Creativity And Innovation

Creativity

This is the generation of ideas that result in the improved efficiency or effectiveness of a system.

Innovation

This is the process by which entrepreneurs convert opportunities into marketable ideas.

Sources of Innovation

• Trends: This include consideration of societal trends, economic trends and governmental trends and technological trends.

• Unexpected Occurrences: This include usage of unexpected incidents such as natural disasters, disease out break and even bombing. e.g bomb detectors can be sold in bomb areas and such idea would be profitable.

• Incongruities: These occur when the gap or difference exists between the expectation and realty. Example is when Fred smith propose the overnight mail delivery he create FedEx.

• Process Needs: This involve solving peoples problems and needs in a marketable idea. e.g. involve the health food(sugar free drinks), pharmaceutical, medical devices e.t.c.

• Industry and Market Changes: These are regular changes caused by consumers behaviours in industries and market. Example is changing of health care industries to home health care.

• Demographic Changes: These include example such as Retirement centres for old people.

• Perceptual Changes: These include changes that occur in people,to perceive need to be healthy and physically fit. There are need for both healthy food and facilities. Example invention of exercising tools.

• Knowledge-Based Concepts: These involves the use of knowledge  to produce marketable ideas. Example cell phone technology today has advance to include not only phone services but Internet access, music, camera, and some other applications.

The Innovation Process

Invention (new product, service, or process)

eg Wright Brothers - Airplane

Thomas Edison - Light Bulb

Alexander Graham Bell - Telephone

Extension (New use or different application of an already existing product, service or process)

eg Ray Kroc - McDonald's

Mack Zuckerberg - Facebook

Barry Steinlicht - Starwood Hotels & Resorts

Duplication (Creative replication of an existing concept)

eg Wal-Mart - Department Stores

Gateway - Personal Computers

Pizza Hut - Pizza Parlour

Synthesis (Combination of existing concept and factors into a new formulation or use

eg Fred Smith - Fed Ex

Howard Schultz - Starbucks