CREATIVITY AND INNOVATION

 Hi everyone! today i am going to give an explanation on creativity and innovation.
Creativity: is the generation of ideas that results in the improved efficiency and effectiveness of a system.
Innovation: is the process by which entrepreneurs convert opportunities into marketable ideas.

                  SOURCES OF INNOVATIVE IDEAS

TRENDS: This include consideration of societal trends, economic trends and governmental trends and technological trends.
UNEXPECTED OCCURRENCES: This include usage of unexpected incidents such as natural disasters, disease out break and even bombing. e.g bomb detectors can be sold in bomb areas and such idea would be profitable.
INCONGRUITIES: these occur when the gap or difference exists between the expectation and realty. Example is when Fred smith propose the overnight mail delivery he create FedEx.
PROCESS NEED: This involve solving peoples problems and needs in a marketable idea. e.g.Example involve the health food(sugar free drinks), pharmaceutical, medical devices e.t.c.
INDUSTRY AND MARKET CHANGES:These are regular changes caused by consumers behaviours in industries and market. Example is changing of health care industries to home health care.
DEMOGRAPHIC CHANGES: These include example such as Retirement centres for old people.
PERCEPTUAL CHANGES:These include changes that occur in people,to perceive need to be healthy and physically fit. There are need for both healthy food and facilities. Example invention of exercising tools.
KNOWLEDGE BASE CONCEPT:  These involves the use of knowledge  to produce marketable ideas. Example cell phone technology today has advance to include not only phone services but Internet access, music, camera, and some other applications.

                         TYPES OF INNOVATION

 

• INVENTION: Totally new products, service or process. Example Wright Brothers - Airplane
• EXTENSION: Different application of already existing product, service or process.Example Markzuckerberg - Facebook. 
• DUPLICATION: Creative replication of an existing Product. Example Wal-mart= department store and Getway= personal computer. 
• SYNTHESIS: Concepts and factors into a new formulation or use. Example Fred Smith - FedEX.