Entrepreneurs

hip
Development
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 Creativity : Creativity is defined as the tendency to generate or recognize
ideas, alternatives, or possibilities that may be useful in solving problems,
communicating with others, and entertaining ourselves and others. Creativity as a
process of steps taken toward solving problems or inventing new products creatively.
Creativity involves two processes: thinking, then producing. If you have ideas but
don’t act on them, you are imaginative but not creative.

Innovation: Innovation is a new idea, method, strategy, or the act of

introducing something new. This can be a business model, idea, service, or process.
For example, introducing a new technology that can reduce the rate of electricity
consumption is an innovation. Innovation in entrepreneurship means the practice of
creating new business ideas and plans with the intention of generating profits,
helping the community, and accompanying company goals.

Creativity and Innovation in

Entrepreneurship
Types of Creation: Creation is the act of producing or causing to exist,
Creative creating; engendering. Making something out of nothing.
Creativity plays an important role in a business, where creation is a pure
form of invention.
Behaviour Synthesis: The creative act of joining together two previously
existing ,related things. Alternative way for combine their cognitive, social,
and environmental resources into extraordinary output.

Modification: Occurs when a thing or a process is improved or gains

a new application. It is an action taken by a company to significantly
modify the financial and operational aspects of the company.
Incremental innovation: It can be perceived as continuous innovation. It builds on
existing knowledge of technology to continuously improve on the existing product in the minority
and existing product.
Types of
Incremental innovation is a series of small improvements or upgrades
Innovation
Radical Innovation: Radical Innovation is the opposite to incremental innovation. This
one is applied either new technology or combine new with existing technologies, with target of
new market to build new products. radical innovation blows up the existing system or process
and replaces it with something entirely new.

Architectual Innovation: It is a redesign method. It is of moving product or services

into new market, still based on existing product or knowledge of core technology or new
consumers that did not purchase that item before.

Disruptive Innovation: The process of a product or service that takes root and form in
simple applications in the market and then eventually elevates up in the market and displaces
the established competitors in the market carving a niche for itself gaining a competitive
advantage
 Example of creation : Aero Farms
It is a company performing Indoor Vertical Farming. This company has won many awards for its
operations and using its patented "aeroponic technology to a new level of productivity with the
minimal environment to take indoor vertical farming Vertical farming is, multistory greenhouses -
use 90% less land than conventional farming while harvesting 80% more per unit of area. Like

Examples of more than one farm, AeroFarms has grown more than 250 varieties of leafy vegetables and sold
more than 20 varieties of vegetables, such as Arugula, Kale, and Spinach, but hopes to expand

creative behaviour its offering in the future.

Example of Synthesis: Agrobot

It is a company which it manufactures farm automation.It is an automation company
manufacturing agricultural robots to create affordable solutions for farmers with labor
shortages. It has a wide range of smart farming machinery, and agricultural robots at cost-
effective prices. Agrobot has developed first robot for harvesting strawberries and has
launched a flexible mobile platform and around 24 robotic manipulators designed to align
traditional farming techniques and cutting edge technology in order to enhance labor
harvest, irrespective of labor scarcity. It is the combination of modern technology and
existing equipment.
 Example of Modification: Trace Genomics
Trace Genomics is a new company that has developed a proprietary
soil DNA test that produces insights into soil microbes and bacteria
unlike any other tests that are available today.
Trace Genomics’ soil DNA test is able to analyze and can help farmers
and agronomists target inputs and better understand the variables that
affect crop health and yields.
It is all about how soil testing methods have been modified and now
Cont….. with help pf new technology we are able to find DNA of soil.
Examples of Incremental Innovation: Cadbury
Cadbury has innovated through introducing line extensions. As well as developing new

Innovation flavours, the brand has also created new formats. Take Wispa as an example: the
popular chocolate bar is now available as a hot chocolate and a snacking bag. By using
an incremental approach to innovation, Cadbury has been able to open up additional
sources of revenue. It has been continuously improvising itself in flavors and taste. For
different occasions they are producing different chocolate bars

Radical Innovation : Reliance Jio

.We all know how Reliance Jio dominated the Indian Market in very short
period of time. Fixed-line telephone, Mobile phones, Wireless broadband,
Internet services & OTT Services are services which reliance is providing, but
the internet services which they began got tremendous change in market, that
was a radical change
Architectual Innovation: Peloton
Peloton Interactive, Inc. is an American exercise equipment and media company based in New York
City. The company's products are stationary bicycles, treadmills, and indoor rowers equipped with
Internet-connected touch screens that stream live and on-demand fitness classes through a
subscription service. The equipment includes built-in sensors that track metrics such as power
output, providing users with real-time feedback on their performance and leaderboard rankings to
compete with other users.
Peloton, maker of home exercise bicycles, packages the already existent bicycle, internet, and
communications technologies to create new consumers who otherwise would not buy an exercise
bike.

Disruptive Innovation: Sportify

Spotify disrupted the traditional music industry by introducing a music streaming service that
Cont…..
allowed customers to listen to music on demand. The company created a new market and value
network centered around music streaming and has challenged traditional music companies to adapt
to the new market dynamics. Few ways that Spotify disrupted the traditional music industry: On-
demand streaming, On-demand streaming, Collaboration tools, Security and privacy