Script Business Innovation

Day 1

What is business innovation and why is it important?

Although the term is often used to describe the latest technology, the true definition of
business innovation refers to driving revenue
Most companies know they must innovate to keep up with the market’s pace of change. With
technological advances disrupting all industries, companies must innovate in order to stay
relevant and not be left behind.
In fact, innovative companies are rewarded not only for being ready for the future, but also
with top talent and increased consumer demand.

But what does “business innovation” mean, exactly? And what are some examples of it in
practice?

What is business innovation?

Business innovation is when companies implement new processes, ideas, services, or
products with the goal of boosting the bottom line. It could mean launching new and
improved products or services (which can lead to higher revenue), making an existing process
more efficient, or solving a current business problem (both of which cut down on costs and
save time). A business focus on brainstorming, design thinking, or the establishment of
an innovation lab can drive business innovations. The key element of innovation is that it
drives revenue for the company.
What business innovation is not
Innovation has become such a hot topic that its true meaning is often lost in the noise. While
some use it as a catchall buzzword for simply using the latest technology or making change
for change’s sake, the definition of “innovation” is limited to changes to the core business of
an organization that leads to growth.
Why is business innovation important?

Innovation offers companies four main benefits:

1. Getting ahead of potential disruption
When done right, business innovation takes stock of where the market is going due
to potential disruptors or changing consumer demands. Businesses use that information to
make strategic changes and to entice internal employees to be entrepreneurial. Those changes
can include building a product or service similar to what new startups are making, buying it
from others in the industry, or partnering with the upstarts (known as the “buy, build, partner”
model).
2. Increased efficiency

A lot of business innovation happens by making existing business processes less costly, less
time-consuming to complete, and more sustainable. Those changes save time and make it
easier for an organization to adapt to industry shifts with agility, which cushions against
volatility and risk.

3. Talent attraction and retention

More than ever, employees—particularly millennials and Gen Z—want to work for mission-
driven, fast-moving companies that they believe have a bright future.
4. Brand perception

Consumers are more willing to buy from companies they perceive to be innovative and
socially conscious.

Examples of business innovation across industries

Legal
The traditional way of doing legal work involves manually sifting through thousands of
documents. Now digital tools, such as software from the startup Legal, help lawyers do that
more efficiently, so they can focus on higher-value tasks.
Transportation
This industry impacts almost everyone and contributes as much as 29 percent to greenhouse-
gas emissions in the U.S. The seriousness of the problem has led to innovative solutions such
as electric cars and micromobility solutions such as electric-scooter rental service Bird.
Finance
Fintech has transformed the way people handle money. Rather than standing in line to make
deposits, open a bank account, or invest, people can now do that securely wherever they are,
directly from their smartphones.
Education
Online classes and educational software companies mean students—whether they be
teenagers or mid-career employees looking to transition—can access educational
opportunities. A host of startups, including Flatiron School, offer those services.
Insurance
Digital tools have changed how customers interact with their insurance companies, making it
easier to find what they need and file claims. Health-care innovator Oscar Health, for
example, has an app with personalized concierge teams to help members find a doctor,
navigate costs, and access free, 24/7 telemedicine services.
Consumer
Supply chains have evolved due to a trend to manufacture more sustainably. In addition,
companies now offer more sustainable products in response to consumer trends. Spare Food
Co., for example, transforms food waste into new products, and Loomia embeds technology
into wearable textiles.
Types of business innovation

Business innovation can, but doesn’t have to, involve the creation of a new product or
service. There are many examples of innovation in business, including:

Product innovation

Creating a completely new product that’s adjacent to a business’s core offering. Think of
Dyson extending into hand dryers or Apple launching the smartphone.

Process innovation

Designing a new way to be more efficient in the core business. Examples of this include
Amazon using robots in the warehouse, or Chase Bank implementing mobile check deposit.
Business model innovation
Introducing a new way of making or saving money, such as Zipcar launching car-sharing
subscriptions, or Rent the Runway offering a subscription service for clothing rental.
Delivery innovation
Implementing a new way of interacting with customers. This happens when a company
like Zappos puts customer service first, or Tesla makes it possible to buy cars online.
These types of business innovation enable companies to become more efficient, forward-
thinking, and hopefully more profitable. The good news for companies is that there are
practical steps to jump-start innovation.
That could involve aspects like updating their office space, or creating forward-thinking and
collaborative innovation labs. Or it could be implementing internal innovation programs to
tap into the creative energy of their employees, and surface and execute the best ideas. Learn
more about how to drive innovation in the workplace.
Day 2
What is Business Process Innovation and How Can It Improve Organisation and
Efficiency?

How your business works matters. With competition at an all-time high and emerging
technologies transforming industries from the ground up, taking stock of day-to-day
processes and operations is essential to sustainable continuity and growth.

So, how do we achieve this? One way is through business process innovation – a concept
whereby continuous improvement drives efficiency, cost-cutting, and growth throughout your
organisation.

Here, we’re taking an in-depth look at process innovation, showing you how it works, what
its benefits are, and how to implement it as part of your broader management strategy.

What is Business Process Innovation?

