What's so good about Innovation Anyway? Anthony Denatale Senior Specialist Innovation and Creativity

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1 What's so good about Innovation Anyway? Anthony Denatale Senior Specialist Innovation and Creativity

2 Innovation Strategy HH Sheikh Mohammed Vision 2021 "The UAE is already the most innovative Arab nation. Our target is to be among the most innovative nations in the world. The competitiveness race demands a constant flow of new ideas, as well as innovative leadership using different methods and tools to direct the change," HH Sheikh Mohammed bin Rashid Al Maktoum

3 Before we start! Innovation can be defined as the development or adoption of new concepts or ideas, and/or the new or adopted ideas themselves as well as the successful exploitation of new ideas. Creativity is having the ideas, and innovation is its application. Creativity only emerges when the innovator takes the idea and does something with it. Successful exploitation of new ideas can lead to any form of increased organizational or social benefit.

4 What is Innovation? Joseph Schumpeter defined economic innovation in "Theorie der Wirtschaftlichen Entwicklung" (1912): The introduction of a new goods that is one with which consumers are not yet familiar or of a new quality of goods. The introduction of an improved or better method of production, which need by no means be founded upon a discovery scientifically new, and can also exist in a better way of handling a commodity commercially.

5 What is Innovation The opening of a new market that is a market into which the particular branch of manufacture of the country in question has not previously entered, whether or not this market has existed before. The conquest of a new source of supply of raw materials or half-manufactured goods, again irrespective of whether this source already exists or whether it has first to be created. The carrying out of the better organization of any industry, like the creation of a monopoly position or the breaking up of a monopoly position.

6 Does employee innovation lead to happiness? Do staff feel happier if they can suggestion innovations? Why do you think employees want to innovate?

7 Maslow nailed it in 1943

8 Yes, but what about innovation in Dubai Worlds tallest building Burj Khalifa First use of Buttressed Core Y-Shaped design Worlds fastest elevators Dubai Metro Driverless Totally automatic One of the longest automated metros in the world Emirates Airlines Operates biggest passenger aircraft On-board Lounge First airline to provide on-board shower

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10 What happens if organizations don t Innovate The case of Kodak A warning in history In 1973 the world biggest supplier of camera film 1975 Steven Sasson an engineer with Kodak invents the digital camera Kodak management team decide that the public would never want to view digital picutres. Although they patented design and made billions from the designs they never market the product themselves. Kodak filed for bankruptcy in 2012

11 Modern Innovation is not just invention Worlds biggest retailer owns no stores or inventory Alibaba Worlds biggest taxi company owns no vehicles Uber Worlds biggest room seller owns no property Airbnb Facebook the worlds most popular media owner creates no content Amazon the worlds biggest bookseller owns no bookshops The world is changing and there are new start-ups constantly looking to disrupt the current market.

12 Customers also provide Innovation Dell computers Launched Dell Ideas Storm in 2007

13 My Starbuck Ideas

14 So, why DO we need Innovation? Can offer you the competitive edge If you don t innovate then your competitors will The world is changing constantly It will engage your customers and the community It will lead to a happier organisation

15 But Innovation is not just for business!

16 But Innovation is not just for business!

17 But Innovation is not just for business!

18 But Innovation is not just for business!