Creativity and Innovation

Before we start, take a time and answer this question. Is creation the same as innovation?

Many people and probably you too think that creation is the same as innovation, but it isn't the same. So don't get confused,  let me clarify the difference to you:

Creativity is the generation of ideas that results in the improved efficiency or effectiveness of a system while;

Innovation is the process by which entrepreneurs convert opportunities into marketable ideas.

Sources of innovative ideas

Here are some of the sources of innovation which are very vital to consider when starting a business in order to be successful.

·         Trends: These are some of the products or services that are largely being sought after by the people; it may be societal trends, technology trends, economic trends, or government trends. Example, nowadays most guys like wearing skinnies, eye glasses, and using expensive phones such as blackberry or iphones. 

·         Unexpected occurencies: These are happenings which are unplanned for and which provides opportunities for other ventures to emerge. These occurencies could be a disasters, famine, and terror attack like 9-11.

·         Incongruities: These are situations where by there are lapses in products or delivering services in an existing system. So, an entrepreneur may decide to create an innovation to provide the services left out. Example, Frederick W. Smith realized that mail or packages in US where not delivered at night and so, he founded FedEX; a company which provides overnight pachage delivery and which now provide deliveries to almost all part of the world.

·         Process needs: It is certain that people get frustrated in following ques in banks or at school registration, wasting time in cooking, and having medical restrictions. However there is need for alternative ways of solving these problems or delivering these services like the creation of banner in most schools, providing e-banking, making suger free products and microwave ovens.

·         Industry and market changes: Example population changes, healthcare transformation, and e-learning.

·         Demographic changes: Example building of shopping mall, rest homes or retirement centres for old people.

·         Perceptual changes: Perceptions of people change when they become more educated like excercising more and growing concern for fitness

·         Knowledge-based concepts: Example Introduction of new inventions, thinking, and methods, Mobile phones, pharmaceuticals, and robotics.





TYPES OF INNOVATION

1. Invention: Totally new product example; Airplane by wright brothers and light bulb by Thomas Edison.
2. Extension: New use of an existing product or service example; Facebook(mark zuckerberg), Mc Donald’s (Ray Kroc) and starwoods hotels and resort.
3. Duplication: Creative replication of an existing concept example; Wal-mart (department stores), Pizza hut(pizza parlo).
4. Synthesis: Combination of existing concepts and factors into a new formulation or use example Fred smith(Fed EX), Howard Schultz(starbucks).