Module 2: Innovation & Creativity

Define Innovation

Is a multi stage process by which organizations can develop and implement new or significantly improved products, services or business models with the aim of creating value for themselves and or stakeholders

Innovation Ingrediants

Aspire- Set bold but clear goals

Choose- Back the right ideas- Start more pojects than need and will shut down bad ones

Discover- Spotting real problems, matching with emerging technologies and building smart business models. Airbnb didnt invent, they found a better way to package.

Evolve- Blockbuster vs Netflix. Test new models before collapse.

Accelerate- Move fast with cross functional teams who test early on - Spotify

Scale- Great innovators think about scale from day one: Supply chains, partners and tech can help keep up.

Extend- Doesn't only live in walls. Look at how Lego works with fans or how Nike parters with startups Need network of ideas.

Mobilize- Make it everyones job. People need to be empowered to innovate. Googles 20% time gave birth to gmail. Innovation is rewarded.

What are the 4 types of Innovation?

Product, Process, Business model, social innovation

What is product innovation

Creating a new product or making an existing one better. - Goal to make life easier for customers thy ’s clever - New tech IPhone. Some companies wont risk and can get stuck.

What is Process Innovation?

Changing the way the product is created, delivered or supported to make it better. Doesn't have big impact on sales but can decrease costs which drives profit. -least risky. Getting better equipment or technology to be efficient.

Business model innovation

The whole way you bring the product or service to market- changing value you provide and how you deliver. Ex going from offline to online. Failure- Google+

Social Innovation

Finding novel solutions to pressing societal challenges. Often tied with sustainable development goals. Brings solutions to market that generate postive social impact. Moving beyond economic.

What is incremental (gradual) innovation?

Market driven approach that helps ongoing products

What is radical (discontinous) innovation?

Resets competitive landscape. Drives the market when done well

What is the creativity in entrepreneurship model?

How factors combine to influence creative outcomes in entrepreneurial setrings. Interplay between, traits, cognitive abilitiesand environmental context that contribute to inovation

What are the 5 stages of the Creativoty in Entrepreneurship model?

The entrepreneur and the enterprise

Entrepreneurial competences

Impact of cognitive skills

Social and environmental influences

Creativity outcomes

Entrepreneur and the enterprise

Starting point, focuses on individual mindset- opportunity focused, innovative and open to change.

Entrepreneurial competencies

Personal qualities like energy, zeal and commitment that drive action and resilience.

Impact of cognitive skills

Creative thinking abilities like flexibility, originality and idea generation which are essential for identifying and shaping solutions.

Social and Environmental influences

Includes education, openess to new experiences and cultural support for creativity- they can enhance or inhibit inivative solutions.

Creativity outcomes

Creativity being used as a competitive edge, a strategic weapon or a problem solving tool. Whicjh improve performance and innovation