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1

What is innovation

the translation of creative ideas into remarkable solutions.

2

Sources of Innovative Ideas:

- Trends
- Unexpected occurrences
- Incongruities(the gap between expectations and reality)
- Process needs
- Industry and market changes
- Demographic changes
- Perceptual changes
- Knowledge-based concepts

3

four commonly agreed-on phases of the creative process

Phase 1: Background or knowledge accumulation
Phase 2: The incubation process
Phase 3: The idea experience
Phase 4: Evaluation and implementation

4

The innovation process

- Begins with the analysis of the sources of new
opportunities.
- Use both right and left sides of their brains.
- They look at figures – they look at people.
- Simple and focused.
- Work out what the innovation has to be to satisfy the
opportunity
- Create new consumers and markets.

5

4 basic types of innovation:

1. Invention: the creation of a new product, service or
process
FX: telephones

2. Extension: the expansion of a product, service or
process already in existence. New use or different
application of an existing product
FX: Facebook, McDonalds

3. Duplication: the replication of an already existing
product, service or process. The duplication effort,
however is not simply copying but adding the
entrepreneur’s own creative touch to enhance or
improve the concept and beat the competition
FX: Walmart

4. Synthesis: the combination of existing concepts and
factors into a new formulation.
FX: Starbucks

6

The major misconceptions of innovation

1. innovation is planned and predictable
2. technical specifications must be throughly prepared
3. innovation relies on dreams and blue-sky ideas
4. big projects will develop better innovations than
smaller ones
5. Technology is the driving force of innovation success

7

Principles of innovation

1. be action oriented
2. make the product, process, or service simple and
understandable
3. make the product, process or service customer-based
4. start small
5. aim high
6. try/test/revise
7. learn from failures
8. follow a milestone schedule
9. reward heroic activity
10. work, work, work