INNOVATION, CREATIVITY AND

ENTREPRENEURSHIP
INNOVATION
Innovation is the successor of creativity.
When a series of actions and thoughts which create new ideas
are given the shape of a physical object or service, the action is
called innovation.
Innovation can be defined as the successful exploitation of
new ideas- incorporating new technology, design and best
practice- the key business process that enables business to
compete effectively.
Innovation is the process of doing new things.

TYPES OF INNOVATION
Invention
Extension
Duplication
Synthesis

Procter and Gamble successfully grow one of its product lines
through a number of open innovation partnerships.

BMW's customer led open innovation competition to design the
future of motoring for the next decade and beyond.
By motivating people to use reusable cups, Starbucks hopes to
reduce paper cup consumption by 100% by 2015.

A network of wireless devices using ultra-low power
communications to track and locate survivors trapped by fires and
structural collapse.
An innovative, agile one-seater vehicle wins the first phase of
pizza brand's crowd sourcing competition.
A crowd sourcing competition to rename and redesign the label
of a popular soft drink demonstrates the potential of co-creating
with consumers.
SOURCES OF INNOVATION
Unexpected occurrences
Incongruities
Process needs
Demographic changes
Market changes
Knowledge based concepts
MYTHS IN INNOVATION
MYTH 1: Innovation is planned and predictable

MYTH 2: Technical specifications should be thoroughly
prepared

MYTH 3: Creativity lies on dreams and blue sky ideas

MYTH 4: Technology is the driving force of innovation
and success
PRINCIPLES OF INNOVATION

Action oriented, i.e., active and searching for new
ideas.
Making the product, service or process simple and
understandable.
Making the product, service or process customer
based.
Trying, testing and revising.
Learn from failures.
Hard work and not genius is the key to success.

CREATIVITY
It is defined as the process of developing an original product,
service or ides that makes a socially recognized contribution.
It is the ability to bring something new into existence.
A creative person conceives an idea, which is new; it is
immaterial whether he takes any action or not.
The emphasis is on the ability and not the activity of bringing
anything new.
Creativity is the development of a novel solution to a
perceived problem.
PROCESS OF CREATIVITY
IDEA
GENERATION
STAGE IV
INCUBATION
STAGE III
PROCESS
COMPLETE
IDEA
VALIDATION
STAGE V
PREPARATION
STAGE II
INCEPTION
STAGE I
OUTCOME
ASSESSMENT
STAGE VI
CREATIVE THINKING AND LATERAL
THINKING
CREATIVE THINKING:
It can be defined as specific thought
processes that improve the ability to be
creative.
It is all about ability to think of original,
diverse and elaborate ideas.
It can also be termed as a series of mental
actions, which produce change and
development of thoughts.

CREATIVE THINKING AND LATERAL
THINKING
It provides multiple solutions to problems
through exploring multiple avenues of actions
or thoughts.

LATERAL THINKING:
The term was first used by Edward de Bono.
It can be defined as a set of systematic
techniques used for changing concepts and
perceptions and generating new ones.


LINKAGE BETWEEN CREATIVITY,
INNOVATION AND ENTREPRENEURSHIP
Importance of creativity and innovation has risen because of
increasing competition among the corporate.
Joseph A. Schumpeter (1934)
The entrepreneur in an advanced economy is an individual who
introduce something new in the economy- a method of production
not yet tested by experience in the branch of manufacturing, a
product with which consumers are not yet familiar, a new source of
raw material or of new markets and the like.


RURAL ENTREPRENEURSHIP