Business process innovation is the introduction of new technologies, methodologies, or

strategies within an organisation. It’s designed to improve and enhance operations, whether
by solving problems, resolving pain points, or improving the efficiency of day-to-day
processes.
The concept of process innovation isn’t new, but in recent years, many businesses have
adopted such a method as part of their broader management strategy. This formalised
approach has developed in the wake of digital transformation, with rapidly emerging
technologies and evolving techniques requiring businesses to adapt to changing industry and
operational trends.

Due to the game-changing nature of business process innovation, such a strategy requires
careful consideration and planning before any new techniques, technologies or best-practice
guidelines are implemented. Successful process innovation hinges on competent onboarding
and robust buy-in, with all personnel up to speed and prepared for the incoming changes.

Generally, business process innovation differs from other forms of innovation (e.g.,
incremental innovation) in that it seeks to make sweeping and lasting change to how a
business operates. This is why planning and execution are vital, with process innovation
capable of transforming not only how a business operates, but its culture, structure, and long-
term ambitions too.

What Are the Benefits of Process Innovation?

Business process innovation can bring a multitude of benefits, with the potential to positively
influence both individual performance and the fortunes of the wider business. Indeed, such
innovation is only brought onboard when such benefits are accounted for and guaranteed, so
business leaders can feel assured that the right steps are being taken to ensure continuity,
enhancement, and growth.

Below, we consider some of the key benefits of business process innovation.

Efficiency and Performance Improvements

Without question, one of the greatest benefits associated with business process innovation is
the efficiency improvements it can afford your operations. Whether in manufacturing,
logistics, procurement or marketing and sales; introducing innovative new processes can lead
to marked increases in efficiency throughout your organisation.

Process innovation enhances efficiency in a couple of ways. First, it seeks to automate

processes and controls that are resource-heavy, freeing up time that can be reallocated within
individual business functions. Second, it solves problems and irons out pain points,
accelerating workflows and making day-to-day tasks simpler.

Cost Reduction

For many companies, the main driver of business innovation centres around cost reduction.
With greater efficiency and resource utilisation, a reduction in cost is a welcome by-product –
helping you curtail spending in specific areas of your operation.

Improved efficiency and reduced expenditure not only mean more bottom-line profit; it’s a
great enabler for growth. Reallocate recovered costs to new areas of your business, and you
can launch new ventures or invest in the latest technologies to push your business further.

Continuity and Competitiveness

Whether it’s part of your formal business strategy or not, innovation is a prerequisite of the
modern industry landscape. As digital transformation accelerates and disruptive start-ups
continue to emerge, businesses can easily be left on the backfoot if they fail to innovate in
line with industry best practice.

Not only can business process innovation help you maintain a competitive edge, it’s also an
effective means of ensuring long-term continuity and business health. Efficiency, growth, and
a productive workforce are all signs of good business wellbeing, and innovation can play a
part in supporting all three.

This is by no means an exhaustive list of the benefits of business innovation. The advantages
you can expect will depend on the scope of the innovations implemented, as well as your
industry and business size.
Planning Business Process Innovation: Why It’s Important and Things to Consider

Effective business process innovation doesn’t happen naturally; nor does it happen without
the appropriate planning, implementation, and onboarding. As touched on earlier, process
innovation requires major changes to how your business operates, so a considered approach is
vital to get the results you’re looking for.

Here, we offer a few practical tips on planning for business process innovation.

Assess the Competition

What are your competitors doing well and what are they doing poorly? Have any new
businesses emerged within your industry that have broken the mould and taken a different
approach?

Getting the measure of your competitors is a vital step in business innovation. Not only can it
inspire you to embrace solutions you may not have considered, but it’s also an essential step
in maintaining competitiveness and ensuring you don’t fall behind the market leaders.

Consider Market and Industry Trends

Digital transformation has triggered a period of rapid change within every sector, so there’s
almost certainly new trends and developments that you have overlooked. Of course, you
know your industry better than anyone, so be sure to stay abreast of the latest news and
goings-on to ensure your business is ready to respond.

Use the insights this research throws up to inform your innovation strategy. How can the
changes you make as an organisation help you adapt to changing market trends? Whether that
means embracing remote working or introducing new technologies to your logistics chain;
broader industry developments can have a big impact on how your business innovates.
Risk and Value-Assess Your Proposed Business Innovation Strategy

Making major changes to how your business operates can be daunting, so you need to be sure
any innovations you introduce will bring tangible value. To do this, we propose risk assessing
every element of your innovation strategy, listing the pros, cons and potential hiccups of all
changes taking place within your business.

For example, how might introducing new technology within your sales team affect
productivity and performance? In the short term, you may see a drop off as the team get used
to the new programme, but with time the system should bring long-term value. Be mindful of
the bigger picture and consider how risk balances with value.

Communicate with Personnel, Teams and Stakeholders

It’s crucial that you secure buy-in before proceeding with business innovation. Stakeholders,
partners, teams, and individual personnel will want to hear about any prospective changes,
and how new process innovation will affect their day-to-day work as well as the broader
business.

