in such a way that it fosters closer collaborations or avoid the creation of formal barriers to cooperation Movement of people from R&D to market Ensure that the formal objective is set by the managers of marketing for the development of new product by R&D Involvement of both in the formulation of corporate and R&D strategies and in project selection and evaluation decisions ii. Relevance to the organization’s corporate objectives: In formulating the corporate strategy, attention should be paid to the organization‟s own capabilities relative to the threats and opportunities which have been identified in the business environment. Some potential new products may appear attractive, but they may be inappropriate for development by a particular company because it may not have sufficient resources or does not wish to enter or extend its operations in certain markets. Thus it becomes more difficult for management at low level to relate their decision making to the objectives of top management. iii. An effective project selection and evaluation system: Much attention should be focused on project selection and evaluation techniques because this is the most critical decision area for any R&D management. The techniques available range from simple checklists to sophisticated quantitative analysis. The manager
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