innovation 101

A five minute introduction to

innovation for profit and growth
What is innovation?

Numerous definitions! My personal

favourite is:

“Innovation is creativity with

a job to do”
Creativity or innovation?

Creativity is generating original, novel ideas

Innovation is putting those ideas to work

and getting the desired result
Profit and growth

Innovation can:
• increase revenue
• improve working environment
• increase profits
Why innovate?

“Today, more than ever,

innovation is central to survival”
Peter Drucker
“Innovation is the central issue
in economic survival”
Michael Porter
“Innovation is a critical factor
in boosting growth in the economy
and contributing to quality of life”
South African Innovation Survey 2005
Utilise innovation to:

• discover new revenue streams

• identify areas for cost reduction
• attain market differentiation
• improve productivity
• attract and retain talent
• speed up time to market
• develop new competencies
What does it take?

• commitment from leadership

• a written innovation strategy
• time-sensitive goals
• an innovation process
• tools and training
• questioning convention
Why is innovation important?

• provides ongoing competitive advantage

• avoids price wars
• improves motivation and productivity
• provides increase in stakeholder value
• boosts economic growth
creating business value through innovation

for more information, visit www.tim-malone.com or email tim@tim-malone.com