Creativity

CREATIVITY IS THE PROCESS OF FORMING

SOMETHING NEW AND VALUABLE. PEOPLE CAN
CREATE PHYSICAL THINGS OR VIRTUAL THINGS
(IDEA, JOKE, THEORY, ETC.). PEOPLE INCULCATE
INTEREST IN CERTAIN THINGS/ SUBJECTS LIKE
PSYCHOLOGY, SCIENCE, BUSINESS STUDIES,
ACCOUNTS, BLOGGING, PHILOSOPHY, ETC. THE
EFFECTIVENESS OF LEARNING AND TEACHING IS
SEEN IN CREATIVITY
as it helps in create new things and develop existing
and new skills. For instance, engaging in a creative
activity helps in improving our problem-solving
skills, imagination power, etc. Creativity helps us in
devising new ways to solve problems or generate
something.
 Innovation

Innovation is the process of executing ideas

regarding goods and services. Innovation involves
improvement in the goods and services provided.
New processes, techniques, and ideas are applied to
the existing goods and services so that they can be
regenerated and renewed. Different people have
different definitions of innovation, but it is
interesting to note that there are four significant
kinds of innovation
They are incremental innovation, architectural
innovation, disruptive innovation, and radical
innovation
 K ey D i ffer en c es Be tw e en Cr ea tiv i ty a nd Inn ov atio n

While creativity is about being imaginative, innovation

is about being productive.
Innovation is quantifiable in most cases; but creativity
is not quantifiable.
Creativity is all about thinking something new whereas
innovation is more about introducing something new.
Money consumption is not involved in creativity but
innovation involves money consumption.
There is no risk involved creativity but innovation is
always associated with a considerable risk.
Creativity is associated with terms like ideas, imagination,
thoughts, and expression, concepts, brainstorming and
creative process. Innovation is associated with terms like
process, value, invention, doing, action, implementation,
enable, useful, change, new and measurable.
In a business organization, creativity comes up with new
plans so that they can give a competition and be more
flexible in the market. On the other hand, innovation is
about taking up these novel ideas and developing on it to
create useful and practical solutions. In simple words,
innovation is converting theory into action.
What is an innovation platform?
An innovation platform is a tool for building and
growing ideas. However, an innovation platform also
refers to a technical solution where you can build things
fast and prototype tools. Furthermore, for a business,
an innovator’s growth platform means using products,
services, and technology in a new way to reach your
goals—preferably more efficient than before.  Let’s
discuss the insights about the innovation platform by
explaining its types, examples, benefits, and how to
choose the right platform for your workplace.
 Types of Innovation Platforms

Technical Open Innovation Platforms

Is Business Model Innovation
 Service Innovations
Design Led Innovation
 Design Led innovation

Design-led innovation refers to the philosophy that

businesses should be forward-thinking and problem-
solving. It takes the principles of design and applies
them to the running of a company.
 Improvisation

Improvisation may seem incompatible with the well-

defined processes that govern most mature business
practices. Hiring teams don’t often screen for
improvisation skills, and most employee training
programs focus on developing leadership or
technical skills rather than helping employees to
become better improvisers.
 Corporate Vs Start ups

A startup environment is typically a fast-paced culture

in which creativity and communication are valued.
Startups tend to be smaller than large corporations,
especially in the early stages of growth, enabling
employees to build strong relationships and freely
exchange thoughts and ideas. They’re also capable of
acting nimbly to adjust business practices and hit
shifting goals.
Startup culture is often perceived as being less formal
than that of a corporate environment, and usually puts
less emphasis on hierarchy within teams.
A corporate environment, on the other hand, is often
characterized by a more structured, formal approach
to company culture. Because many corporations
employ thousands of workers, it’s not uncommon for
employees to be unfamiliar with colleagues outside of
their immediate teams or departments.
With years of experience under their belts,
corporations tend to have concrete procedures,
protocols, and guidelines that govern daily operations.
This rigidity can sometimes have the effect of slowing
down innovative processes.
 What is Co-Creation

