Last post.. for now!

So we have learnt that innovation has an impact on processes, the way businesses treat their employees and our everyday life. In conclusion innovating has an impact on all our lives, in a way or another we eventually” jump on the boat” of evolution. In no way whatsoever can I see this being a problem to the future of businesses, at present I believe major organisations, tend to overlook the importance of innovating, and should therefore look at how successful Google and Apple are to maybe invest on the exploitation of their employee’s creativity.

Reflecting back to my previous thought that it did not matter whether or not organisations focused on innovation, I have learnt a lot about innovating and how important it is to both organisations as well as our society, taking part in this new experience of researching for my blog to have a much better understanding of how important innovating is and i believe it will be of great benefit to me in the future, where hopefully I will be in the position of being able to allow innovation to success in its path to improving and facilitating our everyday life.

Before I go I will leave a video I came across, a video which has really inspired me, it is a bit long but it is a great inspirational speech by the late revolutionary Steve Jobs. 

It is the end of my discussion I hope you have learnt as much as I did, I will keep posting any innovating idea that of course has an influence on us as a society, hopefully one day I can make a difference in the innovating world, if so it will obviously be posted on here! Thank you.

Greenheart Wash

I was first introduced to this amazing innovative business during a guest appearance at the University of Lincoln in October; at this presentation Tunde Sopola describes how he established a small car wash business which is fully inspired by the craze around eco-friendly businesses.

This innovative ecological way of cleaning cars using waterless cleaning solutions that are biodegradable, non toxic and neutral in PH, in my opinion still to hit headlines, It is stated on the Greenheart website that on average washing a car with a hose wastes 480 litres of water, this is the equivalent of 60 buckets full.

This innovative approach to the activity of washing cars in an eco-friendly and hopefully the progress and development of other similar products will be important to ensuring this small business can continue to grow, compete and be successful against other car washes which are not environmentally friendly.

From my point of view where this business is taken from here will depend on the exploration of possibilities lying in the further development of this product.

Website: www.greenheartwash.co.uk/home (Last accessed 17th Jan 2012)

Picture: www.qype.co.uk/Green-Heart-Wash (Last accessed 17th Jan 2012)

The Future!

Today I came across a brilliant website which to me shows just how much innovation will impact our lives in the future. I will focus on the ones that personally interest me. IBM scientists are looking at ways of understanding and minimising the environmental impact of converting ocean wave energy into electricity, they are working on the knowledge that everything that moves or produces heat has the potential to create energy that can be captured.

At the present time we use passwords to access our database, in the future we will not need a password as scientists are working on methods such as biometric data, facial definitions, voice files and retinal scan, which are part of our individual identify.Imagine paying for products or accessing your bank account by looking at a retinal scanner, or saying a sentence!

This is the future and innovation will take us further! Please take a minute to have a look at the video below, it contains more revolutionary innovative ideas and it further explains the two above. 

Source: IBM  www.ibm.com/press/uk/pressrelease (Last accessed 10th Jan 2012)

New product development!

With globalisation we have access to more resources from around the world and this has had an impact on how companies are able to use today’s technology to maximise their chances of being successful.  As mentioned by Thomas, R (1993: p.7) a new product is “a multidimensional concept with need-satisfying capabilities not previously experienced by the stakeholders interested in it. The concept offers some form of value to all relevant stakeholders” it is further explained by Thomas, R that the degree to which something has not been previously experienced or its innovativeness can range from incremental improvements (extension products) to significant advances (breakthrough products).  Thomas, R expands on this by adding that extension products, which often require fewer resources entail lower risks, compared to breakthrough. Whether a new product is an extension or a breakthrough, the implied promise that it will lead to a sustainable competitive advantage lures firms to use the path of new product development as a means to strategically manage a business.

As most of you may have already seen the new Air multiplier by Dyson pictured left, released back in 2009 this product is an example of how important it is for companies to innovate, not just when trying to minimise costs or manage staff but also when developing products, it has opened new windows for this company and will very likely pose a threat to businesses targeting a similar market.

