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Three Types Of Innovation. Here’s How To Manage Them

Three Types Of Innovation. Here’s How To Manage Them

“Dreamers are mocked as impractical. The truth is they are the most practical, as their innovations lead to progress and a better way of life for all of us.” ― Robin S. Sharma

With a view of generating revenue immediately from new products, a firm should customize the process of product development for different kinds of innovations. For a company the biggest challenges aren’t in coming up with big ideas but in the organizational and management issues that these new ideas bring along.

No matter what a company is dealing in, companies strive to create innovative products and services adequately and accurately.  

“Chance favors the connected mind.” ― Steven Johnson

For an individual to to bring new ideas to market, create more realistic testing and growth expectations and better manage their innovation pipelines, it is important to identify the types of innovations, needs and the correct approach to nurture and grow the type of innovation.

THE THREE TYPES OF INNOVATIONS

To prolong their stay in the market, companies need to come up with sustaining products and services. Sustaining innovations in products or services help any organization raise the bar enough to stay in the game. These innovations can sometimes be thought of as modification of an already existing product.

To significantly up the level of game within an existing category a company should come up with remarkable offerings. The product should be such that seeing it, customers couldn’t help but want it–over time making it the best-selling product.

“Progress is made by lazy men looking for easier ways to do things.” ― Robert A. Heinlein

When we think about an innovation, many of us have some sort of ideas in our mind. Such breakthrough ideas are called disruptive innovations because they disrupt the current market behavior, rendering existing solutions old-school, transforming values, and bringing previously marginal customers and companies into the center of attention.

The Social media could be considered a disruptive innovation within sports. More specifically, the social media has radically changed the way that news in sports circulates nowadays. Social media has created a new market for sports that was not around before in the sense that players and fans have instant access to information related to sports.

“In a world of change, the learners shall inherit the earth, while the learned shall find themselves perfectly suited for a world that no longer exists.” ― Eric Hoffer

To help explain the difference between these three types of innovations, let’s look at the coffee industry. Maxwell House came up with a dark roast version of coffee, it introduced a sustaining innovation. A new flavour was only a variation on their existing products.

A breakout innovation was General Foods’ line of International Coffees, which added connoisseur of fine flavors to the instant coffee category and elevated the at-home coffee experience. And Starbucks has obviously been a disruptive innovation, turning coffee into a destination experience worth paying a lot more for.

“Innovation is the specific instrument of entrepreneurship…the act that endows resources with a new capacity to create wealth.” ― Peter F. Drucker

In a given category, disruptive innovations come first and are then followed by a series of progressive innovations, with sporadic breakout hits interspersed. Eventually, the market is disrupted once again, starting the cycle anew.

Although  disruptive innovations have the potential to yield the greatest benefit to a company, it is not necessary that it will lead to immediate market success. Because disruptive offerings differ significantly from the existing products, they often require time to gain market acceptance.

“You have to take your own bold approach, and if you do you will be rewarded with success. Or calamitous failure. That can happen too.” ― Steven Moffat

Analysis of revenue and consumer buying patterns:

  • Sustaining: Immediately moderate, then tapering off.
  • Breakout: Rapidly strong, then quickly dropping to a lower level.
  • Disruptive: Longer gestation period leading to exponential growth.

For disruptive undertakings, success typically requires different development processes,

different approval and funding mechanisms, and different performance expectations. At

times, work on a disruptive innovation gets stalled in a system that is optimized for the creation of sustaining offerings. For the success of a project a company should tailormade their approach depending on the goals.

“Innovation is an evolutionary process, so it’s not necessary to be radical all the time.” ― Marc Jacobs

To support the ultimate goal of generating immediate revenue, companies should classify each of its new product concepts within the framework of sustaining, breakout, or disruptive. This allows a company to manage risk and reward at a portfolio level.

Categorizing innovations using this framework is an effective way to ensure that target outcomes are in line with the expectations. Companies are able to focus their innovation efforts by clearly stating that they are prioritizing the development of breakout products and consciously minimizing the exploration of disruptive opportunities.

“Do not get obsolete like an old technology, keep innovating yourself.” ― Sukant Ratnakara

 

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Recapitalization of Ideas in terms of Technology Patenting in BIG DATA

Recapitalization of Ideas in terms of Technology Patenting in BIG DATA

“One thing about life that’s predictable, is that it is unpredictable”

A brilliant idea for an invention or business could spring into your head at any point in time. But in order to find success, your research and development has to meet modern standards. Ideas are not genuinely original.