Co-creation is a shared process by which customers,

suppliers, retailers, designers and other relevant
third-parties work together with the company to
generate ideas towards a mutually valued endpoint.
Each party represents their unique perspective in the
product relationship ranging from buyer to
developer and, via the process, is encouraged to
communicate their thoughts around things that
work, things that don’t, areas of need, opportunities
for improvement and more.
of “Open Innovation”, is “equal parts philosophy and
process.” It is a corporate mindset that embraces
external thinking and recognizes that great ideas are
not exclusively generated internally within the
company.
Open innovation is a business management model
for innovation that promotes collaboration with
people and organizations outside the company. In
this sense, open innovation challenges are a true
cultural break from the company silo mentality and
the secrecy traditionally associated with the
corporate R&D culture.
 is Innovation Strategy

Innovation is about creating new value people are willing

to use and pay for, whereas strategy is the plan for
harnessing for example marketing, operations, finance
and R&D to support achieving the competitive goal.
To clarify, innovation strategy isn’t about innovation
tactics, such as setting up an idea challenge, but more
about mapping organization’s mission, vision and value
proposition for defined customer markets. It sets
boundaries to your innovation performance expectations
by simplifying and structuring your innovation work to
achieve the best possible outcome.
 Sources of Innovation

The
 Unexpected. This is indeed the Eureka moment where
something unexpected happens that leads to a new product or
service. You weren’t looking for it; the surprise found you! It is by
far, the easiest and simplest source of innovation.
Incongruities.  When there is a discrepancy between what is and

what should be, you have an innovation opportunity. It’s that weird
feeling, an incongruity, between expectations and results. It’s a
disruption in the logic or rhythm of a process. It just doesn’t feel
right.
Process Needs. Perhaps there is a bottleneck or a weak link in a

critical process. A substantial (not just a tweak) improvement to the
process leads to innovation. The process innovator is always
searching and saying, “There has to be a better way!”
 Service Innovations

 Industry and Market Structure. Industry and

markets are always in a continual state of flux.
Regulations change, product lines expand, and others
shrink. Those that watch these changes may
recognize untapped opportunities for new types of
products and services.
Demographics.  The changing demographics (age,
education, disposable income, etc.) and moving p
opulations are rich sources of ideas for creating new
products and services.
Changes in Perception. Meaning and Mood.
Over time, populations and people change. The way
they view life changes, where they take their meaning
from and how they feel about things changes over time.
Savvy innovators detect these shifts and leverage them.
 New Knowledge. New technologies, knowledge and
discoveries can completely change an industry. These
types of innovations are usually what people mean
when they talk about innovation, yet these sources have
the longest lead times to commercial development.
An innovation platform is a tool for building and
growing ideas. However, an innovation platform also
refers to a technical solution where you can build
things fast and prototype tools. Furthermore, for a
business, an innovator’s growth platform means
using products, services, and technology in a new way
to reach your goals—preferably more efficient than
before.  Let’s discuss the insights about the
innovation platform by explaining its types,
examples, benefits, and how to choose the right
platform for your workplace
 technical open Innovation platform

These platforms will focus on manufacturing

technologies

Further, it will facilitate exchange of knowledge with

respect to research and development and other
technological aspects.
 Innovation Environment.

Innovation needs a good atmosphere in which to

develop. It is definitely a cultural characteristic and
must be encouraged and nurtured inside a company.
It does not come by simply flipping a switch. One
must set an environment that encourages people to
think in unusual and creative ways. This is not easy to
accomplish when much of business is, by definition,
so structured and orderly in its processes. Business,
whether products- or services-oriented, needs to have
somewhat standardized routines for much of what it
needs to accomplish.
 Creative Destruction

Creative destruction refers to the incessant product and

process innovation mechanism by which new production units
replace outdated ones. This restructuring process permeates
major aspects of macroeconomic performance, not only long-
run growth but also economic fluctuations, structural
adjustment and the functioning of factor markets. Over the
long run, the process of creative destruction accounts for over
50 per cent of productivity growth. At business cycle
frequency, restructuring typically declines during recessions,
and this add a significant cost to downturns. Obstacles to the
process of creative destruction can have severe short- and
long-run macroeconomic consequences.
 Business Model Innovation

A business model is a document or strategy which

outlines how a business or organization delivers
value to its customers. In its simplest form, a
business model provides information about an
organization’s target market, that market’s need, and
the role that the business’s products or services will
play in meeting those needs. 
 Service Innovations

Service innovations ensure and enhance the utility,

performance, and apparent value of an offering. They
make a product easier to try, use, and enjoy; they
reveal features and functionality customers might
otherwise overlook; and they fix problems and
smooth rough patches in the customer journey. Done
well, they elevate even bland and average products
into compelling experiences that customers come
back for again and again.