Introduction to

Creativity and Innovation

and Entrepreneurship
Winter 2011
ENGO 421, FaII, 2004
2
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earning Objectives
W Objectives:
Introduction
1. Define and distinguish between:
W Discovery
W Invention
W Innovation (venture modeI / technoIogicaI)
W Creativity
2. Provide, recognize and cIassify exampIes of
each
. Give reasons why creativity and innovation
are criticaI to the work of the entrepreneur
4
Agenda
W Introduction
W Brainstorming activity
W Concepts
W Discovery, invention, innovation and creativity
W Some exampIes
Introduction

Why Creativity and

Innovation?
Concepts

Introduction
iPod by AppIe
W Since 2002:
W 12 miIIion soId
W 90% of market
W Today we'II ask
ourseIves again why
this has been so
successfuI.

Activity

ey Concepts
9
ey Concepts
Concepts
DeveIopment
of new ideas
PurposefuI
impIementation
of those ideas
ExpIoitation
of inventions
to create
economic and
sociaI vaIue
W new ideas:
W knowIedge
W concepts
W inventions:
W technoIogies
W business modeIs
W usefuI impIementation:
W products
W services
W experiences
10
What is Innovation?
W A process of intentionaI change made to
create vaIue by meeting opportunity and
seeking advantage
W ".is the specific function of
entrepreneurship."
W Peter Drucker
W Process:
W Invention Change UsefuI impIementation
Concepts
11
What is Creativity?
W "The imaginativeIy gifted recombination of
known eIements into something new."
W Ciardi
W "FruitfuI combining which reveaIs to us
unsuspected kinship between facts, Iong ago
known but wrongIy beIieved to be strangers
to one another."
W Poincare
W Process:
W Existing ideas #ecombination New ideas
Concepts
12
Can you create creativity?
W "20% time" at GoogIe
W et peopIe work on what they want to work on
W Innovation wiII foIIow
W 0% of products come from GoogIe's 20% time
W www.businessweek.com/magazine/content/0*40/b909.htm
W www.podtech.net/home/?p=2
W Is this reaIistic for a new business?
W Can a smaII business do this?
W Can most businesses do this?
W Other ways?
Concepts
1
Do you have to invent to
innovate?
W Innovation is different from invention
W You don't need to invent to innovate
W Guy awasaki says:
W "COPY SOMEBODY . cIever peopIe have pretty
much invented every business modeI that's
possibIe. You can innovate in technoIogy,
markets, and customers, but inventing a new
business modeI is a bad bet. You have pIenty of
other battIes to fight."
Concepts
14
Types of Innovation
W For now we wiII consider the foIIowing
types of innovations:
1. TechnoIogicaI innovation
2. Venture modeI innovation
Concepts
1
Some
ExampIes
1
The "Fastskin" Swimsuit
W Speedo #, 200
W Make no waves
W #educes drag
W Preferred by most
OIympians today
ExampIes
Further reading:
W http://bIogs.howstuffworks.com/200/04/21/how-the-fastest-swim-suit-works
W http://www.bIoomberg.com/apps/news?pid=200109&sid=agrVrgrk
W http://phiIosophy.hku.hk/think/creative/creative.php
W Innovation?
W TechnoIogicaI or venture modeI?
1
The DigitaI Camera
ExampIes
Source: www.msnbc.msn.com/id/92140/
W Innovation?
W TechnoIogicaI or venture
modeI?
1
ExampIes
W Innovation?
W TechnoIogicaI or
venture modeI?
19
ExampIes
iPod by AppIe
W Why has it been so
successfuI?
W Is your answer any
different now than it
was on the first day?
W Innovation?
W TechnoIogicaI or
venture modeI?
20
ExampIes
W Innovation?
W TechnoIogicaI or
venture modeI?
iTunes
by AppIe
21
Wrap-up
22
200 2004 200 200 200
2
20
1
10

0
Year
MiIIions
iPods soId
monthIy
VaIue Created at AppIe
AppIe
DeII
HP
Microsoft
SHA#E P#ICES
00%
00%
400%
00%
200%
100%
0%
#OI
Wrap-up
2
Wrap-up
Innovation Index?
24
Take these Concepts Further
W Starting and running a business is as
important as:
W Encouraging creativity
W Managing innovation
W BaIance
W Operations vs. creativity and innovation
W eft brain vs. right brain
W Your own unique processes
W Stage of business
Wrap-up
2
earning Objectives
W You shouId be abIe to:
Wrap-up
1. Define and distinguish between:
W Discovery
W Invention
W Innovation (venture modeI / technoIogicaI)
W Creativity
2. Provide, recognize and cIassify exampIes of
each
. Give reasons why creativity and innovation
are criticaI to the work of the entrepreneur