CREATIVITY
AND INNOVATION.
CREATIVITY: This is the generation of ideas that
results in the improved
efficiency of a system or effectiveness.
INNOVATION: This is the process by which entrepreneurs convert opportunities into
marketable ideas.
SOURCE OF
INNOVATION IDEAS
(1). Trends eg Social trends, Technology trends,
Government trends, Economic trends.
(2). Unexpected
Occurrences eg Terrorist
attack on the United State.
(3). Incongruities eg U.S. Post office.
(4).Process needs eg
sugar free products, microwave ovens, caffeine-free coffee.
(5). Industry
and Market changes eg health care
industry: changing to home health care.
(6). Demographic
changes eg rest homes or
retirement centres for older people.
(7). Perceptual
changes eg people exercise
(aerobic) and the growing concern for fitness.
(8). Knowledge-based
concepts eg mobile (cell
phone) technology.
THE INNOVATION PROCESS
Types of Innovation are:
(A). Invention:
Totally new product, services or process
eg: Wright brothers who invented airplane.
Thomas Edison who invented light bulb.
Alexander Graham Bel who
invented telephone.
(B). Extension:
New use or different application of an already existing product, service or process.
eg: Ray kroc - mcDonald's.
Mark Zuckerberg - Facebook.
Barry Stemlicht - Starwood Hotels and
resorts
(C). Duplication: Creative replication of
an existing concept.
eg: Wal-Mart - department stores
Gateway - personal computers
Pizza hut - Pizza Parter
(D). Synthesis: Combination of existing concepts and
factors into a new formulation or use.
eg: Fred Smith - fred Ex
Howard Schutz - Starbucks
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