Communicating your plans is essential to the smooth and efficient onboarding of new
processes, innovations, and technologies. Within departments where roles may change as a
result of innovation; clarity, transparency and an assured approach can help ease any
disruption and anxiety surrounding the incoming innovations.

A Final Word on Business Process Innovation and ERP Software

Successful business process innovation hinges on having the right tools and platforms to
carry the business forward and maintain continuity. ERP software is particularly effective in
this regard, offering modular applications and scalable functionality that can be customised in
line with your changing business requirements.

At Intact, our Intact iQ ERP solution is an ideal partner for businesses seeking to innovate
and enhance their operations. With the flexibility to grow alongside your company, our
flagship ERP platform can accommodate continuous improvement and changing demands –
giving you an indispensable portal through which to control every aspect of your evolving
business.

Day 3

What is the definition of innovation?

In short, innovation is doing something different to create value. Business innovation refers
to the process of introducing new ideas, methods, products, or services that result in
significant improvements or advancements within an organization.

Innovation often involves transforming creative ideas into new solutions that drive business
growth, improve efficiency, and meet customers’ changing needs while improving decision-
making and problem-solving across the organization.

Think about Tesla’s commitment to putting the first electric vehicle on the road in 2008, or
Google’s introduction of a search engine in 1998. Each innovation was unheard of at the time
and represented a major paradigm shift.

Even if modern businesses don’t innovate at this same level, innovation is still crucial in
today’s world. Not only does it offer the potential for increased profit, but it can also create
new jobs and increase customer trust. Your brand may develop better public recognition, and
current workers may discover increased efficiency or productivity.
What benefits does business innovation bring for you?
While this isn’t an exhaustive list, we wanted to give you a better idea of how innovation can
impact your organization. A few benefits of innovation for both old and new business models
include:

 Gain a competitive advantage. Innovation can help you develop unique products and
services that set you apart from competitors. Over 80% of digitally mature
companies cite innovation as one of their core strengths.
 Meet customer demands. Sixty-five percent of fast-growing companies say
they collaborate with their customers on potential innovations. Businesses that try to
better understand and respond to customer needs through ongoing innovation do a
better job attracting new customers and retaining existing clients.
 Drive business growth. You’ll position your company to better identify and seize new
opportunities. You may also create opportunities to diversify revenue streams or
expand into new markets.
 Increase efficiency and productivity. Innovation can result in increased productivity as
you find ways to improve existing processes, streamline operations, and implement
new forms of technology.
 Better equipped to deal with changes. Rather than reacting to changes that catch you
off guard, you’ll be better prepared to identify emerging trends and anticipate shifts in
the market in advance.
  Attract and retain talent. You can create an environment that engages your workers
and results in higher levels of job satisfaction and employee retention. Many top
companies give their employees a designated amount of time each week to work on
product innovations.
 Promote resilience and sustainability. Your business will be equipped to navigate
economic downturns and changing consumer behavior.
Even if your innovation doesn’t produce each of these potential effects, even two or three
outcomes can provide a boost to your business. As we continue, we’ll discuss different types
of innovation and their specific benefits.

What are the different types of innovation?

Not all innovation processes are identical. Innovation can take on different forms, and we
dive into a few of the most common examples.

Incremental innovation involves making small, incremental

improvements to existing products, services, or processes. While it
may not result in the creation of a new product or fresh concept, it can
enhance value creation and produce a positive impact.

The shaving company Gillette understands the importance of

incremental improvement. While major product overhauls are
Incremental
uncommon, the company is always looking for ways to improve its
innovation
razors. When the company finds ways to make incremental product
improvements that produce slightly better razors, it becomes slightly
more profitable at the same time.

A great example is when the company switched from the Mach3 razor
to the Fusion razor by proposing the new product as a better shaving
solution.

Radical Radical innovation usually involves making a major breakthrough or

innovation invention that creates a new market or significantly changes an
existing market. These innovations are more noticeable and represent a
higher-risk, higher-return pursuit.
 Apple’s decision to bring the iPhone to the market in 2007 is a great
example of radical innovation. At the time, the iPhone represented the
combination of three unique products: a mobile phone, a touch-screen
iPod, and a portable connective device enabling users to access email,
web browsing, and navigation while on the go.

Fast-forward to today, when over 120 million Americans own an

iPhone.

Disruptive innovation creates a new market or value network that

displaces an existing market or value network. Rather than introducing
a new product to serve an existing market, disruptive innovation
represents the creation of an entirely new market that disrupts the
status quo.

Disruptive Netflix introduced a disruptive innovation when it decided to take its

innovation DVD-by-mail business to the next level by providing online streaming.
At the time, people received DVDs by mail or picked them up from a
local service.

Everything changed when Netflix decided to pivot to online streaming.

Now, the video streaming market is projected to grow to over $100
billion within the next five years.

Architectural Architectural innovations make major changes to a product or service’s

innovation architecture to attract new markets and consumers. In other words, it
repackages an existing product, service, or idea to fill a new need or
attract a fresh clientele.

Although smartwatches existed in different forms prior to the Apple

Watch, September 2014 represented a major development in the
industry as Apple brought its first wearable technology to the market.
 Since its inception, the Apple Watch has surpassed giants like Rolex in
the watch industry. The Apple Watch represents an architectural
innovation because it incorporates existing smartphone technology into
a different form.

