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Rural Economy Research Centre1
Innovation:What is it all about?
Dr. Kevin HeanueRural Economy Research Centre (RERC)Teagasc
National Rural Tourism & Artisan Food ConferenceAthlone14th October 2009
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Overview of Presentation
Notion of “innovation” is everywhere
Aim today – clarify notion of innovation
Focus today – enterprise innovation
Content
What is innovation?
How does it happen?
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What is innovation?
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What is innovation?
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What is innovation?
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What is innovation?
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Definition
Innovation = profitable novelty
Profitable Temporary monopoly/competitive advantage
Novelty New or improved product/service
New or improved process
New market
New way of organising
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Definition (2)
Novelty
Incremental Radical
“New combinations” of existing ideas,knowledge, resources, skills & capabilities
This combining activity = entrepreneurship
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How does innovation happen?
Innovation
Commercialisation
Ideas
Ideas
Innovation
Business functionsTechnology
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Where do ideas come from? Gaps
Can’t find particular product/service
Poor quality existing product/service
Not done before
Import substitution
Often problem-solving, adaptation, association,application of technology, chance
Also systematic processes of idea generation Brainstorming
Edward de Bono Six Thinking Hats
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Where do ideas come from?
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What about thecommercialisation side? Innovation development
Business functions/planning
Market demand
Pricing
Financing
Marketing
Barriers to entry: distribution
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Poor commercialisation
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How can innovation bepromoted?
Facilitate idea generation Brainstorming
Edward de Bono Six Thinking Hats
Facilitate commercialisation Business planning courses/other assistance
Networking
Market intelligence
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Finally ….
“I think there is a world market for maybefive computers” – Thomas Watson, chairman of IBM,
1943
“This ‘telephone’ has too manyshortcomings to be seriously considered asa means of communication. The device isinherently of no value to us” – Western Unioninternal memo, 1876
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Thank You