Creativity and Innovation Flashcards
[Creative efforts]
How to stimulate creativity?
Focus on improvement, problem solving, specific task orientation and concentration, and company culture (opportunities & support the creation of new ideas).
What are some real world applications of business creativeness?
- Encouraging visits to customers and suppliers.
- Cross functional teams.
- Creation of opportunities.
KEY QUESTION for creativity
How am I creative?
What is innovation?
New technologies, ways of doing things, products, quality change, processes, supply sources, markets, and other changes.
[Introduction of new ideas that add value]
Types of innovation?
From component to system level, and the extent of change is from incremental to radical.
What do drivers of innovation do?
Examples of drivers.
They shorten the time-window for innovations.
Some drivers are: financial pressures, increased competition, shorter product lifecycles, and rising customer expectations.
KEY QUESTIONS for innovation
What makes a product great?
How can a product differentiate from competitive products?
How can a product accomplish a big/strong market share despite severe competition?
Creativity and Innovation today, what is a new condition?
Small start-ups depend on large firms for venture finance and to reach markets. Large firms depends on small start-ups for new product development and reaching new markets.