Innovation is anything, but business as usual.

—ANONYMOUS

Real-world examples of successful innovation

We’ve discussed a few examples of successful innovation in the business world, but here are
a few more noteworthy examples of innovation:

Expensive SMS services once dominated

electronic
communication. WhatsApp changed the
Whats game by introducing a secure messaging
App platform for [Link]
hatsAppanyone with a smartphone and an
internet connection. This is a great example
of radical innovation.

Gavi exists to save children’s lives through

broader access to essential immunizations.
By targeting product innovations and a single
Gavi
improved framework, Gavi drove its
incremental innovation efforts forward and
achieved a deeper level of impact.
 Mercedes-Benz made the decision
to prioritize digital product development in
its manufacturing efforts. The incremental
Merced
innovation resulted in a significantly
es-Benz
sh[Link]
innovation cycle and a rise in the company’s
overall efficiency rate.

This international insurance company made

the decision to offer incentives to company
Discov leaders. The organization used a semiannual
ery divisional scorecard to incorporate multiple
Group forms of innovation into its culture and
heartbeat and mobilize the entire company
around the same goal.

Salesforce came to market in 1999 as an

internet customer relationship management
(CRM) service. The company foresaw the
Salesfo future by establishing a cloud-based system
rce that could operate at a minimal cost with
businesses of all sizes. Salesforce’s radical
innovation continues to produce a positive
impact to this day.

10 tips for business innovation

You now understand the importance of business innovation, but you may still have questions
about how to make innovation a reality within your organization. We offer some tips that can
help make your innovation more effective and beneficial.
1. Create a culture of innovation
Businesses should create a culture where employees feel empowered to share ideas,
experiment, and take calculated risks. Team leaders should talk openly and regularly about
the value of continual improvement.
It may help to shift conversations about new ideas away from potential roadblocks and
financial sacrifices. Instead, innovative conversations should focus on potential possibilities
and the impact of innovative ideas on the organization.

2. Understand customer needs

Better understanding your customers’ needs (and desires) can equip you to serve them better
and longer. You can best understand customer needs by making a habit of collecting regular
feedback, conducting market research, and engaging with customers to uncover insights and
identify innovation opportunities.

Consider crafting a customer needs statement that concisely defines your ideal client’s exact
needs.

3. Encourage cross-functional collaboration

Encourage diverse perspectives and interdisciplinary collaboration to promote fresh ideas.
Take steps to break down silos and create channels for cross-functional knowledge.
As you do this, establish a centralized communication method or standard and encourage
regular dialogue so all team members are on the same page.

4. Allocate resources for innovation

In addition to money, time is a great resource to invest. Along with research and development
budgets, set a predetermined amount of time for employees to pursue new ideas and
methodologies. You must also decide which tools and technologies are necessary for your
team to reach the next level.

5. Embrace continuous learning

Employees who continue to grow and stretch are better positioned to contribute to the
company’s ongoing innovation and development. Provide opportunities for employees to
gain new skills, attend training programs, and participate in workshops or conferences.

Encourage employees to stay updated on industry trends and best practices. Consider setting
aside time to ask employees what they’re learning and how it might benefit the organization
as a whole.

6. Promote risk-taking and accept failure

Innovation often doesn’t happen without risk. Major innovations like the iPhone and
Netflix’s streaming service could have easily failed, but these organizations didn’t let the
potential danger keep them from moving forward.

Foster an environment where employees feel safe to take risks without the fear of harsh
consequences. Celebrate successes and failures, and consider what you can learn from each
event.

7. Seek external perspectives

If you never take time to listen to outside voices and perspectives, you’ll miss out on a wealth
of helpful information. Collaborate with external stakeholders, industry experts, consultants,
or startups to gain new perspectives.

Explore partnerships, joint ventures, or acquisitions. Adopt a humble posture in

conversations, and be willing to challenge your preexisting beliefs.
8. Set clear innovation goals
Align goals and objectives with the overall business strategy and communicate them
throughout the organization. Consider using the SMART goal framework to create
measurable and actionable goals.

Another best practice is to choose key performance indicators (KPIs) or specific metrics that
reflect the type of progress you hope to make.

9. Encourage idea generation and evaluation

If you want your employees to develop new ideas, give them the time and space necessary to
cultivate new thoughts. Promote idea generation by holding brainstorming sessions,
innovation workshops, or suggestion boxes.

Have a platform for employees to submit and collaborate on ideas, and ensure each team
member feels comfortable and safe when it’s time to share their perspectives or thoughts.

10. Celebrate and recognize innovation

Reward innovative achievements, highlight the individuals and teams behind them, and
showcase their impact on the organization. This will encourage future collaboration and
participation among your team and allow your organization to mark progress and reflect on
the company’s growth and development.

Day 4

How does innovation contribute to the success of a business?

