Entrepreneurship, Creativity and Innovation
Creativity is generation of ideas, improved efficiency and effectiveness of a system.
Two important aspects of creativity: process – designed to attain a solution and people – resources for the solution.
Typical creative process includes:
Phase 1: Background or knowledge accumulation
Phase 2: The incubation process
Phase 3: Idea experiencing
Phase 4: Evaluation and implementation
Developing creativity requires recognizing relationships and developing a functional perspective.
Innovation is improving something that already exists while invention is introduction of new product. Example of innovation: the act of introducing something new: a new idea, method or device, introducing change that creates new dimension of performance.
The world’s most innovative companies:
- Are sustainably innovative
- Have good employee retention
- Have positive atmosphere in the office
- Give feeling of informal
Two important aspects of creativity: process – designed to attain a solution and people – resources for the solution.
Typical creative process includes:
Phase 1: Background or knowledge accumulation
Phase 2: The incubation process
Phase 3: Idea experiencing
Phase 4: Evaluation and implementation
Developing creativity requires recognizing relationships and developing a functional perspective.
Creativity ignites innovation!
The world’s most innovative companies:
- Are sustainably innovative
- Have good employee retention
- Have positive atmosphere in the office
- Give feeling of informal
- Introduce play into work environment: arts, stickers, white boards etc.
- Have creative and innovative culture
- Encourage experimentation of new ideas
- Give freedom
- Have open channel of communication
- Ensure that there is little fear of negative consequences of making a mistake: try something new, failed, its okay
- Have promotions based on merit
Types of innovation:
1. Business Model Innovation: changing the way business is done in terms of capturing value
2. Marketing Innovation: development of new marketing methods with improvement in product design or packaging, product promotion or pricing. Example: Nike, Aron
3. Organizational Innovation: creation or alteration of business structure, practices, and models, and may therefore include process, marketing and business model innovation
4. Process Innovation: implementation of a new or significantly improved production or delivery method
5. Product Innovation: introduction of a new good or service that is new or substantially improved, may include improvements in functional characteristics, technical abilities, ease of use or any other dimension
6. Supply Chain Innovation: occur in the sourcing of input products from suppliers and the delivery of output products to customers
- Have creative and innovative culture
- Encourage experimentation of new ideas
- Give freedom
- Have open channel of communication
- Ensure that there is little fear of negative consequences of making a mistake: try something new, failed, its okay
- Have promotions based on merit
Types of innovation:
1. Business Model Innovation: changing the way business is done in terms of capturing value
2. Marketing Innovation: development of new marketing methods with improvement in product design or packaging, product promotion or pricing. Example: Nike, Aron
3. Organizational Innovation: creation or alteration of business structure, practices, and models, and may therefore include process, marketing and business model innovation
4. Process Innovation: implementation of a new or significantly improved production or delivery method
5. Product Innovation: introduction of a new good or service that is new or substantially improved, may include improvements in functional characteristics, technical abilities, ease of use or any other dimension
6. Supply Chain Innovation: occur in the sourcing of input products from suppliers and the delivery of output products to customers
This blog post is based on my learnings from the course on ‘entrepreneurship’ offered by Maryland Technology Enterprise Institute, University of Maryland through Coursera (2014).
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