Innovation Process - MIT ID Innovation

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What is the Innovation Process? Importance,
Steps, Types and Examples MITID Innovation
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How amazing it is being able to form ideas and
concepts through the genius of the human brain.
This process is termed as the Innovation Process.
The most interesting thing about innovation is,
in fact, being able to turn an idea into a
successful project. However, the innovation
process is a complex process.
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What is Innovation
The Innovation Process is the structure that
ensures your innovation team has novel ideas and
the ability to successfully implement them. With
the innovation process, you have a strategy that
compels you to drag it all the way to the finish.
It also increases the efficiency of actions, as
it places innovation that is continuous.
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Importance of the Innovation Process

• Ensures business survival Some companies have
  been on the market for years and, therefore,
  remain in their comfort zone. Meanwhile, other
  businesses are investing in the Innovation
  Process to meet the current needs of the
  consuming public.
•  

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• Organizes internal processes Innovation
  management creates an organized environment with
  practical methods that bring consistent results,
  which are essential for a successful company in
  the long run.
• Motivates employees The culture of innovation
  listens to the external public and is also always
  attentive to the opinions and ideas of its
  employees.

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Steps Involved in the Innovation Process
Organizes internal processes Innovation
management creates an organized environment with
practical methods that bring consistent results,
which are essential for a successful company in
the long run.  Motivates employees The culture of
innovation listens to the external public and is
also always attentive to the opinions and ideas
of its employees.
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• Generating new ideas It is essential to involve
  employees, customers, and the general public to
  understand the market better and get good ideas.
•  Evaluation Not all the ideas raised are worth
  implementing. So it is vital to evaluate and
  select the best ones. This process must be
  executed with transparency and clear feedback.
•  Experimentation Remember to evaluate a series
  of questions Is the new product accepted by the
  customer?

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• Give the team time to execute experiments and
  evaluate the results of the experimentation
  stage.
• Marketing Your main job at this stage is to
  convince your audience that the Innovation
  Process is good for them. In short, it is
  necessary to demonstrate the benefits in
  practice.
• Monitoring of innovation A company must follow
  up on the idea that was implemented.

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Types and Examples

• When tackling the prospect of innovation, a
  company must entangle itself in the web of types
  of innovation. Ensure you are heavily equipped to
  tackle the kind of innovation you choose to
  explore.
•  Product innovation It seeks to bring something
  unprecedented to the public, such as new features
  and functions.

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• Example The creation of a product never seen
  before can create a new market ( television,
  smartphone etc.) or the updates that Apple makes
  to the iPhone each year.
•  Service innovation It also seeks to offer news
  to the consumer public, transforming how certain
  services are made available.
• Ifood and Rappi are examples of types of service
  innovation. These companies have changed the way
  many people shop.

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•  Technological innovation There are countless
  technological innovations that humanity has
  experienced in recent decades, with the advent of
  the fourth industrial revolution.
• Example Facial or digital recognition to unlock
  smartphones, connected home appliances, data
  storage in the cloud (Google Drive, iCloud etc.)
  and virtual assistants (Alexa and Siri).

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• Organizational innovation Organizational
  innovation causes a radical change in the company
  or even the creation of a new business model.
• Example Organizational innovation can be seen
  clearly in Samsung, Microsoft and McDonalds by
  the improvement in their companys culture.
• Production innovation This type of innovation
  seeks to improve the efficiency and quality of
  production processes, implementing new practices.

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We at MIT ID Innovation understand the value of
the Innovation process in any business or
company. We try to teach these values with utmost
dedication and support. You are the future, and
you need to shape it perfectly with some
innovation in mind.
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Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Innovation Courses.
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Wed love to hear
from you.

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• 91-7038982225 / 91 9834092369

• innovation_at_mitid.edu.in