Chapter 5 Innovation: The Creative Pursuit of Ideas

Opportunity identification is

central to the domain of entrepreneurship

Sources of Innovative ideas

• External and internal environments alert entrepreneurs to opportunities

• Trends signal shifts in current paradigm of major population

• Valuable insights constitute source of potential entrepreneurial ideas (primary data/research)

Trends (STEG)

• Societal: age demographics, fitness and health growth, and senior living

• Technology: Mobile (smartphones) technology, e-commerce, internet advances

• Economic: higher disposable income, double wage earner households, and performance pressures

• Government: increase or decrease in regulations, petroleum prices, geopolitical events

Sources of innovative ideas pt2

• unexpected occurrences: unexpected success an unexpected failure

• incongruities gap between expectations and reality

• process needs pains innovation solution to make painkillers

• industry and market changes changes in the healthcare industry

• demographic changes retirement homes for older people

• perceptual changes increase in the need for excercise and fitness

• knowledge based concepts mobile and smartphone technology, pharmactecial industry

Entreprenuers use

their existing knowledge base of work, experience , and education to hone the ideas into opportunities

The richer someone’s past experience is

the greater the odds of coming up with innovation opportunities

ideas are distilling into opportunities through