Innovation & Creativity in the Entrepreneurial Process Flashcards
The Role of Creativity:
Creativity is the process of generating new ideas that lead to an improved efficiency and effectiveness of a system.
It is NOT necessarily a structured process!
It is not necessarily logic!
It is not a linear process!
It is something spontaneous and often a random process!
It shows no respect for time and deadlines
4 stages of creativity:
1.Preparation = collect background information & focus on the problem or opportunity;
2. Incubation = reflect, review, process data & info;
3. Illumination = a sudden new idea is born in your mind… (Eureka!!!);
4. Implementation = develop a plan to test & implement the new idea.
The Innovation Types:
Invention – totally new product, service or process (light bulb/ T. Edison; Telephone/ A.G. Bell etc.);
Extension = new use or different application for an existing product, service or process (McDonalds, Facebook etc.);
Duplication = creative replication of an existing concept (Pizza Hut, Walmart etc.)
Synthesis = combination of existing concepts and factors into a new formulation or use (Fed-Ex; Starbucks etc.);
Sources of Innovation:
Unexpected Occurrences;
Incongruities;
Process Needs;
Industry and Market Changes;
Demographic Changes;
Perceptual Changes;
Knowledge-Based Concepts.
Innovation:
The Process by which entrepreneurs convert opportunities into marketable ides!
European Innovation Scoreboard (EIS) 2022:
provides a comparative analysis of innovation performance in EU countries, other European countries, and regional neighbors. It assesses relative strengths and weaknesses of national innovation systems and helps countries identify areas they need to address.
4 types of indicators:
FRAMEWORK CONDITIONS:
- Human resources: New doctorate graduates; Population with tertiary education (25-34y); Lifelong learning;
- Attractive research systems: International scientific copublications;Top 10% most cited publications; Foreign doctorate students;
- Digitalisation: Broadband penetration; Individuals who have above basic overall digital skills.
INVESTMENTS: Finance & Support; Firm investments; Use of IT.
INNOVATION ACTIVITIES: innovators; linkages; intellectual assets.
IMPACT in terms of: employment; sales; environmental sustainability.
4 categories of innovations:
Innovation leaders: Belgia; Danemarca; Finlanda; Olanda; Suedia ;
Strong Innovators: Austria, Cipru, Estonia, Franta, Germania, Irlanda, Luxembourg;
Moderate innovators: Cehia, Estonia, Grecia, Italia, Lituania, Malta, Portugalia, Slovenia, Spania;
Emerging innovators: Bulgaria, Croatia, Letonia, Polonia, Romania, Slovacia, Ungaria.
The Global Innovation Tracker:
It measures the pace of technological progress and adoption, and captures key innovation trends within the 4 stages of the innovation journey:
Science and Innovation investments (8.3%);
Technological Progress (0.7%);
Technology Adoption (74%);
Socio-economic Impact (4.9%).
Future innovation trends:
Mid 20th Century – “Digital Age Wave”
21st Century – “Deep Science Wave” (The great wave encompasses artificial intelligence (AI), synthetic biology, nanotechnologies, and quantum computing, among other advanced technologies).
3 levels of Innovation:
Incremental Innovation/ exp. Parking sensors) - is unlikely to provide a dramatic change in business performance;
Substantial Innovation/ exp. Remote engine diagnostics) - provide a competitive advantage to the company developing them; requires considerable investment in the process and an effective strategy for managing the innovation;
Radical Innovation/ exp. Hybrid engine technology) - is frequently technology based - the result of long R&D exercises .
3 generic innovation strategies:
Pioneer:Focused on bringing new and industry leading or transformative technologies to the market (Sony, 3M, Toyota);
Fast Follower:Adept at improving existing technologies through incremental innovation in both product and process technologies (Korean car companies and Chinese computer manufacturers);
Opportunistic:Makes some investment in substantial innovation but uses also innovation sources from third parties and invests in adapting these for its identified markets (digital camera and MP3 technology into mobile phones).
Life Sciences Industry/ Sector/ Highly Innovative Companies:
companies whose business targets are one or more of the following areas: biotechnology; pharmacy; biomedical technology; technologies for life systems; nanotechnology; Nutraceuticals (Nutraceuticals), or pharmaceuticals with a role in nutrition; “cosmeceuticals”, etc. More briefly, companies with concerns about organisms (humans, animals, plants).
3 Best Life Science Companies with Great Perks and Work Culture:
Genentech(RHHBY), headquartered in South San Francisco, Calif.
Stryker(SYK) best known for its surgical supplies (USA)
Novo Nordisk(NVO)best known for a comprehensive portfolio of products and delivery systems to treat diabetes (Denmark).