As quoted by Mark Twain:-

“There is no such thing as a new idea. It is impossible. We simply take a lot of old ideas and put them into a sort of mental kaleidoscope. We give them a turn and they make new and curious combinations. We keep on turning and making new combinations indefinitely; but they are the same old pieces of colored glass that have been in use through all the ages.”

Patents can seem like more trouble than they’re worth because the patent process in itself is a struggle. But simply because you don’t want to deal with the patent process, Your brilliant idea needn’t fall by the wayside!

Integrating patents into your business plan, is one of the most overlooked elements of a successful business. It takes a lot of energy to run a business, If you have an idea for a product, service or business, beat the odds and use your passion and energy, to figure out how to make it profitable.There are a number of myths associated with patenting a product or concept that may hold an individual from getting the most out of the concept. In order to see your way clear to filing a patent it is very important to break those myths.

Patent filing narrows down the counterparts and it makes it difficult to impress the investors.

A strong patent portfolio help in fuelling investments for emerging tech companies. Investors often look to see whether a budding company has protected its intellectual property when determining whether to invest or not. It is more likely that you will be taken seriously if you come to the table with excellent technical knowledge and a patent-pending for your idea that’s been well-researched and profits projected, even if you don’t have all the connections with the big players.

It is difficult to avoid infringement so It’s better not to file a patent.

Many things can perform the same function. If you are filing a patent for a software for buying and selling properties, it is possible that you are infringing on a patent someone else took for a software that facilitates property transactions. That’s why the claims section of the patent is so important. Claims have to be worded very carefully. Consult a patent lawyer so that you actually end up having more protection from infringement than you would have without a patent.

My idea is not that great and there is no competition out there for my business plan so why to spend money to patent it.

Never underestimate yourself. There is always competition out there. A competitor could steal the idea and put it to use themselves. Instead of letting other party go away with your great concept and make a fortune, you should protect your concept by filing a patent.

If the invention is “obvious to one skilled in the art,” the patent won’t be valid.

Patent law prohibits granting patents for inventions that are obvious to “one skilled in the art.” Many new inventions are combinations of existing inventions. The specific wording of the claims in your patent is the key to patenting an idea that is already out there or “obvious.”

Licensing the right to make, use, or sell your product is usually the most profitable route for inventors. Even if you may not make money from a patent you can pursue licensing royalties. As patent holder, you retain ownership of the invention and earn royalty payments on future sales of the product.

Everyone who was a part of the meeting where the idea was conceptualized gets to put their name on the patent.

The inventor is the individual who has the concept of the invention, provided of course that there has been a reduction to practice. The company is the assignee-the person or legal entity that has actual ownership of the patent. The royalties from patent generally go to the company, not the employees who came up with the invention.

Prity is Chief Counsel at Mobiuz, Singapore which outrightly solves many of the >$500 Billion problems faced by the almost $1 Trillion Advertising Industry, especially Ad-Fraud, which has become the world’s no. 2 criminal enterprise. Mobiuz is working hand-in-hand with the Singaporean government to bring impeccable services to the world of Advertising, Fintech, InsureTech, Payments, and many more, globally. Prity is also founder at Tech Corp International Strategist, India and law firm partner at Tech Corp Legal LLP.

Prity Khastgir is a techno-savvy patent attorney in India with 12 yrs++ of experience working with clients across the globe. Her areas of expertise are IP portfolio research, cross-border technology transactions, licensing agreements, product clearance, freedom-to-operate, patent infringement & invalidity analysis, research & opinions.

Currently, she helps startups to raise funds, assists foreign companies to find right business partners in India. She also assists enterprises to enter and find the right angels, and VCs in Malaysia, Singapore, US, UK, Japan and India.

Co-author: Aanchal Verma

TCIS Patent Services:

Patent Services in India

Patent Drafting| Protection of Inventive Concepts:

Preparation of Utility Patent Applications:

We at Tech Corp International Strategist provide drafting of patent applications (provisional/ non-provisional) specifically in life-sciences, food technology, automotive, image processing, communications technology, aerospace, computer-implemented inventions and software,  mechanical, electrical, electronics, wireless communication, and pharmaceutical sector.

Patent Drawings/Illustrations : 

Developing patent drawings/figures using state of the art systems.

Patent Search : Patent searches by expert patent researchers

  • Patentability Search
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  • Infringement Analysis/Equivalent Search including Claim Mapping Chart
  • Patent Information Search
  • Patent Searches for the state of the art
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Patent Compliance Services:

Our team of technical patent experts review the patent application to create and protect infringement-free patent specification for protecting the client’s innovation.

Competitors Patent Review Services : 

On-going competitor patent review and analyzing scope of the patent claims.

