INNOVATION PROCESS

INNOVATION and the ENTREPRENEUR

• Innovation is the specific function of marketable ideas

entrepreneurship • Is the vision to create a good idea and the
• Is the means to create new wealth perseverance and dedication to remain with the
• Is the process to convert opportunities into concept through implementation.

INNOVATION and the ENTREPRENEUR

• Entrepreneurs blend imaginative and creative thinking with a systematic, logical process ability.
• They develop ability to see, recognize and develop opportunities.
• There key questions need to be addressed Questions include:

INNOVATION and the ENTREPRENEUR

• What is the problem? • What costs are involved?

• Whom does it affect? • Can it be solved?
• How does it affect? • Would the marketplace pay for a solution?

Role of Creativity
• Is the generation of ideas that result in the improved efficiency of a system.
• Two aspects:-process and – people
Process (goal oriented)
People (resources that determine the solution)

Problem Solving Approaches/Adaptor

• Solving rather than finding problem • Sensitive to group cohesion and cooperation
• Attempts to refine current practices • Precise methodical approach
• Tends to be means oriented • Employees are disciplined

Problem Solving Approaches/Innovator

• Discovers problems and avenues of solutions ends

• Questions basic assumptions related to • Little tolerance for routine work
current practices • No need for consensus
• Little regard for means- more interested in

Nature of the Creative Process

• Creativity is a process that can developed and improved
• Creativity is not some mysterious and rare talent reserved for few
• The creative process involves seeing relationship between things that others have not seen
Background of Knowledge Accumulation

• Read in a variety of field • Talk to people about your subject

• Join professional groups and associations • Develop a subject library for future reference
• Attend professional meetings and seminars • Pursue your natural curiosity
• Travel to new places

Incubation Process

Engage in routine or mindless activities falling asleep

• Exercise regularly • Meditate and or self hypnosis
• Play (sport, game, puzzle) • Sit back and relax on a regular basis
• Think about the project or problem before

Idea Experience

• Day dream and fantasize about your project • Keep a notebook to record late night or early
• Practice your hobbies morning ideas
• Working in leisurely enrolment • Take break while working

Evaluation and Implementation

• Increase your energy level with proper • Test your ideas with knowledgeable people
exercise, diet and rest • Take notice of your intuitive ideas and feelings
• Educate yourself in the business planning, • Seek advice from others…
process and all facets of business

The creative thinking process

• Incubation
• Knowledge Acc Creative Ideas process Evaluation and implementation

Characteristics of Creative People

• Bright but not necessarily brilliant • Sensitive to the world around them
• Good at generating a high degree of different • Able to withhold a decision to a problem till
ideas in short period of time sufficient facts are collected • Motivated by
• Have positive image of themselves challenging problems

Characteristics of Creative People

• Value their independence and no need for group approval
• Lead a rich imagination
• Flexible and not rigid or dogmatic
• Concerned with meanings and implications of a problem.

The Creative Climate

• A trustful management that does not over • Considerable contract and communication
control the personnel with outsiders
• Open channels of communication among all • Large variety of personality types
members of the business • Willingness to accept change

The Creative Climate

• Enjoyment in experimenting with new ideas on merit

• Little fear of negative consequences for • Use techniques that encourage ideas
making mistakes • Sufficient financial, managerial, human and
• Selection and promotion of employees based time resources for achieving goals

Innovative Process

• Successful innovators: to be to satisfy the opportunity

• Look at figures • Look at potential users of the product to study
• Look at people their expectations, values and ideas
• Analytically workout what the innovation has • Create new customers and new markets

Types of Innovation

• Invention • Synthesis (combination of existing concepts

• Extension and factors into a new formation)
• Duplication

Principles of Innovation

• Be action oriented understandable

• Make the product, process or service • Start small
customer-based • Aim high
• Make product, process, or service simple and • Try-test-revise

Principles of Innovation Finally

• Learn from failure • Follow a milestone schedule • Reward heroic activity • Work, work, work.