Introduction to Project Innovation

• “The first is a shift around the value of tech. We are no longer spending time asking is technology good or bad and the potential risks. Tech became the lifeline for individuals, societies, business and government.”
• “The second big shift has been about speed. The most successful economies, countries, companies are those whose speed is as fast as possible. We are seeing that every day.”

• One failure – Poor management
• Two failures – Learning experience
• Three failures – Spend your time looking for a new job

Today’s Dilemma

• Everyone’s Talking about It
  You can’t pick up a magazine, newspaper, business book, or attend a conference without a primary part of it being dedicated to the importance of improving innovation within the country and every business.
• Everyone Feels It’s Necessary
  Customers want the newest, brightest, and leading-edge products and services. Companies that are the first to market continuously are the ones that are most profitable and most admired. People stand in line for hours waiting for the latest Apple products to go on sale.
• Every Organization Wants to Do It
  There’s an old saying, “If you build a better mousetrap, customers will flock to your door.” Certainly, all organizations realize that if they are the early leaders in their field, they will have a tremendous advantage over their competitors. The big “but” is, “How do we do it?” We are coming up with new ideas all the time but the important question is, “What do we stop doing in order to fund the resources to develop the potentially good ideas that may or may not provide value-added return?” Management wrestles with

How much of my discretionary resources should I invest in developing new products, improve processes, artificial intelligence, basic research or in my people in order to optimize the organization’s short- and long-range performance? My Board of Directors wants me to do more with less but that can only go so far until all the fat is off the bones and you are down to pulling off needed muscle.

Addressing the “Unaddressable”

• Definition of unique: Oxford dictionary defines it as being the only one of its kind; unlike anything else. Particularly remarkable, special, or unusual.
• Definition of value added: Cambridge dictionary defines it as the total output (= value of all the products, services, etc.) in a particular region, economy, etc. after taking away the value of inputs (= materials, labor, etc.).
  To provide the reader with a more innovation-oriented definition of value added, I define it as the following: “Value added is the total combination of positive and negative impacts that a change or a new entity has on an organization and its stakeholders. It includes both tangible and intangible impacts and effects.”
• Definition of creative: Being creative is using the ability of individuals to make or think of new things involving the process by which new ideas, stories, products, etc. are created.
• Definition of create: Create is the act of making something: to bring something into existence (Figure 1.2).

1. Innovation is a unique creative idea that is marketable.
2. Innovation is the process of creating a unique idea that is marketed.
3. Innovation is a unique creative idea that adds value to the organization’s external customers.
4. Innovation is a unique creative idea that adds value to the organization’s stakeholders.
5. Innovation is a unique creative idea that generates profit.
6. Innovation is a unique creative idea that when implemented provides value to the receiver of the output that is greater than the resources required to produce.
7. Innova...