People who innovate can help foster success in business as they enable companies to create
new products, improve existing ones and move the industry forward. Innovation can be
anything from a new idea to a completely disruptive product or service. It can also take many
forms. It's not just about creating something new, but it's also about doing things better than
before, such as improving existing processes. Executives direct innovation towards finding
strategies for making a product more efficient and finding entirely new products or services
for customers.
The world of innovation is transforming. There are many factors for this change, including
the rapid evolution of technology, the influence of globalisation and the rise of social
entrepreneurship. These changes significantly pressure organisations to innovate. It is what
drives companies to stay competitive. Innovation takes place through different channels, such
as new product development, business model and customer experience innovation.

Why is innovation important to startups?

Innovation enables startups to differentiate themselves from their competitors and take big
strides in marketing. It also allows them to develop and grow in new directions. Innovation
gives them better chances of survival and growth. What makes innovation so important for
startups is that they may do better when not following the example of similar businesses in
their industry. Startups innovate to attract investors and talented team members with a
creative vision of the future.

3 business innovation models

Businesses often look for ways to innovate and stay relevant in the marketplace. Here are
three models companies consider when implementing innovation efforts:

1. Revenue-model innovation

Revenue-model innovation is a term that refers to exploring the different avenues of

generating revenue. It means thinking differently about how you are going to reach your
customers and developing additional revenue streams. For example, the rise of digital use and
technology has created additional ways in which businesses can coax customers to buy their
products or services.

Related: How to be a great innovation manager (with skills and tips)

2. Business-model innovation

Business-model innovation became popular at the beginning of the 21st century. Today, there
are many examples of companies using innovative new models to stay relevant and
competitive in their industries. Businesses are deviating from the traditional top-down
structures, giving employees more autonomy and avoiding micro-management. This fosters
creativity at all levels.
3. Industry-model innovation

When we think of an industry, we often think of the products and services it offers, such as
automotive, food service and finance. Industry-model innovation is all about observing how
an industry operates as a whole to see what improvements are possible. For example, with the
rise of financial technology, banks have been one of the first to offer continuous innovations
in servicing customers and collecting data.

Considering innovative processes

Innovation is a tool for developing new ideas and moving your company forward. There are
certain factors to consider before deciding whether embarking on an innovation plan is right
for your company:

 Financial considerations: When businesses invest in innovative projects, they

budget their costs. Sometimes a project is successful and other times it becomes a
learning experience.
 Commercial considerations: The project might attract the consumer interest it needs
to thrive or provide insights on how to adjust for the next venture.
 Operational considerations: Sometimes the project can run with a small team. At
other times, innovative projects require large teams, including incorporating people
from other areas in the organisation.

Related: A guide to the innovative process and how to develop one

How can you foster innovation?

There are many ways to foster innovation. A successful option is to set innovation goals. This
allows for team creativity and keeps the organisation striving for what is new and different.
When more creative thinkers gather within an organisation, it gives others the chance to
foster their own ideas or at least to be a part of implementing someone else's. Innovation can
be a time-consuming prospect and it's usually a group of ideas, instead of only one, that lead
to success. There are several other ways to foster innovation, including:

 Providing a creative space for a team to work

 Having time to think in the workplace
  Encouraging people to take risks
 Using technological tools that encourage creativity and collaboration
 Offering leniency with deadlines
 Developing and creating diverse teams
 Automating repetitive tasks
 Encouraging open conversations about likes and dislikes in the company

How does a company drive innovation for continuous value creation?

One way to create sustainable value through innovation is to have a clear and cohesive
strategy that links all your processes and functions together. It is also helpful to make sure
that the innovation is sustainable by adding value to the company. It starts with understanding
your company's vision and goals and ensuring that they align with the innovation process.
This alignment provides a framework for the innovation process, prioritising what matters
most to the company and its stakeholders. This way, you can create long-term solutions that
stay relevant for many years as processes continue to change. Stakeholders are a part of
development strategies and management utilises their input to keep innovative projects in
accord with overall business aims. Innovation needs oversight from those who understand the
goals of the business.

The importance of innovation in everyday life

Innovation is a part of everyday life and adds to societal betterment through various methods.
Some of these are technological innovations like smartphones and social innovations like
crowdfunding platforms. The evolution of the Internet and technology affects our lives. As
society develops, innovation has helped to change the world by improving communication,
encouraging collaboration with others on projects, increasing access to information and
providing opportunities for remote work. Innovation can make life more interesting and
fulfilling by improving the environment, reducing hunger, solving problems in education,
making society safer and allowing people to live productive lives.

Day 5

31 amazing Examples of Innovation

Innovation that excites - 31 examples for your inspiration
Product Innovation Examples

Edible insects
‍Ynsect is a company working on one of the world’s greatest problems: feeding the global
population. At Ynsect, they believe that the answer to this problem is incorporating insects
into the human diet. Leaders in coleoculture - the farming of beetles - Ynsect has developed
innovative ways of bringing insects to the table. Highly nutritious and environmentally-
friendly to produce, insects are believed by many to be the food of the future.

