Principles of innovation

1. Invention- New Product/Service or process i.e. Light bulb, Atom splitting

2. Extension-New use or different application I.e. Face book, Electric fence
3. Duplication-Creative replication i.e. Jet boat
4. Synthesis-Combination of existing concepts Into a new formulation or use. I.e. Starbucks,
Wind sailing on land
 
The Innovation Model of Market Opportunity
 
 The Social need Model of Market Opportunity.
The creative thinking Process
 Knowledge Accumulation.
 Ideas.
 Evaluation and Implementation.
 Incubation.
 
 Creativity is a pre-requisite for innovation.
 Creativity is a mental process that results in the production of ideas and it can be nurtured.
 
DEVELOPING YOUR CREATIVITY
1. Develop your Brain.
 Ask the right Questions; "Is there a better way?"
 Challenge Custom, Routine and tradition.
 Be reflective {Deep in thought}
 Play Mental games, trying to see an issue from different perspectives.
2. Recognizing Relations.
 Seeing new and different relationships among objects
 
WHAT IS A STARTUP
 
 This is an organization designed to innovate a new product or service under conditions of
extreme uncertainty.
 Encompasses; Mission, Vision, Strategy, Hiring, Accounting, Finance, Operations e.t.c