Product Innovation Examples – What Can We Learn From Them

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Innovation,

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October 25, 2021

Product Innovation entails developing new products or improving existing ones to expand their applications. This innovation can come in the form of new technology or in the functioning of the product itself. Some of the best product innovation examples are Samsung and Apple.

Product Innovation Examples

Here are a few examples of product innovators who shine best in the business world.

1. Samsung - Diverse Types of Collaboration

Samsung has been named one of the most innovative large corporations in the world, despite the fact that it has been linked to multiple plagiarism convictions.

Partnerships generally aim to add new features or connections to Samsung's existing products. These ventures not only generate cash in the event of exits, but they also give Samsung access to new technologies that it may study and benefit from. Samsung, as a product innovation example, has invested in Mobeam, a mobile payment startup.

Samsung hopes to profit from the wide range of technologies that smaller businesses have previously developed by cooperating with them. These companies frequently have products that complement or integrate Samsung's own, providing value to both parties.

The critical takeaway from the Samsung case is that different types of firms give different opportunities at different times of their lives. You should identify them and determine which strategies are best suited to the various kinds of possibilities.

2. Lego - Creating New Products based on Community Ideas

Another example of how involving your consumers adds value is Lego. Lego uses its Create and Share site and the Lego Ideas site to engage its users. The Create and Share site allows Lego fans to share their creations and Lego photos, while the Ideas site focuses on new product releases.

If you sell products directly to customers, try to engage them in helping you design products that meet their needs.

When people connect and tell you what they'd want to see on store shelves, you're likely to have ready demand and can save money on market research.

Making their voices known can help them develop a loyal following. Just make sure you can implement some of the most popular ideas and communicate effectively enough for your customers to feel like they made a difference.

It's worth noting that the same user activation strategy could not function as well in other situations, such as B2B setups with a smaller customer base.

3.  Mozilla - Motivating the Community

Open source development is something that is rarely associated with open innovation. The goal of open source software development is usually to provide free products to which anybody can contribute.

Mozilla is an excellent example of open-source software development in this manner. The Firefox web browser, created by Mozilla's global community of coders and other experts, is their product. Mozilla has been in the vanguard of this type of product creation, and the work is done by Mozilla's community, which includes both volunteers and paid workers.

Volunteering at Mozilla is appealing because it provides a valuable learning opportunity, as well as the opportunity to be a part of a community and participate in Mozilla activities.

The value of cultivating a community is something we can learn from Mozilla. It's also worthwhile to learn from open source communities, as there are several examples of the benefits of open innovation communities.

Skilled individuals join Mozilla's communities to learn, gain experience, meet new people, contribute to the product, and possibly be recruited at some point in the future. They appear to have all of their community offerings in order.

The MIT ID Innovation is India's best-known institution for innovation-related courses. The institute was formed to foster the development of a new era of comprehensive innovators. The ultimate goal is to empower students to shine with the best innovative minds.


References

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    MIT Pune: The pioneer of MIT institutions

    The MIT Group of Institutions pioneered the revolutionary extension of higher training in Maharashtra. MIT Pune contributed to bringing high-quality education to every student who aspired to train under excellent faculty. With 32 years of expertise, the MIT Group now includes 64 institutions, more than 6,500 teaching and non-teaching professionals, and more than 12 sites across Maharashtra to meet the educational requirements of more than 50000 thousand students.

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    Vision and Mission

    The university's vision is to foster a peaceful coexistence by instilling a value-based global inclusive education, with the sincere belief that only the combination of technology and religion/spirituality can bring humanity harmony.

    Their mission is to use scientific and technological knowledge for the benefit of society.

    The foundation of MIT Institute of Design

    With a strong foundation and credibility, MIT Pune founded the MIT Institute of Design under MAEER MIT Pune. MAEER's MIT Institute of Design began operations in August 2006, directed by the best brains in Indian design education at the time, intending to establish itself as a world-class research and teaching centre.

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    All of the design programmes are focused on establishing a real knowledge of structural space via analytical skills, self-directed study, and an integrated research approach through active learning, which is learning by exposing students to real-world situations.

