Podcast
Questions and Answers
What does the word 'innovation' originate from and what does it mean?
What does the word 'innovation' originate from and what does it mean?
The word innovation originates from the Latin word 'innovare', which means ‘to make something new’.
Which of the following are considered as parts of innovation?
Which of the following are considered as parts of innovation?
- Only products
- New ways of doing things (correct)
- Only services
- New technologies (correct)
Innovation management is a process solely for developing new products.
Innovation management is a process solely for developing new products.
False (B)
What is a key reason organizations need to innovate?
What is a key reason organizations need to innovate?
How is creativity defined in the context of innovation?
How is creativity defined in the context of innovation?
Which of the following statements about invention is true?
Which of the following statements about invention is true?
What is the relationship between innovation and creativity?
What is the relationship between innovation and creativity?
Creativity allows the entrepreneur to manufacture products that are different from those manufactured by _____ .
Creativity allows the entrepreneur to manufacture products that are different from those manufactured by _____ .
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Study Notes
Learning Outcomes
- Understand diverse definitions of innovation.
- Differentiate between innovation, invention, and creativity.
- Discuss various factors influencing innovation.
- Identify innovation sources.
Introduction to Innovation
- Derives from Latin "innovare," meaning 'to make something new.'
- Encompasses new technologies and methodologies.
- Requires systematic processes for continuous development within organizations.
- Crucial for organizational growth and differentiation.
- Relies on future vision and supportive organizational culture for success.
Importance of Innovation
- Drives wealth creation and business success.
- Inspires new business concepts and technological advancements.
- Essential for survival in a competitive market; failure to innovate may lead to extinction.
- Extends beyond products to encompass processes, supply chains, marketing methods, and management styles.
- Globalization and technological shifts necessitate continual adaptation and improvement.
Innovation, Invention, and Creativity
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Innovation
- Transformation of ideas and concepts into realizable improvements.
- Focuses on implementing something new to enhance business performance.
- Constitutes a blend of known elements in innovative applications.
- Aims for positive change and organizational betterment.
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Invention
- Represents the creation of entirely new entities or mechanisms.
- Often linked to patents, though many inventions go unpatented.
- Organizations may keep certain inventions confidential to maintain competitive advantage.
- Patent issuance makes inventions publicly accessible, affecting competitiveness.
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Creativity
- Involves generating ideas that boost efficiency and effectiveness.
- A mental process that establishes new associations or concepts.
- Enables differentiation in products, leading to customer preference.
- Interconnected with concepts of evolution, revolution, and dynamism.
- Successful innovation heavily depends on creativity alongside other factors.
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