A

PRESENTATION REPORT
ON
INNOVATION
Submitted to:
Resp. Sir Priyank Gupta
MIT, Faculty of Management, MORADABAD

(In Pursuit of Excellence)

MORADABAD INSTITUTE OF TECHNOLOGY, MORADABAD
(Affiliated to Gautam Budh Technical University, Lucknow)
Ram Ganga Vihar, MDA, MORADABAD (U.P.)

Prepared By:

(MBA-4 th sem.)
 OBJECTIVE

 To understand the meaning of innovation.

 To understand the role of entrepreneur in relation to innovation.

INNOVATION
Entrepreneurs bring about changes in use of resources in a society. The
set up new venture, which shift the resource in the areas of higher productivity and greater yields
As defined earlier, pure entrepreneur depend upon innovation to setup new ventures. Innovation
helps in development of new ideas through which the opportunities are identified and new
ventures that add value to the society are established.

 Innovation is the process of doing new thing.It emerges through creativity.

 It is all about changing the yield of resources or changing the value and satisfaction
obtained from resources by the consumers ,and such change is brought through process
of doing useful new thing.

 ACCORDING TO DRUCKER-”It is the specific tool of entrepreneur ,by which they

exploit change as opportunity for different business or different services.”

FEATURE OF INNOVATION IN RELATION TO ENTREPRENEUR

 Experimentation is essential for innovation.

 Entrepreneur have the tendency to bring about change to earn from his business.

 Entrepreneur finds solution to the problems through innovation.

 Entrepreneur face uncertainties to implement innovation.

CHARACTERISTIC OF INNOVATION
 Innovation invites and leads to change.
 Innovation can be spontaneous or can be the result of thoughtful plan.
 Innovation can bring a complete revolution or can be just an extension of existing
products and service.
 Innovations provide a unique identity/element to a business.
 Innovations are action oriented.
 Innovation helps in making the product and process simple to understand.

ELEMENTS IN INNOVATION PROCESS

 Translating of creative idea into a useful application

SKILLS REQUIRED FOR INNOVATION

 CREATIVE SKILLS

 ANALYTICAL SKILLS

 TECHNICAL SKILLS

TYPES OF INNOVATION

 INVENTION:

 EXTENSION

 DUBLICATION

 SYNTHESES
SOURCES OF INNOVATION
 Industrial changes
 Market changes
 Demographic changes
 Socio-psychological and cultural changes
 Scientific and non-scientific new knowledge

PRINCIPLE OF INNOVATION

THE DO’s OF INNOVATION

 Analysis of opportunities.

 Search for both conceptual and perceptual confirmation.

 Simple and focused innovation.

 Small ,not grand, innovation.

 Aiming at leadership.

THE DONT’s OF INNOVATION

 Don’t try to be clever.

 Don’t diversify.

 Don’t try to innovate for the future.

CONDITION FOR INNOVATION

 Innovation is work.

 To succeed, innovator must built on their strength.

 Innovation is an effect in economy and society.

DIFFERENCE BETWEEN INVENTION AND INNOVATION
 Nature or activity – Invention is the creation of something whereas innovation is the
economic exploitation of new ideas or resources.

 Result – Invention result in new knowledge whereas innovation result in product,

services, or process.

 Position – all inventor are not innovators ,while all innovators are investors.

CONCLUSION

 To conclude ,it can be said that –innovation is one of the important function of an
entrepreneur.
 Innovation bring improvement in product , production techniques etc.
 Entrepreneur develops new ideas and experiments them.
 And has the tendency of working on new ideas & taking initiatives, leading towards
innovation.
 They are not merely dreamer but have the capabilities to change dreams into reality
through innovation.