Innovation is about putting a new idea or approach into action.
Innovation is commonly described as 'the commercially successful exploitation of ideas'.
Successful innovation is mainly about creating or adding value. It does so either by:
However, both kinds of innovation require a business to:
Innovation can come in many forms:
Whatever form it takes, innovation is a creative process. The ideas may come from:
Inside the business – e.g. from employees, in-house designers, sales staff
Outside the business, e.g. suppliers, customers, media reports, market research insights or from contacts at local universities or other research organisations
Successful innovation comes from filtering those ideas, identifying those that the business will focus on and applying resources to exploit them.
We'll use this Series to curate resources that support teachers and students preparing for the BUSS4 Section A Research Theme on Manufacturing in the UK (June 2015). These resources will complement our popular BUSS4 Section A Toolkit on Manufacturing and the BUSS4 Exam Coaching Workshops which also include sessions on Manufacturing.