Landing on the dark side of the moon

The world’s first lander and rover on the dark side of the moon is China’s Chang’e-4 Yutu-2.
It landed in 2018, and because of its position on the dark, airless side of the moon, it is in an
ideal place for scientific applications such as radio astronomy.
Oat milk
Though mainstream now, oat milk started in the 1990s with the Swedish company Oatly, the
original oat milk innovators. Today they are present in 20 European and Asian countries.
Oatly has created many products from the fiber-rich, planet-and-human-healthy oat: from
milk to custards to matcha lattes, they have you covered.

‍
Passenger-carrying drone
‍This is truly innovation that excites: The Chinese startup EHang has created the world’s first
passenger-carrying drone, an eco-friendly mode of transportation for short and medium-
length journeys. It uses autonomous flight technology, meaning that the passengers do not
have to worry about controlling the aircraft themselves. The drone can also land anywhere,
making it suitable for urban transportation.

Wrinkle-free suits‍
The Ludlow Traveler Suit from J Crew is a simple product designed to solve a simple
problem: it is a suit that remains wrinkle-free throughout your travels, allowing the wearer to
travel from the plane, the train, or the bus straight to a meeting without changing. The suit is
made from Italian three-ply wool, and has received raving reviews in GQ.

VR/AR
‍Holoxica is a Scottish VR/AR company that makes Star Wars style hologram technology
most often used for medical purposes. The first company to make truly 3D technology,
Holoxica aims to end the “Zoom fatigue” we experience every day by communicating
primarily in 2D.

Business Model Innovation Examples

From a single purchase to a subscription model
‍Microsoft Office 365 transformed its services from a one-off purchase to a subscription
model, thereby collecting more revenue over the long-term.

Why do Subscription Business Models Work?

From a single purchase to a rental model
‍Rolls Royce transformed their airplane engine sales from a single-purchase to a rental model.
This allows Rolls Royce to access lower income airlines, who couldn’t afford to buy their
engines previously.

The leading fast fashion business model

‍Fast fashion brand Zara has a highly-innovative business model for the fashion industry.
They have a vertically-integrated supply chain, which makes them highly flexible and agile,
allowing them to quickly capitalize on market trends. They also undergo very little traditional
marketing, instead setting up shop directly beside the high fashion stores they mimic to
ascertain their relevance.

Transforming the video industry business model

‍Netflix took over the video rental industry in 1997 as a DVD-rental and delivery service.
They didn’t need to pay the same massive operating fees as Blockbuster, because they had no
bricks and mortar stores. The company disrupted the video industry further with their
streaming launched in 2007, making DVDs functionally irrelevant.
How does Netflix' business model work?

Green Innovation Examples

A city covered in plants
‍The world's first forest city is in Liuzhou, China, a highly-polluted region that houses 30,000
inhabitants. Every building in the city is covered in plants, and it will eventually be home to
40,000 trees and one million plants. A CO2-absorbing and oxygen-producing machine, the
forest city was designed by Stefano Boeri Architetti to combat the intense smog of the
Guangxi province.

A garbage net for the ocean

‍The Ocean Cleanup is a non-profit working to remove plastic from the ocean and recycle it
into useful products. They use passive ocean technology that moves with the currents to pick
up plastic in an energy-efficient manner. Founded in 2013, The Ocean Cleanup aims to rid
the ocean of 90% of legacy plastic - plastic found on the surface of the water - by 2040.

‍
The Smog Free Tower in Rotterdam

A pollution vacuum
‍The Smog Free Tower is a giant pollution vacuum that cleans 30,000 cubic meters of air per
hour, and uses the smog collected to create the Smog Free Ring. The innovating organization,
Studio Roosegaarde, has more recently created the Smog Free Bicycle, a bike that sucks up
dirty air and uses the power exerted by the rider to transform it into clean air for them to
breathe.

An artificial sun
‍The Experimental Advanced Superconducting Tokamak is the world’s first artificial sun, and
a potentially-revolutionary green energy source.

‍
An industrial-scale solar panel
‍State-owned organization CEPEP in China has created the world's biggest floating solar
plant in Anhui Province. Finished in 2018, the solar plant covers 140 hectares of ocean, and
is set to power 21,000 households per year with electricity.

Edible cutlery
‍Bakeys, a company started by Narayana Peesapaty, invented edible cutlery made from dough
wheat, jowar, and rice powder. Rich in nutrients and fully-functioning as cutlery, the idea
with the cutlery is to simultaneously support jowar growers and reduce plastic cutlery waste.

Check out the Microlino Prototype

Electric bubble cars‍

The Microlino is a small electric bubble car that uses 65% less energy to transport its drivers,
60% less energy to produce, and 50% fewer parts than conventional cars. It was created
by Micro Mobility Systems, a Swiss company that makes low-carbon cars and scooters for
city-dwellers. The scooter equivalent to the Microlino is the Microletta, created with the same
principles in mind.

‍
Plants from pencils
‍Sprout Pencil is an international company making pencils that you can plant after use and
watch grow into a number of different herbs and flowers.

Saving odd fruit from the garbage

‍Oddbox is a London-based company that rescues weirdly-shaped produce from the farms that
cannot sell such produce to grocery stores. They then sell this odd produce in boxes as a
subscription service to Londoners.

Waste incineration
‍The award-winning Shenzhen East Waste To Energy Plant in China can incinerate 5,000
tonnes of waste every day, and produce 550 million kWh of energy every year.

