What is the equation for innovation?
E=MC Squared
Conception +Idea+ Marketing
Conception + Invention + Exploitation
There is no equation for innovation
In the innovation equation, what does the word 'invention' mean
It's the creating of the original idea
It's the act of taking the original idea (conception) and turning it into a workable reality -- such as a product or service
It's the piece of the quation that involves requires the least amount of work
It only applies when it's necessary to build a machine
With regard to the innovation equation, what does the term 'exploitation' mean?
Taking steps to insure that our invention will make lots of money for us in the future by yielding many services and products that can be sold.
The act of stealing an idea
Using child labor make a profit
Producing cheap products
The hot jobs expected for 2010 are based upon technologies that weren't even in existance in 2004. What is this phenomenon an example of?
Poor planning
It's an example that people's perception about technology are changing. People are more accepting of technology.
It's an example of consumers demanding that Manufacturer's bring out high technology products
New knowledge
Classic Models of Innovation: The Scientific Process of Innovation says that innovation happens based upon what happening first? With what does the process begin?
invention
customer suggestion
scientific discovery
consumer demand
Classic Model of Innovation: The Demand Pull Approach starts with an unmet need which is conveyed (learned) through.....
scientific discovery
an act of violence
protest
consumer suggestions
What makes the product 'Pringles' Innovative?
Their delicious taste
Where they're sold
Their packaging
Their healthy ingedients
What is 3M's 30% rule?
30% of 3M's porfolio of products must have been introduced in the last 4 years or less
30% of your work time must be dedicated to rest and relaxation
30% of 3M's portfolio of products must be greater than 4 years old
30% of 3M'a sales must come from their biggest market - 'Glues'
How you innovate =
success
what you innovate
profit
innovation management
3M's yearly turnover rate is?
14%
40%
4%
30 Billion a year in international sales
What is 3M's 15% rule?
15% of 3M's product portfolio must have been produced within the last 4 years
3M pays a 15% bonus out to every employee every year
15% of 3M's sales must come from its cash cow product 'sticky notes'
15% of a 3M emplyee's work week must be spent on non-work related things that he or she enjoys