Source: Thomas, R (1993). New Product Development for Strategic Success. Canada: John Wiley & Sons. 7

Website: Dyson.co.uk (Last accessed  10th Jan 2012)

Picture: www.blogcdn.com/www.engadget.com (Last accessed 10th Jan 2012)

Strategy and Innovation

I understand that most of the people reading this will have a different definition for leadership, in fact as Stogdill (1974, p.7) pointed out there are many different definitions of leadership, almost as many as the number of people who tried to define it, but in this context we will look at leadership in terms of power and dominance that exists between leaders and followers. Leaders have the ability to influence, motivate and control people towards achieving a goal. Leadership as a process is very similar to management, however managers tend to operate within existing ways of thinking, whereas leaders often challenge those ways and look for new approaches. 

Personally I believe leadership is very much about bringing about a better future, so as leaders they must make use of the resources, have innovative management to motivate employees and make use of the creativity within their staff or even themselves, to increase profits and ensure success.

I will end todays post with a video which compares management agaisnt leadership, it is a quick interesting one so, have a watch and leave your comments below.

•  Source: www.youtube.com (Last accessed 7th Jan 2012) 

Product Life Cycle

Today I would like to discuss the product life cycle of products, we must be aware that all products have a life cycle, the length of products life cycle depends on the type of product, levels of competition, marketing support and customer taste. The image below shows the different stages of a products life cycle.

It is important to remember that in the development stages of a product vast amount of cash in terms of design, production and advanced promotion.  A product life cycle consists of a number of stages, these stages are, introduction, growth, maturity and decline.  In the introduction stage the product is new to the market so sales may start up slowly therefore marketing strategies should be used to raise awareness on the target audience, this will encourage sales and build an image for that product. After this stage the product will move into growth as more people become aware of the product, if the market is proving lucrative, new competitors will try to enter the market and pose a threat to the original company.  In the maturity stage sales will gradually stabilise and remain constant, promoting at this stage is still needed to remind consumers of why they will benefit from purchasing that product, we can for example look at how Nike and Coca Cola still promoting their products through advertising. Following maturity is the decline stage, where sales start to fall at this stage organisations can withdraw the product, however not all let their products into the decline stage, as they employ extension strategies, which extend the life of their product prolonging the maturity stage. As on the picture below.

We can for example note how major organisations usually utilise this strategy by changing aesthetics, Coca Cola for example have had many different styles to their bottles, another good example is how car manufactures change the design of their current models maybe by adding a sports version, or a model which has a higher horse break or interior look. Other different strategies used by companies to extend their products life time are, finding a new market for the product, researching into areas which could be further developed and also reducing prices or having other forms of promotion.

• Source: Gorchels, L (2011). The Product Manager’s Handbook: The Complete Product Management Resource. United States: McGraw-Hill.

Picture: Product life cycle www.quickmba.com/marketing/plc (Last accessed 21st Jan 2012)

Picture: Extension strategy mgmt280.blogspot.com/product-life-cycle-extension (Last accessed 7th Jan 2012)

Picture: Coca Cola www.google.co.uk/imgrescocacolabottles (Last accessed 7th Jan 2012)

Revolutionary Innovative Fuel

If by now you have not recognised the importance of innovating for both companies and humans as whole, below it is clearly shown as we have a look at how Virgin has developed and is trialing a revolutionary bio-fuel, this bio-fuel is made from waste gases and according to Virgin Atlantic has half the lifecycle carbon footprint of kerosene.
LanzaTech, a New Zealand-based company has pioneered a method of capturing waste gases from industrial steel production, which are then fermented and chemically converted for use as a jet fuel using technology developed by Swedish Biofuels.

LanzaTech reckons the process could be applied to around two-thirds of the world's steel mills, as well as the metals processing and chemical industries.The company said the reliance on industrial gases addresses the commonly leveled charge that biofuels drive land use change and can result in higher emissions and increased food prices. The company is piloting the technology in New Zealand and aims to have commissioned a demonstration plant in Shanghai before the end of the year, ahead of commercial deployment in 2014.

