Last week we went over the topic of innovation. Innovation is basically bringing something new in, it could be useless and weird but it is still an innovation. The concept is similar to evolution, if one does not change with the world, it will be left behind and will not survive. The lecturer showed an example of this by showing us the S-curve of technological development. Section 1 shows the initial slow growth of a technology eg. phone. Section 2 is the rapid increase in the use of it. Lastly section 3 reaches a limit where people just got bored of it and the slope of the curve dies off. Here is when innovation or evolution comes in. A smart company will take their products to their next level eg. iPhone 4 to iPhone 5. Just before the product reach it's limit, they will release a better version of the product so the curve can continue rising and not die off.
Another point I learned was the Business Model Innovation. It is when a business takes a whole new approach in marketing their products. I had to agree with the example the lecturer said about Nokia was advertising their phones by showing simply how great their technology was. However Apple marketed their iPhone through applications. Through the use of applications like Facebook, the customers realise how great this piece of technology is. The two models has a slight difference however this extra step can determine whether the business suceed in the market or not.
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