GRD301 Innovation and Entrepreneurship Session 1 PDF

GRD301: Innovation and Entrepreneurship GRD301: Innovation and Entrepreneurship Innovation and Entrepreneurship GRD 301 *This course includes materials licensed by Stanford Center for Professional Development on behalf of Stanford University. The material...

GRD301: Innovation and Entrepreneurship GRD301: Innovation and Entrepreneurship Innovation and Entrepreneurship GRD 301 *This course includes materials licensed by Stanford Center for Professional Development on behalf of Stanford University. The materials provided herein do not confer any academic credit, benefits, or rights from Stanford University or otherwise confer a relationship between the user and Stanford University. PowerPoint developed by David Vanhoutte Lesson Learning Outcomes: Students can explain the terms entrepreneurship and innovation. Students can explain the difference between innovation, invention and creativity. Students can identify examples of innovation in a healthcare setting. Students can understand the difference between routine and innovative work and provide examples for each. Students will appreciate the role of failure in the process of innovating Constraints Constraints are inevitable and helpful. Without them, we would not innovate. “When everything seems to be going against you, remember that the airplane takes off against the wind, not with it”. (Henry Ford) Beware of “Mythical Constraints”: Constraints that are not really there. Innovation Myths and Misconceptions Innovation cannot be taught or learnt Innovations are these big breakthrough inventions Only creative geniuses or specialists can innovate Innovation is a solo activity You can’t lead or manage innovation Innovation is always a purely positive thing Customers will tell us how to innovate Can you think of a situation where you faced constraints? Be ready to share. Innovative Work vs. Routine Work Routine Work: Work that is done without variance in a way to reduce the possibility of failure. Innovative Work: Work that is done with increased variance, and failure is expected. Can you think of examples for: Routine work Innovative work Exploring New Ways: Organizing for Innovative Work Exploiting Old Ways: Organizing for Routine Work Enhance variance Drive out variance See old things in new ways See old things in old ways Break from the past Replicate the past Goal: Make money later Goal: Make money now The name WD-40 was created because there were 39 failed versions of the product. Creating 40 different versions of something is an example of innovative work. Innovative work was appropriate when the company was designing the product. Now that the product is commercially successful, the company has shifted to routine work. It is important for the product to be the same every time someone uses it, so variance is discouraged.