With oil running out, it is important that new fuel solutions are sustainable, and with the steel industry alone able to deliver over 15 billion gallons of jet fuel annually, the potential is very exciting," said Virgin Atlantic president Richard Branson in a statement. "This new technology is scalable, sustainable and can be commercially produced at a cost comparable to conventional jet fuel.

Branson has long hailed the potential of greener fuels and only this week demanded better tax incentives to encourage the technology.

Under his leadership, Virgin Atlantic piloted the first commercial service using biofuels, flying from London to Amsterdam using a blend of jet fuel and biofuel made from coconut oil and babassu oil in February 2008.The airline has also set itself a goal of cutting carbon emissions 30 per cent per passenger km by 2020 and said the new fuel from LanzaTech could help take it "well beyond" that pledge. This innovation will have an enormous impact on the society and again through motivating and exploring innovation the Virgin organisation can highlight to us the importance innovating can have. Take a minute to have a read on this subject and comment below on how much impact this idea will have on other organisations or even Virgin. 

• Source: www.businessgreen.com (Last accessed 4th Jan 2012)
• Picture: www.logodesignlove.com/virgin-logo (Last accessed 4th Jan 2012)
• Picture: www.google.co.uk/green-pump (Last accessed 4th Jan 2012)

Leadership In the Context of Innovation

I understand that most of the people reading this will have a different definition for leadership, in fact as Stogdill (1974, p.7) pointed out there are many different definitions of leadership, almost as many as the number of people who tried to define it, but in this context we will look at leadership in terms of power and dominance that exists between leaders and followers. Leaders have the ability to influence, motivate and control people towards achieving a goal. Leadership as a process is very similar to management, however managers tend to operate within existing ways of thinking, whereas leaders often challenge those ways and look for new approaches. 

Personally I believe leadership is very much about bringing about a better future, so as leaders they must make use of the resources, have innovative management to motivate employees and make use of the creativity within their staff or even themselves, to increase profits and ensure success.

I will end todays post with a video which compares management against leadership, it is a quick interesting one so, have a watch and leave your comments below.

•  Source: www.youtube.com (Last accessed 23rd Dec 2011) 

Innovating Our Working Environment.

Once a company has chosen to become innovative, where do they start? How do they manage their staff towards innovative ideas? Google is a brilliant example of how they use their resources, to motivate and enable a wider creative vision in their employees, take a few minutes to watch the video below and reflect on what it would be like to have your working environment like theirs!

 

I have found a few quotes which reinforce the importance of the working environment enabling higher levels of creativity and promoting innovation. A supportive group environment increases team member's tendency to take risks and share ideas, resulting in higher team creativity and innovation.' Miron-Spektor et al. (2011:742) further explained that an inflexible environment in which risk taking is not allowed and team members are punished for making mistakes impedes innovation and learning.' 

My findings do make me wonder why other companies have not adapted to this innovative motivational method, reflecting on what i have learnt it could be anything from financial circumstances, to company culture, I am not saying every company would be successful, but i am sure there are many organisations out there that would massively benefit from such an approach. 

So by now we are aware of the importance of innovating and how it affects businesses, I would like to hopefully hear your views on the importance of the working environment and how it affects innovation, so leave your comments below.

The Importance of Innovating

Businesses can no longer guarantee to compete in today's market on price alone, and if businesses cannot compete on price they have to differentiate, and to differentiate they must innovate!
The video below is an interview with Tom Davenport, he talks about how Google is such an effective innovative business. I felt that he mentioned key points of why businesses need to innovate, so have a quick look. it is important to remember that globalisation has had a deep impact on product competitiveness, today we are able to access products all over the world within the comfort of our houses, therefore we are able to compare prices, quality and make a better purchase as an outcome.