Preparing Patent Office Actions Responses:

Handling all Office actions, hearing before the patent examiner and PTO correspondences.

Patent proofreading : 

Proofreading of Patent specifications to draft flawless patent application.

Patent Analysis & Portfolio Management:

Our team of expert patent lawyers understand the technology in question and then categorize a patent portfolio of a company according to the needs of the client. We conduct a market analysis in terms of identifying active companies, their areas of technical expertise, and find the family of the patents filed in different jurisdictions. We find the main players in the field of a patent on the basis of commercial viability, infringement aspects, strengths and weaknesses, find the key parameters for future research and analyze licensing terms for a particular patent.

Filing & Prosecuting of Patent Applications :

Regular patent application, ordinary patent filing before the Indian Patent Office

PCT Applications filing before the Indian Patent Office

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Handling Office Actions from various jurisdictions including USPTO, EPO and other Asian countries

For more details please contact us at legal_desk@patentbusinessidea.com

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Preparing industrial design registration forms, industrial design filing services, and prosecuting design patent applications in India

Design Renewal, Design opposition, infringement procedures in India.

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legal_desk@patentbusinessidea.com

Prity is partner at Tech Corp Legal LLP, an international law firm headquartered in New Delhi, capital of India, with offshore offices in US, UK, China and Singapore, specializes in business law and technology law, and assists a wide variety of clients with many business arrangements, and in structuring technology transactions including: Intellectual Property Protection (Patents, Trademarks, Copyrights, Designs), Formation of Companies, Technology Transfer, Business Acquisitions, Marketing of Proprietary Information, Competitive & Business Intelligence, Scientific & Financial Due Diligence, Business Governance, Distribution of Technology, Executive Negotiations, Licensing and the like.

Prity is a Strategic Patent Attorney with a difference and International Technology Business Lawyer doing business in India for over a decade. Prity has been instrumental in increasing the international client list from zero to over 500+ Global Clients. Prity believes in KARMA and is ZEN by birth because of her ancestral history.  Our team of technology Savvy Indian Patent Attorneys, Indian Patent Agents, Intellectual Property lawyers, Indian Trademark lawyers , Corporate Lawyers facilitate the process of boosting investor sentiments.

Managing International Business Law Issues To Advance Growth of Our Clients. Intellectual Property firm Provides PCT National Phase Patent Filing Service in India to Foreign Inventors. Our focus is on helping organizations across the world with best quality patent searching and patent drafting services.

 

What constitutes AI? What is AI programming ?
Artificial Intelligence, Machine Learning, Startup India Strategist, Startup Lawyer India

Deploy Artificial Intelligence & Machine learning

Deploy Artificial Intelligence & Machine learning in Medical Diagnosis

India is experiencing 22-25 % growth in medical tourism and the industry is expected to double its size from present (April 2017) US$ 3 billion to US$ 6 billion by 2018. Medical tourist arrivals in India increased more than 50 per cent to 200,000 in 2016 from 130,000 in 2015. Affordable medicines and good doctors is very lucrative to patients across the globe. Medical tourism is on rise and Indian healthcare industry operates in both private and public sectors.

Healthcare industry in India has come a long way in terms of advancement. The ultimate AIM of research and development in medical diagnostics is to be able to identify different diseases and diagnose them correctly.

Current Drawbacks

Despite ever-improving diagnostic technology, crucial time and valuable resources are lost everyday due to “Misdiagnosis” resulting in unnecessary tests, delayed treatment and present a threat to the health and life of the patients.

Artificial Intelligence and Machine learning are NEW AGE Technologies

 Machine Learning (ML) and Artificial Intelligence (AI) are transformative technologies in most areas of our lives.

Artificial Intelligence and Machine learning offers tremendous opportunities for the healthcare industry. The use of machine learning in identifying and diagnosing, diseases has actually been one of the biggest breakthroughs in the medical industry.

Intelligence is the ability to learn or the ability to think and reason and Artificial intelligence refers to programming computers and machines to exhibit seemingly intelligent behaviour based on software algorithms.

Today Machines are capable of analysing and interpreting medical scans with super-human performance are within reach. Deep learning, in particular, has emerged as a promising tool and is able to detect brain damage automatically.

WHAT is the Challenge?

How do we know when the machine gets it wrong?

Can we predict failure, and can we make the machine robust to changes in the clinical data?

Human brain is the greatest gift of god. NO machine and neural network can mimic the spiking of neurons just like human brain. The CURIOSITY of human mind to answer questions of HOW, WHAT, WHY and WHEN which is able to take the human mind to even radiate electromagnetic signals differentiates us from machines.