Open Innovation Examples

Open digital innovation
‍Samsung is one of the largest companies renowned for using open innovation to create new
products. They use a 4-pronged approach, collaborating with top universities, overseas
research centers, suppliers, and global consortiums.

Open-source DNA coding

‍The United Genomes Project is an excellent example of open innovation used in the medical
field. It is an open source genetic database in Africa. The idea, developed by Geoffrey Siwo,
is that different medical innovations react differently to different DNA, and the open source
information allows medical professionals to create more specialized products.

Customer innovation at Lego

‍Legendary open innovator, Lego uses its Lego Ideas and Creator 3-in-1 platforms to bring
customers exactly the Lego packages they want. Lego will also let you build your own game,
or submit a product idea.
‍

Teaching hard skills

‍General Assembly is an online and on-campus school that uses open innovation to deliver
programs dedicated to bringing real-life work learnings to individuals by creating a
community and transforming their offering to teach students the most relevant skills of today.
They also connect young professionals to companies looking to hire.

Messaging with personal bots and stickers

‍Telegram is a platform that allows individuals to message each other and create their own
bots and stickers to use when communicating. This enhances the user experience by making
it more creative.

Digital Innovation Examples

A platform to protect musicians’ rights
‍Amuse is a Swedish digital platform working to fix the music industry by distributing music
from their artists for free to all major streaming services while simultaneously protecting their
rights, ensuring that they receive 100% of their royalties and masters.
A platform for travel-lovers
‍Culture Trip is a travel company that posts tons of content about the best experiences all over
the world, with a focus on helping travelers discover authentic cultural spots. They send their
employees all over the world to discover and write about the best travel experiences, meaning
that their advice can be taken to heart.

Software to help fashion companies match supply with demand

‍Unmade is a global Saas company that helps sportswear brands create custom clothing for
their customers. By ensuring that supply directly matches up with demand, Unmade can help
transform the fashion industry by adding value to every garment and minimizing waste.

A platform to evaluate code

‍HackerEarth is an Indian company founded in 2012, and it allows IT companies to connect
with and evaluate talent by automatically evaluating the code they create. This allows tech
companies to hire more quickly and without biases. HackerEarth is used primarily in India
and the US.

An exclusive travel platform for women

‍Women have long struggled to travel solo safely, and Golightly is the first company to
develop a digital solution to the problem. Essentially AirBnb exclusively for women,
Golightly ensures that women can travel safely and enjoyably.
The gym from home‍
Now famous after its takeoff during the pandemic, Peloton is a subscription-based at-home
boutique fitness innovation. The pre-recorded workouts and equipment combine the social
aspects of in-person fitness classes with the convenience of working out from home. Peloton
has been dubbed by The Independent as “the future of fitness.”

Day 6

What is creativity and innovation management?

Put simply, creativity and innovation management is the act of balancing creativity and
innovation in your workplace.

Fueling creative thinking can be a difficult endeavor, especially in a work environment.

Creativity doesn’t always come naturally, and it’s not uncommon for staff to feel stuck at
times, especially when there are approaching deadlines and additional stress factors. Solution
ideation 一 another term for coming up with a new idea and solutions 一 and managing
creativity can be difficult tasks.
That’s where innovation management comes in. Using tools designed to help foster creativity
and encourage innovative ideas, the best innovation management techniques can help you
solve problems, including those that you’ve been putting off for ages.

A word about creativity and innovation: they may seem like similar concepts, but there is a
significant difference between the two due to their focus. Creativity is typically centered
around original thought and knowledge, which unleashes potential and is an integral part of
idea generation. Innovation, on the other hand, is used to turn the creative idea that you come
up with into a viable solution. Hand in hand, they are powerful ways to disrupt and adapt, and
to create the next great idea, which is increasingly important in today’s ever-changing world.

How do I brainstorm creative ideas?

If you’re looking to encourage new ideas from your team, try these methods to start:

 Rapid ideation: Everyone in a group writes down as many ideas as possible within a
set time limit. Brainstormers won’t be able to self-censor as easily with the element of
speed. None of these ideas have to be fleshed out or thought through 一 even scraps or
fragments are fine. Generating the bad ideas can open the door for good ones. This
can be done to get the juices flowing.
 Brainstorm using different mediums and settings: Some people find that they can
brainstorm better when it’s on colorful sticky notes, and others find that they can get
their ideas out better with a whiteboard and a handful of dry-erase markers.
Encouraging the creative process collectively in different settings, using various tools.
Brainstorm individually and with a group. Learn hands-on brainstorming techniques
with Stanford’s Introduction to Design Thinking and Innovation at Work content and
find out what works best for your team.
 Figure storming: Pick a famous person and try to guess how they would solve the
problem that you’re facing. By doing so, you’ll be able to approach your problem
from a different perspective.
 Starbursting: Identify who, what, when, where and why in regards to the problem.
By understanding the problem inside and out, you’ll have a better time finding a
solution for it.
How to create an innovation process

So your team has a bunch of new ideas, what’s next? There are a few steps that you can take
to build a good problem-solving method and become a master of creativity. The following is
an example of an innovation process step-by-step.

