Strategies for Innovation

Innovation Strategy

Product

Definition of Innovation

Product Picture

Company Name

Explanation

Act of Insight

A product that is created based on a “eureka” moment, or a moment of sudden insight.

Ben Franklin

The bifocals are an act of insight product because the product was created because of Ben Franklin's own medical condition, which is called presbyopia. His own medical condition gave him the insight to create a device to help himself and other see better.

Adaptation

An adaptation is when a product is created based on other products from other industries

Sushiro

I believe that Conveyor Belt Sushi restaurants like Sushiro are adaptations because their design is based on the conveyor belts/carousels that are used in airport baggage claim.

Analogy

An Analogy is when technologies from one context are applied in a completely different concept. Most of the time, nature concepts are used to create technologies.

Japan Railway Groups

The Shinkansen Bullet Train is an Analogy because the nose of the train, which allows the train to be more aerodynamic, is based on the beak of a kingfisher.

Chance

When a product/idea is discovered by chance or on accident.

Sweet’N Low

Saccharine was a chance product because the inventor(Fahlberg) did not mean to. He simply forgot to wash his hands after working at a science laboratory, and then noticed that everything he touched was sweet. He retraced his steps, and was able to find out what caused this hands to be sweet, which is now called Saccharin.

Technology Push

New technologies or scientific knowledge leads to the creation of new products that are more efficient than the predecessors of said product.

Palm inc.

I believe that the Palm Pilot is an example of technology push because no one really wanted the device until it was available. Since we had this technology, and it made some tasks easier, people used it.

Market Pull

A new product is created based on demand from consumers.

Toyota

I believe that the Toyota Prius is an example of a product created due to market pull as people desperately wanted cars that were friendlier to the environment. The Prius fulfilled this need by becoming the first hybrid car.

Technology Transfer

A Technology Transfer is when a technology can be used in the creation of numerous types of systems.

Schultz

I believe that Fiber optic lighting are technology transfer because fiber optics were originally meant for communication and the transmission of information. It has only recently started being used in lighting.