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Roughly speaking, one can define innovation as
“novelties that yields profit”. This definition involves
three basic components: (1) “Profit making” (i.e., the
market), (2) The operations that deliver these
innovations to the market (i.e., the innovation
practices), and (3) The process of creating new ideas
(i.e., the creative process). Innovations that need
coordination of these three components have different
types such as product, process, business model
innovations. Within the scope of the course, various
concepts, approaches and tools that are both related to
the innovation theory and innovation practices such as:
process of creating new ideas; 4P model of creativity;
creative destruction; theory of diffusion; disruptive
innovations; innovation portfolio and innovation funnel;
ten faces of innovations: ten types of innovation; design
thinking; the lean start-up will be covered.
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