We have compiled a lot of information in our research at ExtremeFactories. Over a series of upcoming posts we will describe some of the insightful readings we have made on the fascinating subject of innovation!
As an appetizer, let’s briefly describe what definition of this term we have decided to follow for this project.
If we just limit ourselves to the origin of the word innovation, it’s simply “the act of renewing or changing something” , or in a more elaborate manner “the act of changing something established by introducing new methods, ideas or products”.
However, this definition is quite simplistic, since innovation generally implies a substantial improvement with respect to a previous situation, in a specific context. Furthermore, from the business perspective, innovation is a whole discipline involving various processes, actors, inputs and outputs, as in the definition provided by Myers and Marquis [S. Myers, 1969] (“…total process of interrelated sub-processes…”).
But what we at ExtremeFactories consider the most relevant to our mission, is provided by Dr. Paul Trott [P. Trott, 2008] , who defines innovation as:
the management of all the activities involved in the process of idea generation, technology development, manufacturing and marketing of a new (or improved) product or manufacturing process or equipment
Or, in more simply said, innovation is the set of activities to market inventions at any level (product, process or service). These 3 elements draw the ExtremeFactories classification of innovation: Product/Service Innovations or Process Innovations (including Management, Design, Manufacturing, Quality Control & Assurance, Commercial, etc.).
The ExtremeFactories project fully subscribes to this definition of innovation, with slight differences in the proposed sub-processes. In that sense, ExtremeFactories will take into account the context where SMEs develop their businesses and will add the “Identification of Problems” and “Problem solving” to the innovation process as part of the “Idea generation” proposed by Dr. Paul Trott.
by Vaibmu • November 22, 2012