Summary Entrepreneurship and Innovation 318 test 1 notes
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Course
Entrepreneurship And Innovation Management 318
Institution
Stellenbosch University (SUN)
Book
EBOOK: Exploring Innovation
Entrepreneurship and Innovation 318 test 1 notes for Stellenbosch university.
Includes summaries of textbook and lecture notes with examples.
Needed for A1
,Erin Twigg – 061 310 6617 NOT FOR RESALE – PLEASE DO NOT REDISTRIBUTE
Contents
The discipline of creativity .................................................................................... 2
CHAPTER 1: INTRODUCTION TO INNOVATION ..................................................... 5
CHAPTER 2: TYPES OF INNOVATION .................................................................. 12
CHAPTER 3: THEORIES OF INNOVATION ............................................................ 18
7 Sources of Innovative Opportunities – Peter Drucker ......................................... 25
Garage model of innovation ................................................................................ 28
CHAPTER 4: SOURCES OF INNOVATION ............................................................. 32
Design thinking and Stage-Gate Innovation Process Models .................................. 35
CHAPTER 5: THE PROCESS OF INNOVATION....................................................... 38
CHAPTER 6: VALUE CAPTURE ............................................................................. 47
CHAPTER 7: INTELLECTUAL PROPERTY RIGHTS .................................................. 54
1
,Erin Twigg – 061 310 6617 NOT FOR RESALE – PLEASE DO NOT REDISTRIBUTE
The discipline of creativity
Ideas: how to link ideas to action
- In a business context, creativity only useful when it leads to innovation
Creative thinking must achieve results, including:
- Revenue growth
- Delighted/satisfied customers
- A stronger community
- Some other measure of impact
Ideas must:
- Fit with the organisations strategy
- Solve real problems for stakeholders
- Be able to be tested
AN INTEGRATIVE PROCESS FOR IDEA GENERATION
Drawn from several domains, including education, consumer research, business
model design and emergent strategy.
7 steps for idea generation
• 1-3 = help managers understand problem deeply
• 4-6 = how to generate tangible ideas for solutions
• 7 = how to translate ideas into action
1. DEFINE PROBLEM SOLUTION SPACE- PREPARATION
- What is considered a good idea and what’s not
• Look at organisations boundaries
- Set boundaries.
• The problem – what you want to solve
• The solution – what types of answers you seek and find
acceptable
- Benefits
• Don’t waste time and resources
• Help expand the sense of possibilities and range of ideas
generated
• Forces idea generation to focus on an area
- Results
• Broader range of ideas that are on target and have real
potential to move forward toward impact
2
, Erin Twigg – 061 310 6617 NOT FOR RESALE – PLEASE DO NOT REDISTRIBUTE
2. BREAK THE PROBLEM DOWN
- Attempting to tackle everything at once can be daunting
- Break problem into smaller components
- Get expert advice
- Identify
▪ Key people
▪ Barriers or opportunities
3. MAKE THE PROBLEM PERSONAL
- Use barriers or opportunities to develop specific targets for solution
development.
- Identify job that needs to be done.
- Make it as real as possible to the people who will be generating ideas.
- Use teams.
4. APPLY AN OUTSIDE-IN PERSPECTIVE INCUBATION STAGE
- Developing new ideas requires
• New perspectives
• Willingness to challenge existing organisational and industry
assumptions considering concepts from other contexts
- Invite diverse set of people to ideation summit
• Include participants form outside
- Approach is consistent with academic research that shows that bringing
individuals together with diverse backgrounds can
• Enhance the flow of ideas
• Make people more open to new information
• Finding ways to integrate it into solutions
5. DIVERGE BEFORE YOU CONVERGE
- As many ideas as possible
- Traditional brainstorming sessions can be risky
• One powerful voice can overwhelm the others
• The group to settle on early suggestions prematurely
- Solution
• Mix individual and group thinking
• Participants should write down as man ideas as they can
individually for 5-10 minutes
- Benefits
• Gives introverts a chance to maximise their contribution
• Lots of ideas on paper before the discussion
3
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