- Innovation for: differentiated product(services), lower production costs
- Cons: negative externalities ( pollution, agricultural and fishing tech. Cam result in
erosion, elimination of natural habitats and depletion of ocean stocks; medical tech=
unanticipated consequences such as antibiotics-resistant strains of bacteria, moral
dilemmas,etc..
- 1 in 9 projects initiated = successful and only half earn a profit on market.
- Innovation has been driven by globalization of markets=enables more rapid product
design and allows shorter production runs to be economically feasible.
,- Inno. helps increase GDP (ex.: better medical treatments)
- In order for firm’s new product to be technically and commercially successful it needs:
(a) an in-depth understanding of the dynamics of innovation
(b) a well-crafted innovation strategy
(c) a well-designed process for implementing the innovation strategy
,Part 1
Chapter 2:
Who are entrepreneurs? How does innovation relate to entrepreneurship?
- Entrepreneurs are visionaries who identify opportunities, take risks, and build
businesses, while innovation is the engine of entrepreneurship, providing new ideas,
products, or processes that entrepreneurs transform into market-disrupting realities,
creating value and driving economic growth through creativity and change
- Innovation offers the "what" (the new idea), and entrepreneurship provides the "how"
(the execution and business model) to bring it to life.
, - Creativity as the underlying process for the generation of ideas.
Creativity: The ability to produce work that is useful and novel.
Individual creativity is a function of:
- Intellectual abilities: intelligence, memory, the ability to look at problems in
unconventional ways, analysis, etc.
- Knowledge: A person with moderate knowledge of something might be able to produce
more creative solutions than an individual with extensive knowledge(breakthrough
innovations are often developed by outsiders to a field).
- Personality: Openness to experience is key to creativity.
- Environment: For someone to unleash its creativity potential it needs a supportive
environment.
Organizational creativity
= A function of creativity of the individuals within the organization and a variety of social
processes and contextual factors that shape the way those individuals interact and behave.
Methods:
- Idea collection systems (suggestion box)
- Enterprise-wide innovation competitions where employees form their own teams and
compete in coming up with innovative ideas.
- Investing in creativity training programs
- Cons: negative externalities ( pollution, agricultural and fishing tech. Cam result in
erosion, elimination of natural habitats and depletion of ocean stocks; medical tech=
unanticipated consequences such as antibiotics-resistant strains of bacteria, moral
dilemmas,etc..
- 1 in 9 projects initiated = successful and only half earn a profit on market.
- Innovation has been driven by globalization of markets=enables more rapid product
design and allows shorter production runs to be economically feasible.
,- Inno. helps increase GDP (ex.: better medical treatments)
- In order for firm’s new product to be technically and commercially successful it needs:
(a) an in-depth understanding of the dynamics of innovation
(b) a well-crafted innovation strategy
(c) a well-designed process for implementing the innovation strategy
,Part 1
Chapter 2:
Who are entrepreneurs? How does innovation relate to entrepreneurship?
- Entrepreneurs are visionaries who identify opportunities, take risks, and build
businesses, while innovation is the engine of entrepreneurship, providing new ideas,
products, or processes that entrepreneurs transform into market-disrupting realities,
creating value and driving economic growth through creativity and change
- Innovation offers the "what" (the new idea), and entrepreneurship provides the "how"
(the execution and business model) to bring it to life.
, - Creativity as the underlying process for the generation of ideas.
Creativity: The ability to produce work that is useful and novel.
Individual creativity is a function of:
- Intellectual abilities: intelligence, memory, the ability to look at problems in
unconventional ways, analysis, etc.
- Knowledge: A person with moderate knowledge of something might be able to produce
more creative solutions than an individual with extensive knowledge(breakthrough
innovations are often developed by outsiders to a field).
- Personality: Openness to experience is key to creativity.
- Environment: For someone to unleash its creativity potential it needs a supportive
environment.
Organizational creativity
= A function of creativity of the individuals within the organization and a variety of social
processes and contextual factors that shape the way those individuals interact and behave.
Methods:
- Idea collection systems (suggestion box)
- Enterprise-wide innovation competitions where employees form their own teams and
compete in coming up with innovative ideas.
- Investing in creativity training programs
