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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

 

Mechanical. BSKB's mechanical patent attorneys have substantial experience in preparing and prosecuting mechanical and design patent applications, as well as providing validity and patent infringement opinions, intellectual property portfolio management and client counseling.
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Patent Filing in Mechanical Engineering Sector

What is Patent Filing in Mechanical Engineering Sector?

Patent Filing in Mechanical Engineering Sector

Patent Filing in Mechanical Engineering Sector by expert IP patent Attorney trained by USPTO patent lawyer.

Since the inception of human civilization, there is a need to design and manufacture everything from small individual parts and devices to big systems. Man, in the course of his progress and civilization has learnt to develop various tools, machines, equipments and appliances and it is hard to imagine this world without any mechanical appliancetoday.  In fact we need them at every step and stage for any physical activity for leisure or work in the house, office or outdoor. Having said that mechanical engineering sector has evolved by leap and bounds over the years.

Affordable Innovation at cost effective rate for the benefit of the mankind is the need of the hour

Mechanical engineering is one of the diverse field of engineering that focuses on the design, analysis, materials and manufacture of systems and deals with producing myriads of products of our daily needs. The enormity of the products range from household products like washing machine, vacuum cleaner, sewing machine, etc to whole range of heavy engineering items and industrial machinery like cranes, construction and mining equipment.

Mechanical Engineering is at the core of creativity and enterprise of human. Invention of a new mechanical device require a great deal of work and drive to attain success. When a new mechanical device is invented, its inventor must seek a patent in order to avail exclusive rights to the device.

A patent is a type of intellectual property right that is granted to the original inventor/creator of an invention by the Patent Office or the Intellectual Property Office of the respective country. A patent grants the patent holder exclusive rights or monopoly over the invention, meaning that it is forbidden for another person or party to manufacture, distribute, sell, or import the invention without authorization.

Apart from providing monopoly to the patentee, the patent literature is essential and rich source of technical information available worldwide. Anyone can refer to the patent databases to understand what is going on in a particular area of science and technology.

The growth of the world economy and the progressing globalization lead to a rapidly expanding access to information and new markets for inventors, resulting in greater international competition and new forms of organization. As a result of technological advances and the increased flow of information, knowledge is increasingly viewed as the driving force of economic growth and innovation (OECD/Eurostat 2005).

Many Multi-National engineering companies which grew with mechanical inventions are now well known globally because of their inventory of thousands of patents to support their businesses.

Patent Filing in Mechanical Engineering Sector, Mechanical Engineering Patent attorney, Mechanical Engineering Patent lawyer

Directory of American Tools and Machinery Patents (DATAMP) is a database comprising patents of old machines and tools. DATAMP is non-profit volunteer endeavor supported by users having an inventory of thousands plus (and growing further) patents collected largely from the databases of USPTO and augmented with several other patents from other databases, i.e., from Canada, Switzerland, Germany and UK.

It is intended at creating a clearinghouse for information on antique tool and wood working machine patents allowing collectors of these tools to easily find information about the history of tools and trades.There is constant increase in the number of mechanical patents filed in India in the last few years.

India as a developing and upcoming nation should really look into this trend of patent filing for growth of India’s economy.In order to get a patent, the inventor has to reduce the invention to practice and must provide all the necessary information to enable an individual skilled in the field of mechanical engineering to create and use the invention.How do you get a patent on an idea? Can you get a patent on a business model?

Patent Filing in Mechanical Engineering Sector Services:

We at Tech Corp International Strategist (TCIS, India) can help you file a patent for your tool, machine, equipment or appliance. In the patent system you explain how to make and use your invention, in exchange for being able to prevent others from making or selling similar devices for a limited period of time.

But how should you disclose your invention to the public in your patent filing that it gives you an extra edge towards your competitors?? We can help you determine what elements of your invention are actually patentable. To make this determination, we create a patentability opinion. This is done by performing a prior art search, in which we analyse the patent and non-patent literature in the public domain about potentially similar inventions. Based on that comparison, we identify features that have not yet been claimed by other inventors, and determine which of those are most likely to be patentable.