1. Encounter a problem that needs to be resolved.

2. Define the problem correctly.
3. Choose a brainstorming activity to spark your creativity.
4. Gather relevant material and work through it, considering different solutions and
approaches that you can take to solve the problem.
5. Discuss your idea with your teammates to gauge its viability.
6. Walk away from the problem before returning to it.
7. Start implementing your idea.

This is just one example of a creativity and innovation process. Practice it with your team to
see what drives innovation for you. You can tweak the process, inserting different steps or
designing a different process that works better. Design thinking, the experimental-
based, solution-process, might work for you and your company. With time you’ll be able to
start bringing your idea to fruition quickly and efficiently.

Does innovation start with creativity?

Naturally, innovation cannot happen without creativity.

Only with creative ideas can one truly innovate and implement solutions that work. Coming
up with creative innovation is a matter of actively finding this inspiration. Once you’re able
to start coming up with creative solutions to your problem, many find that this skill quickly
lends itself to leadership roles with ease.

Because of how linked entrepreneurship is with creativity and innovation management, a

large number of people who practice design thinking go on to be entrepreneurs. Many
students in our online Creativity and Design Program find that there’s a natural transition
between it and the Innovation and Entrepreneurship Program.
The Creativity and Design Thinking Program teaches you how to build a creative practice
and grow your creativity via ideation, empathizing, prototyping and seeking inspiration.
Logically, what follows is the Innovation and Entrepreneurship Program, which teaches
students how to lead using those innovations and collaborative teams. Students bring what
they learn in those classes and implement them to drive those innovations as well.

The ability to think, create, and implement creative solutions takes practice. Sharpening the
creative potential within your organizational innovation development can be led through
implementation processes. Creativity can indeed spark innovation, and innovation can, in
turn, motivate entrepreneurship.

Day 7

What’s the Real Difference between Creativity and Innovation?

By Sarah Stone

Published on: June 16, 2022

In today’s fast-paced and ever-evolving world, the terms creativity

and innovation are often used interchangeably. However, there is
a key difference between creativity and innovation that can have a
significant impact on business success. Creativity involves
generating original and unique ideas, while innovation is about
implementing those ideas to create value. Understanding these
distinctions is essential for organizations and individuals looking to
remain competitive in their respective fields. In this article, we will
explore the difference between creativity and innovation and
examine how they can be leveraged to drive growth and progress.
Whether you’re a business leader or an aspiring entrepreneur, this
article will provide valuable insights on how to harness the power
of creativity and innovation to achieve success.

Creativity and innovation are often seen as interchangeable.

However, while they overlap, they’re different in key ways. Here’s
how to understand the differences and apply them in your
innovation strategy.
Creativity Vs. Innovation
Creativity is the act of conceiving something new, while.
Innovation is the act of putting something into practice. Creativity
is thinking up the idea of flying into space. While innovation is
building the rocket.

One follows the other, and the two usually nest within each other
as well; creativity inspires us to improve the rocket we’re building
or use it in new ways. We often even use the terms
interchangeably. Look at how often a new invention is called both
“innovative” and “creative.” The “space dividend” from a host of
parts and materials created to solve a particular problem yielded
research and ideas that allowed people to go to new creative
heights, then put those heights into practice. If you use a memory
foam bed, scratch-resistant sunglasses, take a picture, or put an
LED light into a lamp, you’re the beneficiary of the creativity and
innovation of NASA and other space agencies.

Can there be innovation without creativity? Simple curiosity can be

a driver of innovation, and trying things to see what happens has
yielded rewards in the past. However, innovation is strongest when
it’s directed toward a goal. Creativity helps you find the goal. While
innovation allows you to reach it. So, how do you use this
intellectual waterfall?
The Flow of Innovation
Creativity should be key in the goal stages of your innovation
program. Keep in mind that goals don’t have to include vast,
world-spanning approaches. Say you have a creative vision to
reinvent the car. Along the way, you’ll likely have to reinvent all
the systems within the car and you’ll have to apply creativity each
step of the way, then innovate to reach your goal.

You’ll be using creativity constantly during your innovation

process. It may be used as a way of solving problems, or it may be
a way of reframing the problem. Electric vehicles are a good
example. Electric vehicles can be built on a “skateboard” platform,
so models are experimenting with “frunks” (trunks in the front),
“crawlspaces” to hide safety gear, and even swappable frames.

Creativity has even led to rethinking transit itself. There are

concepts like folding cars that can be “popped” open, cars with
spherical tires that do away with parallel parking, and so on.

The difference between creativity and innovation lies in their

definitions and applications. Creativity refers to the ability to come
up with original ideas, while innovation involves implementing
those ideas to create value. Understanding these distinctions is
crucial for businesses and individuals looking to stay competitive in
a constantly evolving market. By leveraging both, organizations
can generate unique and valuable solutions that set them apart
from competitors. As such, cultivating a culture of creativity and
innovation is essential for success in today’s business landscape.

Remember the key difference between creativity and innovation.

Creativity lets you think of new goals to reach, while innovation
lets you reach those goals and find new ones.