Group 16

Innovation in Product
Submission #2
Anant Jain B15131
Ankit Goel B15132

Anshul Jain B15134

2015

1.

Introduction

Innovation is refinement in a product, process, method, or a part thereof. Innovation has become a buzz-word in recent years, with increasing relevance of ‘innovation-centred business models’, and ‘innovation-led-entrepreneurism’. In fact, the success stories of
Industrial America, technological Silicon Valley, American financial market, etc., are tales of constant innovations.
‘Digitization’ has shifted access to knowledge and information from a privilege to convenience: anyone who is willing and able to pay, has an access. Also, sharing of information and flow of payments and tenders through internet has changes businesses like never before.

1.1 What is Product Innovation?
Product Innovation can be defined as creating a new product, or making changes in the existing product, or creating a differentiation in terms of utility or features of the product.
Light Bulb, telephone, microprocessors, digital displays were great innovation in terms of making of new products, i-pods, cell phone, integrated circuits were innovations in terms of modification in existing products.
Not all product innovations are technological breakthroughs- take a safety pin for example.
Even candle, fountain pen, and scissors are examples of path-breaking revolution, that didn’t require significant technology, or invention capabilities. On the other hand, many product innovations are specifically based on advanced research – take cell phones for example, or any medical device (say for Magnetic Resonance Imaging). Thus, technology is a means through which innovation in products can occur, the vehicle through which betterment can be brought.
Digitization, or the advent of internet resulting in everything going digital, has boosted