Computers can analyse massive amounts of data at a rapid speed and with higher accuracy as compared to humans. With the help of Computers and the algorithms they run scientists, physicians and medical practitioners or professionals can get better insight into patient’s health and condition and thus can make better decisions regarding the treatment.

Healthcare has become a key industry for investment in the field of Artificial Intelligence and Machine Learning based on its potential to improve health care system and save lives and money.

Some healthcare and technology innovators are collaborating and trying to change our current reality by experimenting with artificial intelligence (AI) and machine learning. Not only have major players such as IBM and Microsoft jumped into their own AI healthcare projects, but several start-ups and smaller organizations have begun their own efforts to create tools to aid healthcare.

And, the savings would be tremendous. One report from McKinsey estimates big data could save medicine and pharma up to $100B annually as a result of improved efficiencies in clinical trials and research, better insight for decision-making and new tools that will help insurers, regulators, physicians and consumers make better decisions.

Machine learning algorithms improve the more data they are exposed to.

If there is one thing the healthcare systems has in abundance, it’s data. Due to different storage systems, ownership and privacy concerns, and no established process that allows people to easily share data with each other, there is a major amount of analysis that’s not currently being done that could glean tremendous results for patients, doctors and healthcare organizations.

Artificial Intelligence (AI) aids in disease identification and diagnosis Much of the AI work done thus far in healthcare is focused on disease identification and diagnosis. From Sophia Genetics that is using AI to evaluate DNA to diagnose illnesses to smartphone apps that can determine a concussion and monitor other concerns such as newborn jaundice, lung function of those suffering from chronic respiratory diseases, blood pressure, hemoglobin levels and even evaluate coughs, disease and health monitoring is at the forefront of the machine learning efforts. Since heart disease is a primary killer of human beings around the world, it’s no surprise that effort and focus from many AI innovators is on heart disease diagnosis and prevention.

The current process to determine an individual’s risk factor for a heart attack is to look at the American College of Cardiology/American Heart Association’s (ACC/AHA) list of risk factors that include age, blood pressure and more. However, this is really a simplistic approach and doesn’t take into account medications someone might be on, the health of the patient’s other biological systems and other factors that could increase odds of a heart ailment. Several research teams, including those at Carnegie Mellon University and a study from Stephen Weng and his associates at University of Nottingham in the United Kingdom, are working toward enhancing machine learning so algorithms will be able to predict (better than humans) who is at risk and when they might be at risk for a heart attack. Preliminary results of the AI algorithms were significantly better at predicting heart attacks than the ACC/AHA guidelines. From liver disease to cancer and even psychosis and Schizophrenia, AI algorithms are changing the game in terms of disease diagnosis. Machines are now learning how to read CT scans and other imaging diagnostic tests to identify abnormalities. Although some predict the end of radiologists as we know them, others see AI acting as a radiologist’s assistant.

How Can we at TCIS, INDIA assist YOU with YOUR Artificial Intelligence & Machine learning Research?

Analysis of medical technologies is essential to development in modern medicine. With the increasing amount of patient data also known as BIG DATA, new challenges and opportunities arise for different phases of the clinical routine, such as diagnosis, treatment and monitoring.

WE at TCIS, INDIA focus on the patent and non-patent literature (NPL) analysis of technologies related to Artificial Intelligence & Machine learning Research. We use state of the art patent research techniques which is very helpful to scientists across the globe.

Technologies we have worked on in recent past:

  • Automatic delineation and measurement techniques
  • Monitoring disease progression
  • Computer-aided diagnosis,
  • Personalized medicine and
  • Efficient data management and big data analysis

Our mission at TCIS, INDIA is to advance the state of the prior art studies and freedom to operate analysis. I have personally researched more than 1000++ technologies over a span of 12++ years. Our team of patent geeks are enthusiastic about performing patent research.

Success Stories

George Yu Partner at Schiff Hardin LLP

April 26, 2017, George was a client of Prity Khastgir IPR’S

Prity is very knowledgeable and experience when it comes to IP support functions.

SULABH MANGAL

Director at Energia International

July 19, 2017, Sulabh was a client of Prity Khastgir

‘Ridiculously efficient’ is the phrase that comes to mind when I think about Prity Khastgir. It’s rare that you come across standout talent like her. We hired her for patent filing and her execution is flawless.

PRASAD SHETTY

Co-Founder & Managing Partner Stryde Medical

May 20, 2017, Prasad was a client of Prity Khastgir IPR’S

Prity is a complete rebel. A hard task master and wastes know time in getting to the point! With such a vast experience, Prity definitely has the edge.More importantly she has come across to me as extremely smart, witty and a go-getter! I wish her all the luck for her future endeavours.