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    Sources of Innovative Ideas

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    Lerench james Campos
    The document discusses sources of innovative ideas for launching entrepreneurial ventures, including trends, unexpected occurrences, incongruities, process needs, industry/market changes, demographic changes, perceptual changes, and knowledge-based concepts. It also discusses the creative process, including background/knowledge accumulation, incubation, the "eureka" moment, and evaluation/implementation. Common barriers to new ideas like "that will never work" are also outlined.

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    Sources of Innovative Ideas

    Uploaded by

    Lerench james Campos
    158 views16 pages
    The document discusses sources of innovative ideas for launching entrepreneurial ventures, including trends, unexpected occurrences, incongruities, process needs, industry/market changes, demographic changes, perceptual changes, and knowledge-based concepts. It also discusses the creative process, including background/knowledge accumulation, incubation, the "eureka" moment, and evaluation/implementation. Common barriers to new ideas like "that will never work" are also outlined.

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    The document discusses sources of innovative ideas for launching entrepreneurial ventures, including trends, unexpected occurrences, incongruities, process needs, industry/market changes, demographic changes, perceptual changes, and knowledge-based concepts. It also discusses the creative process, including background/knowledge accumulation, incubation, the "eureka" moment, and evaluation/implementation. Common barriers to new ideas like "that will never work" are also outlined.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    158 views16 pages

    Sources of Innovative Ideas

    Uploaded by

    Lerench james Campos
    The document discusses sources of innovative ideas for launching entrepreneurial ventures, including trends, unexpected occurrences, incongruities, process needs, industry/market changes, demographic changes, perceptual changes, and knowledge-based concepts. It also discusses the creative process, including background/knowledge accumulation, incubation, the "eureka" moment, and evaluation/implementation. Common barriers to new ideas like "that will never work" are also outlined.

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    OME402

    LAUNCHING ENTREPRENEURIAL
    VENTURE

    Creativity and
    innovation
    Sources of Innovative Ideas
    1.Trends
    2.Unexpected Occurences
    3.Incongruities
    4.Process Needs
    5.Industry and Market Changes
    6.Demographic Changes
    7.Perceptual Changes
    8.Knowledge - Based Concepts
    Trends

    • Social Trends - aging demographics, health


    and fitness growth, senior living
    • Technology Trends - mobile, e-commerce,
    internet advances
    • Economic Trends - higher disposable
    income, dual wage earner familes
    • Government Trends - increased
    regulations, petroleum prices, terrorism
    Unexpected Occurences
    • 9/11 terrorist attack – It opened so many
    opportunities or entrepreneurs.
    Incongruities
    • Occurs when a gap or difference exists
    between expectations and reality.

    • US post office can’t meet the expectations of


    customers, the birth of FedEx.

    • example. Fred Smith of FedEx vs.US Post


    Office
    Process Needs
    • These occur when an answer to a particular
    need is required.
    • Often called as "pain" - The solution?
    Painkiller: medical devices, health foods,
    pharmaceuticals.
    • example: sugar-free products, caffeine-free
    coffee.
    Industry and Market Changes
    • Continual shifts in the marketplace are
    caused by developments such as consumer
    attitudes, advancement in technology, and
    industry growth.

    • example: Healthcare industry - hospital


    care has undergone radical changes, and
    home health care and preventive medicine
    have replaced hospitalization and surgery
    as primary focus areas.
    Demographic Changes
    • These arise from trend changes in
    population, age, education, occupations,
    geographic locations and similar factors.
    Perceptual Changes
    • These are changes that occur in people's
    interpretation of facts and concepts,
    intangible but meaningful.

    • example - fitness craze, people's desire to


    better use their personal time (need to see
    the world).
    Knowledge - Based Concepts
    • Inventions - product of new thinking, new
    methods and new knowledge.
    The Process of Knowledge and Learning

    • Entrepreneurs must use their existing


    knowledge base to identify the actual
    opportunity, that knowledge serves as the
    basis for interacting with the new
    experience.
    Imagination and Creativity
    • Entrepreneurs blend imaginative and
    creative thinking with a systematic, logical
    process ability.
    • They sense economic potential in business
    problems by continually asking ... What if?
    or Why not?......
    • First rule in developing entrepreneurial
    vision: Is to recognize that problems are to
    solutions what demand is to supply.
    The Nature of the Creative Process
    • Creativity is a process that can be developed
    and improve. Everyone is creative to some
    degree. It is not some mysterious and rare
    talent reserved for a select few. It is a
    distinct way of looking at the world that is
    often illogical.
    The Most Common Idea killers
    1. "Naah"
    2. Can't (said with a shake of the head).
    3. That's the dumbest thing I've ever heard.
    4. Yeah, but if you did that...........
    5. We already tried that - years ago.
    6. I don't see anything wrong with the way we're doing it
    now.
    7. We've never done anything like that before.
    8. We've got deadlines to meet- we don't have time to
    consider that.
    9. Its not in te budget.
    10.Where do you get these weird ideas?
    The Creative Process
    • Background or Knowledge Accumulation
    - investigation and information gathering
    • The Incubation Process - in mindless
    routine
    • The idea experience - eureka factor
    • Evaluation and Implementation
    Recognizing relationship
    • Adding fruit juice to softdrinks.

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