p5 innovation

8/9/2019 P5 Innovation

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Innovation

# 5


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Innovation The process by whichentrepreneurs convert

opportunities into marketable

ideas.

More than just a good idea.


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The Role of CreativityCreativity is the generation of

ideas that result in theimproved efficiency or

effectiveness of a system.


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The Creative Process

Phase 1: Background or Knowledge

Accumulation

Phase 2: The Incubation Process Phase 3: The Idea Experience

Phase 4: Evaluation and

Implementation


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CreativeCreative

ProcessProcessIdeasIdeas

EvaluationEvaluation

andand

ImplementationImplementation

IncubationIncubation

KnowledgeKnowledge

AccumulationAccumulation

The Creative Thinking

Process


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The Most Common Idea Stoppers

1. Naah.

2. Cant (said with a shake of the head and anair of finality)

3. Thats the dumbest thing Ive ever heard.

4. Yeah, but if you did that . . . (poses anextreme or unlikely disaster case)

5. We already tried that years ago.

6. Weve done all right so far; why do we need

that?7. I dont see anything wrong with the way

were doing it now.

8. That doesnt sound too practical.


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The Most Common Idea

Stoppers9. Weve never done anything like that

before.

10.Lets get back to reality.

11.Weve got deadlines to meet wedont have time to consider that.

12.Its not in the budget.

13.Are you kidding?

14.Lets not go off on a tangent.

15.Where do you get these weird ideas?


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Developing YourCreativity

By Recognizing Relationships

If you wish to improve your

creativity, it helps to look for

different or unorthodoxrelationships among the elements

and people around you.


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Developing a Functional

Perspectiv

e

A creative person tends to view

things and people in terms ofhow they can satisfy his or her

needs and help complete a

project.


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Using YourBrains

The right brain hemisphere helpsan individual understand

analogies, imagine things, andsynthesize information. The left

brain hemisphere helps the

person analyze, verbalize, anduse rational approaches to

problem solving.


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Processes Associated with the

Two Brain HemispheresLeft Hemisphere

Verbal

Analytical

Abstract

Rational

Logical Linear

Right Hemisphere

Nonverbal

Synthesizing

Seeing Analogies

Nonrational

Spatial Intuitive

Imaginative


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Types of Innovation Invention

Extension Duplication


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Sources of Innovation

Unexpected Occurrences

Process Needs

Industry and Market Changes Demographic Changes

Perceptual Changes

Knowledge-Based Concepts


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Financial Support for Innovation

Two major sources of

financial backing are:Venture Capital

Government Support


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Myth of Innovation

Innovation mainly technological

New, novel, creative

Innovation often confused with

invention

Discovery Invention Innovation

Innovation can be managerial, legal,

political


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Innovation Definition

Innovation is an attempt which produces asignificant increase in the cost to benefitratio

Costs and benefits are defined incomprehensive ways

Costs: monetary, difficulty, inconvenience,physical risk

Benefits: Money, pleasure, health, fun,convenience


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Innovation Examples

Optical communication systems

bandwidth vs cost

Flexible Manufacturing Systems: choicevs cost

Web-enabled processes: customer

satisfaction vs cost

ATM Machines: convenience vs cost


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Non-technological Innovations

Productivity Innovation: Cars assembly line

Marketing innovation

Pricing innovation

Branding innovation

Legal Innovation: Patents, Limited liabilitycompanies

F

inancial innovations: insurance, mutualfunds, installment buying, home loans, creditcards, derivatives (futures and options),mortgage


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3Ms Innovation Rules

Dont kill a project

Tolerate failure

Keep divisions small

Motivate the champions

Stay close to the customer

Share the wealth


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The Ten Commandments of an Entrepreneur

1. Come to work each day willing to be fired2. Circumvent any orders aimed at stopping your dream

3. Do any job needed to make your project work, regardlessof your job description

4. Network with good people to assist you

5. Build a spirited team: choose and work only with the best

6. Work underground as long as you can publicity triggersthe corporate immune mechanism

7. Be loyal and truthful to your sponsors

8. Remember that it is easier to as for forgiveness than forpermission

9. Be true to your goals, but be realistic about the ways toachieve them

10.Keep the vision strong

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