•  Source-www.youtube.com/watch?v=QOioQxtJ4gI (Last accessed 12th Dec 2011)

Typology of Innovation

So I was stuck for ideas for a new topic strangely enough because there is too much to get our heads around! However going back to one of my first ever lectures I read a few sentences on the different types of innovations so decided to look into it, I believe the table below will give a better insight on the different types of innovation. Once again feel free to post any comments, or points that you readers would maybe like to further investigate, and discuss. 

Type of Innovation	Example
Product	The development of a new product
Process	The development of a new manufacturing process
Organisational	A new venture division, a new internal communication system, introduction of a new accounting procedure
Management	TQM (total quality management)systems, BPR (business process reengineering)
Production	Quality circles; new production planning software, e.g. MRP II; new inspection system
Marketing	New financial arrangements, new sales approach, e.g. direct marketing
Service	Internet-based financial services

• Source: Trott,P (2008). Innovation Management and New Product Development. 4th ed. Essex: Pearson Education. p. 16

But What is Innovation?

Each researcher tends to define innovation often based on his/her perspective of what is the most important aspect of innovation. Hence according to authors Tidd et al (1997), innovation is: "A process of turning opportunity into new ideas and of putting these into widely used practice. Whereas for Cumming (1998), “the emphasis is on originality, when he defined innovation as: "The first successful application of a product or process"
Rogers (1962): defined and characterised innovation from the user perspective, presenting five criteria for user based innovation:

·         Sarkar, S (2007). Innovation,market archetypes & outcome. Portugal: Physica Verlag. p. 6

Relative advantage: Do people think it is an improvement over what already exists?
Compatibility: Is it consistent with the values, experiences and needs of the people who might adopt it?
Complexity: Will potential users find it easy to use and understand?
Trialability: Can people experiment with the innovation before deciding to adopt it?
Observability: How easy is it for people to see its results?

Meanwhile Wikipedia, the brilliant example of what is now termed to be open source innovation, defines innovation as:
"The process of making improvements by introducing something new; a new idea, method or device; change that creates a new dimension of performance."

From my personal point of view the definition found on the business dictionary website, can give a better insight on what innovation is, it defines innovation as the process by which an idea or invention is translated into a good or service for which people will pay, or something that results from this process. It is further explained that for an innovation to be called an innovation the idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination, and initiative in deriving greater or different value from resources, and encompasses all processes by which new ideas are generated and converted into useful products. In business, innovation often results from the application of a scientific or technical idea in decreasing the gap between the needs or expectations of the customers and the performance of a company's products. In a social context, innovation is equally important in devising new collaborative methods such as alliance creation, joint venturing, flexible working hours, and in creating buyers' purchasing power through methods such as layaway plans.

• Luthra, V. (2007). Innovation. Available: businessdictionary.com/definition/innovation. Last accessed 20th Nov 2011.

Rogers & Shoemaker, (1972) cited by Trott, P (2006: p.14) explain that it is very important to not confuse innovation with invention; it is true that they are closely related hence it is essential to establish clear meanings for them. To summarise do not think of innovation as a single action, but a total process of interrelated sub-processes. It is not just the conception of a new idea, or the invention of a new device but all these things acting in an integrated fashion.

Aim of my Innovation Blog

The aim of my innovating blog is to promote the importance of innovating in today’s business market, I will research, post and discuss topics to allow other bloggers to have a better insight into innovation and how it can give businesses the needed advantage to exceed the competition and be successful in today’s fast changing market.

• Picture reference: www.orangeseo.net (Last accessed- 8th Oct 2011)

Welcome to my Innovation Blog

Hello and welcome to my innovation blog, my name is Cesar Grande, I am currently studying business management at the University of Lincoln and as part of one of my assessments I have to produce a blog, so here we are! This is a new experience to me however I am looking forward to learning and comparing your views to the material posted on my blog as well as hopefully increasing your knowledge on the topic. Feel free to add me, comment and also participate by posting related material on my blog. Above all enjoy!

• Picture reference - ebusinessbook.com.au (Last accessed- 2nd Oct 2011)