    About MIT ID Innovation

    As you might expect, design innovation is a method for generating new ideas. It focuses on meeting people's demands with technologically possible solutions and developing a successful business plan to capitalize on this market potential. These are the criteria to which we, as people and as an Education Technology and Design start-up, adhere. It's something we do regularly; we aim to use Design Innovation to unleash the brilliant ideas of learners and lecturers so that they can (train youngsters too) take on today's and tomorrow's difficult issues.

    With a similar idea in mind, the MIT ID Innovation Programme was founded as a flagship under the MIT Institute of Design. It is a one-year program for self-motivated and enthusiastic students who want to develop cutting-edge goods, services, and companies for today's and tomorrow's worlds. To build a comprehensive approach to design and innovation, MIT ID Innovation offers one of the best innovation courses in India which integrates Technology, Design, and Business. Graduates and business professionals from various artistic, technological, and social science disciplines are welcome to apply. The curriculum framework is entirely project-based, with a strong emphasis on teaching practical and hands-on expertise.

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    An insight on the curriculum of the courses

    The institution intends to conduct hands-on initiatives aimed at offering comprehensive solutions. They offer an 'immersion' interface that allows for engagement with important companies and professional associations, making them one of the top innovation courses in India. The programme also assures demanding projects that cover a wide range of topics pertinent to our day. Students have the option of selecting themes from a variety of topics based on their interests and skills.
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    Dashlessdash

    An initial program that allows students to collaborate with each other in the design thinking courses in India to develop a viable commercial, design, or technological solution, allowing them to relearn what they already know and apply a comprehensive methodology to innovation.

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    Learners will anticipate their visions of a futuristic society by charting geopolitical, financial, cultural, and technical trends and extrapolating human interactions, goods, and activities in each. They'd then propose solutions using a variety of mediums.

    Creating with digits

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    Significant undertaking

    Students will spend the second quarter of their VIF experience engaging alone or in groups of two to come up with a compelling large project that combines what they've learned so far in a disciplined structure to produce a comprehensive innovation.

    Courses offered in MIT ID Innovation

    PG Diploma in Innovation equivalent to MBA in Innovation

    The MIT ID PG Diploma in Innovation offers a one-year meticulous education in the confluence of organizational and functional innovation, preparing students to recognise business opportunities, use innovation theory, and establish new entrepreneurial activities employing new technologies.
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    Digital Transformation Course

    The process of converting old company processes to new digital techniques to enhance efficiency and keep up with quickly changing market needs is known as digital transformation. For developing digital business transformation, digital innovations need a knowledge basis. Customer experiences, artificial intelligence, and supply chain advances such as IoT are examples of these systems. Learners must understand the procedures involved in implementing new digital transformations when they come down the chain.
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    Digital Transformation courses are meant to educate you on the fundamentals of the digital platform, such as organizational change and the product development process. It also explains what you should do with outdated tech.

    User Experience Design Course

    This 9-month course focuses on introducing the learner to User Experience (UX) Design. User experience design is oriented towards the user. The objective is to create artifacts that help users achieve their goals in the most efficient, effective, and satisfying way possible. The beginner is introduced to a cycle of discovery and assessment, as well as a set of procedures that suit the user's requirements.
    Through teamwork and role-plays, students have an intensive peer-learning opportunity in this course by MIT ID. Throughout the course, real-life case studies will be explored.
    This course is designed for beginners. It is intended for students who have heard of "user experience" or "user interface" design but have little knowledge of these fields. The mantra is to understand the "Mind Set, Skill Set, Tool Set" of an Experience Designer.

    Conclusion

    While you're capturing your growth, strive to be ready with the next level of customer offering. Repeat the process of becoming a pioneer. The following stages in the value ladder that you might be able to provide should be foreseen, conceived, and tested as soon as possible.
    Students will learn about coming up with new ideas, doing research, and inventing. Not only that but also how to adapt their area of expertise (discipline) or a topic of great interest to their position as part of a dynamic and varied group of people. Every course student of MIT ID will work together to create a business plan that incorporates their collaborative skills.