Innovation and Creativity in Business

1. You are the manager of a firm. According to your understanding of the article,
explain any two key concerns that you need to address while you undertake a radical
innovation and two concerns while you undertake a disruptive innovation strategy for
your company.

Innovative thinking on a grand scale:

 It can be dangerous, because it has a tendency to disrupt the competitive landscape.

 To carry out the plan, new skillsets and abilities are required.
 It's a difficult procedure because it would necessitate an entirely new course, and it's
also a costly process because of the high prerequisites.

Disruptive innovation:

 There is already a high level of competition in place. As a result, it's a risky action.
 Established marketplaces should occasionally be dismantled and started from scratch,
which would necessitate a significant amount of research, documentation, and market
analysis, as well as difficulty in making those concepts non-hypothetical.

2. Write a short summary of the video giving an attractive title to your write up.

The Future of Now

A new product or service that stems from a creative idea is referred to as an innovation. To
assist businesses in succeeding, it must be creative, valuable, and well-implemented.

Getting rid of Blockbuster CD rental stores and the renowned Netflix website. Netflix had a
significant edge over traditional movie theatres because it didn't have to create a store, hire
employees, or maintain any physical inventory. Because that single notion was so cost-
effective, the danger seemed to be low as well. Another thing Netflix concentrated on was
giving customers the impression of comfort. They didn't have to walk all the way to
Blockbusters to get a movie to rent. Netflix was able to fight blockbuster by implementing an
innovative strategy based on a fundamentally different business model.
So many fresh unique strategies are continually developing from all corners of the globe.
Change is an unavoidable component of the innovation process. A company's strategy must
be dynamic, changing in response to customer wants and benefits while remaining
competitive in the marketplace. Some types of radical innovations are:

 Reduce the number of activities in the value chain.

 Disruptive inventions at the low end .
 When high-end disruptive technologies are introduced, they outperform established
items.
 Create a value chain that allows for bulk customization.
 By focusing on non-consumption, you may create new markets.

Only the ingenuity of a company's employees can limit its potential to give value in a creative
manner. Success, on the other hand, necessitates bold rule-breaking ideas that are applied
effectively and efficiently as part of a creative plan.