Module 3 Flashcards
(26 cards)
What is creativity?
A way of thinking that inspires, challenges, and helps people to find innovative solutions and create opportunities out of problems.
What is the first step in the process of creativity?
Opportunity or Problem Recognition
What does immersion in the creativity process involve?
An individual concentrates on the problem.
What is incubation in the creativity process?
The problem or idea is set aside, and the subconscious mind tries to develop a solution.
What is insight in the creativity process?
Sudden realization.
What is verification and application in the creativity process?
Self-explanatory.
What is innovation?
The process of introducing new ideas, methods, products, or services that result in significant improvements or advancements.
What role does innovation play in business?
- Allows business to thrive
- Leads to increased growth and efficiency
What are the importance of innovation?
- Drives economic growth
- Boosts productivity
- Separates the business from its competitors
- Fosters a culture of creativity and uniqueness
- Allows adaptability
What is the difference between creativity and innovation?
Creativity is centered around original thought and knowledge, while innovation turns creative ideas into viable solutions.
What is a disruptive innovation?
An innovation that creates a new market and value network, eventually disrupting an existing market and displacing established market leaders.
What is open innovation?
The practice of sourcing ideas from external sources as well as internal ones.
What is architectural innovation?
Reconfiguring existing technologies or systems to create new products or services by changing how components interact.
What does incremental innovation involve?
Smaller improvements in ideas, products, services, and processes.
What are the types of innovation?
4 PS
- Product
- Process
- Position
- Paradigm
What is product innovation?
The creation and development of new or improved products, services, or processes by a company.
What is process innovation?
The implementation of a new or improved method of producing or delivering goods.
What is position innovation?
Repositioning a product, service, or process within the market to change how customers perceive it.
What is paradigm innovation?
A shift in the underlying mental model via a change in the business status quo.
What are some sources of innovation?
- New markets
- New technologies
- New political rules
- Running out of roads
- Change in sentiments or behaviours
- Deregulations
- Changes in business models
- Global trends
- New knowledge
What are micro factors that nurture innovation?
- Incentives for innovating
- Internal policy
- Organisational culture
What are macro factors that nurture innovation?
- Policy development (social, political, economic, environmental, cultural, ethical)
What are challenges associated with social innovation?
- Difficulties accessing resources
- Conflicts between stakeholders
- Reliance on volunteers
- Inconsistent funding
- Scale of the challenge
What is intellectual property (IP)?
A property right established in law to exclude others from using, without authorisation, your intellectual creations.
