1.8 - Innovation

Types of innovation

  • Incremental innovation — small, gradual improvements to existing products (e.g. updated smartphone model)

  • Radical/disruptive innovation — entirely new product that changes the market (e.g. original iPhone)

  • Product innovation — new or improved product

  • Process innovation — new or improved manufacturing method

Invention vs innovation

  • Invention = creating something entirely new for the first time

  • Innovation = turning an invention into a commercially successful product

  • Many inventions never become innovations without good design and business strategy

Factors driving innovation

  • New materials and technologies becoming available

  • Social needs and changing user demands

  • Environmental concerns — pressure to design sustainably

  • Legislation and regulations requiring change

  • Competition between companies

  • Push vs pull: technology push (new tech drives new products) vs market pull (demand drives development)

Protecting innovation

  • Patent — protects how something works (up to 20 years)

  • Trademark — protects brand name/logo

  • Copyright — protects creative work (automatic, lasts 70 years after death)

  • Registered design — protects appearance of a product (up to 25 years)