Innovation Process - MIT ID Innovation
                     What is the Innovation 
Process? Importance, 
Steps, Types and 
Examples
MITID Innovation
How amazing it is being able to form 
ideas and concepts through the genius of 
the human brain. This process is termed 
as the Innovation Process. The most 
interesting thing about innovation is, in 
fact, being able to turn an idea into a 
successful project. However, the 
innovation process is a complex process.
What is Innovation 
The Innovation Process is the structure 
that ensures your innovation team has 
novel ideas and the ability to successfully 
implement them. With the innovation 
process, you have a strategy that 
compels you to drag it all the way to the 
finish. It also increases the efficiency of 
actions, as it places innovation that is 
continuous.
Importance of the Innovation 
Process
• Ensures business survival: Some 
companies have been on the market for 
years and, therefore, remain in their 
comfort zone. Meanwhile, other 
businesses are investing in the 
Innovation Process to meet the current 
needs of the consuming public.
 
• Organizes internal 
processes: Innovation 
management creates an organized 
environment with practical methods that 
bring consistent results, which are 
essential for a successful company in the 
long run.
• Motivates employees The culture of 
innovation listens to the external public 
and is also always attentive to the 
opinions and ideas of its employees.
Steps Involved in the 
Innovation Process
Organizes internal processes: Innovation 
management creates an organized 
environment with practical methods that 
bring consistent results, which are essential 
for a successful company in the long run.
 Motivates employees The culture of 
innovation listens to the external public and 
is also always attentive to the opinions and 
ideas of its employees.
• Generating new ideas: It is essential to 
involve employees, customers, and the general 
public to understand the market better and get 
good ideas.
•  Evaluation: Not all the ideas raised are worth 
implementing. So it is vital to evaluate and 
select the best ones. This process must be 
executed with transparency and clear feedback.
•  Experimentation: Remember to evaluate a 
series of questions: Is the new product 
accepted by the customer? 
Give the team time to execute experiments 
and evaluate the results of the 
experimentation stage.
• Marketing: Your main job at this stage is 
to convince your audience that 
the Innovation Process is good for them. 
In short, it is necessary to demonstrate the 
benefits in practice.
• Monitoring of innovation: A company 
must follow up on the idea that was 
implemented. 
Types and Examples
When tackling the prospect of innovation, a 
company must entangle itself in the web of 
types of innovation. Ensure you are heavily 
equipped to tackle the kind of innovation 
you choose to explore.
•  Product innovation: It seeks to bring 
something unprecedented to the public, 
such as new features and functions.
Example: The creation of a product never 
seen before can create a new market 
( television, smartphone etc.) or the 
updates that Apple makes to the iPhone 
each year.
•  Service innovation: It also seeks to 
offer news to the consumer public, 
transforming how certain services are 
made available.
Ifood and Rappi are examples of types of 
service innovation. These companies have 
changed the way many people shop.
•  Technological innovation: There are 
countless technological innovations that 
humanity has experienced in recent 
decades, with the advent of the fourth 
industrial revolution.
Example: Facial or digital recognition to 
unlock smartphones, connected home 
appliances, data storage in the cloud 
(Google Drive, iCloud etc.) and virtual 
assistants (Alexa and Siri).
• Organizational innovation: Organizational 
innovation causes a radical change in the 
company or even the creation of a new 
business model.
Example: Organizational innovation can be seen 
clearly in Samsung, Microsoft and McDonalds by 
the improvement in their company’s culture.
Production innovation: This type of innovation 
seeks to improve the efficiency and quality of 
production processes, implementing new 
practices.
We at MIT ID Innovation understand the 
value of the Innovation process in any 
business or company. We try to teach 
these values with utmost dedication and 
support. You are the future, and you 
need to shape it perfectly with some 
innovation in mind.
Conclusion
MIT ID Innovation Programme curates 
knowledge and experiences that 
challenge the very paradigm of evolution. 
And that's why we have set out to define 
the future of industries, communities, 
cities and ecosystems. MIT ID Innovation 
offers the best Innovation Courses.
We’d love to 
hear
from you.
MIT INSTITUTE OF DESIGN
Rajbaug,, Loni-Kalbhor, Pune-412201
+91-7038982225 / +91 
9834092369
[email protected]
.in