CREATIVITY AND INNOVATION

CREATIVITY: is the generation of ideas that results in the improved efficiency or effectiveness of a system.
INNOVATION: is the process by which entrepreneurs convert opportunities (ideas) into marketable solution.
SOURCES OF INNOVATIVE IDEAS.

• Trends: societal trends like health, fitness growth

             economic trends like higher disposable income
             government trends like increased regulations
             technology trends like internet advances.

• Unexpected occurrences: unexpected success like apple computer (microcomputers)

                                        unexpected tragedy like terrorist attack.

• Incongruities like overnight package delivery.
• Process needs like sugar free products

                                        caffeine free coffee
                               microwave ovens

• Industry and market changes: health care industry changing to home health care.
• Demographic changes: retirement communities for older people.
• perceptual changes: exercise (aerobics) and the growing concern for fitness.
• knowledge based concepts: mobile (cell phone) technology, and robotics.