Innovation and Entrepreneurship, Sources of Innovation, Introduction to entrepreneurship bcom

DWIVEDI GUIDANCE

23 Nov 202314:21

EducationalLearning

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TLDRThe video discusses the meaning, definition, and sources of innovation. Innovation refers to doing something in a new, better, and smarter way, whether introducing a new technology, product, production method or improving an existing process. Sources of innovation opportunities include unexpected successes or events, gaps between reality and potential, process deficiencies, industry and market changes, demographic shifts, changes in perceptions, and new knowledge.

Takeaways

😀 Innovation means doing things in a better & smarter way
🤔 Sources of innovation exist within a company and industry
😮 Unexpected successes and failures can spark innovative ideas
📈 Identify gaps between market growth and profit margins
🔧 Improve processes by identifying deficiencies
👥 Changing demographics and perceptions create opportunities
📚 New knowledge from science or society enables innovations
😊 Creativity involves imagining new possibilities
💡 Innovation implements something new and valuable
❗️ Creativity has no risk, innovation has risks

Q & A

What is the meaning and definition of innovation?
-Innovation means doing something in a better and smarter way. It could be introducing new technology, a new product line, a new method of production or improving an existing process.
What are the four internal sources of innovation opportunities?
-The four internal sources are: 1) Unexpected successes and failures 2) Increases in profit margins 3) Process needs 4) Industry and market changes within a company.
What are the three external sources of innovation opportunities?
-The three external sources are: 1) Demographic changes 2) Changes in perceptions and new knowledge 3) New social and intellectual environment outside a company.
How can employees be a source of innovation ideas?
-Companies can collect data and feedback from employees to identify problems and gaps. This can spark innovative ideas for improvement.
What is the difference between creativity and innovation?
-Creativity is the act of thinking of something new and original. Innovation is implementing that creative idea into an actual new product, technology or process introduced into the market.
What are the seven sources of innovation?
-The seven sources are - Unexpected successes/failures, Increases in profit margins, Process needs, Industry/market changes, Demographic changes, Changes in perceptions, New knowledge.
Does creativity require investment?
-No, creativity does not require monetary investment. It involves imaginative thinking which has no risk or money required.
Does innovation require investment?
-Yes, innovation requires monetary investment as new products, technologies or processes need to be developed before taking them to the market.
What is an example of a creative idea?
-An example would be - Thinking of creating a new model of motorcycle. This is an act of imagination.
What is an example of an innovative product?
-An innovative product would be one that is introduced in the market after implementation of a creative idea, like a self-start motorcycle model.

Outlines

00:00

😊इनोवेशन की मीनिंग एंड डेफिनेशन

इस पैराग्राफ में इनोवेशन की मीनिंग और डेफिनेशन को समझाया गया है। इनोवेशन का मतलब है किसी काम को बेहतर और स्मार्टर तरीके से करना। यह नई टेक्नोलॉजी, नया प्रोडक्ट, नया प्रोडक्शन मेथड या प्रोसेस आदि हो सकता है। पीटर ड्रकर ने इनोवेशन को नया वेल्थ बनाने का मीन्स बताया है।

05:01

😃अनएक्सपेक्टेड सक्सेस और फेलर के उदाहरण

इस पैराग्राफ में अनएक्सपेक्टेड सक्सेस और फेलर के उदाहरण दिए गए हैं। जैसे - आईबीएम ने एक मशीन लाइब्रेरी को बेची जिससे उन्हें कंप्यूटर बनाने का आइडिया मिला। ये एक अनएक्सपेक्टेड सफलता थी जिससे आईबीएम को आगे बढ़ने का मौका मिला।

10:01

😊इनक्रीस इन प्रोसेस नीड से इनोवेशन अवसर

इस पैराग्राफ में बताया गया है कि प्रोसेस में जो दिक्कतें या खामियां होती हैं उन्हें दूर करके भी इनोवेशन किया जा सकता है। जैसे - पहले ग्लास कटाई में स्मूथ फिनिश नहीं होती थी, इससे एक नया आइडिया मिला कि ऐसा इंस्ट्रूमेंट बनाया जाए जिससे स्मूथ कटिंग हो। इस तरह प्रोसेस गैप्स इनोवेशन अवसर प्रदान करते हैं।

😊मार्केट और डेमोग्राफिक चेंज से इनोवेशन

इस पैराग्राफ में बताया गया है कि मार्केट, इंडस्ट्री और डेमोग्राफिक परिवर्तनों से भी इनोवेशन अवसर मिलते हैं। जैसे - लोगों की फिटनेस के प्रति रुचि बढ़ने से एक्सरसाइज उपकरणों का बाजार बढ़ा। इस तरह बाहरी परिवर्तनों को समझकर इनोवेशन किया जा सकता है।

Mindmap

Keywords

💡innovation

Innovation refers to introducing something new, such as a new technology, product, or production method. The video discusses sources of innovation opportunities for businesses.

💡opportunity

Opportunity refers to a favorable circumstance that allows for innovation and value creation. The video talks about identifying innovation opportunities from multiple internal and external sources.

💡process

Process refers to an established way of doing things. The video suggests looking for innovation opportunities to improve existing processes and ways of working.

💡technology

Technology refers to tools, systems, and methods for practical purposes. Adopting or developing new technologies is a key source of innovation as per the video.

💡product

Product refers to an item offered for sale. Introducing new products or product lines is an example of innovation according to the video.

💡market

Market refers to an industry, customers, and competitors. Changes in markets create innovation opportunities as customers needs evolve.

💡data

Data refers to facts and statistics collected from various sources. Analyzing data from employees, customers etc. can reveal innovation opportunities.

💡risk

Risk refers to potential downside in case of failure. In contrast to creativity, innovation involves risk as new products may not succeed.

💡ideas

Ideas refer to new thoughts and imagination. The video discusses sources for generating innovative ideas that lead to new products and technologies.

💡creativity

Creativity means conceiving something original. It is the starting point for innovation which involves introducing the new creative idea into practice.

Highlights

Innovation means doing existing work in a better & smarter way

Sources of innovation include employee data, customer feedback, competitor observation, market research etc

Unexpected successes and failures can spark innovative ideas

Gaps between market growth and profit margins indicate opportunities for innovation

Changes in industry structure and customer segments provide ideas for new innovations

Demographic changes in lifestyle, education, income etc. shape innovation opportunities

New scientific or social information can generate innovative ideas

Creativity involves imagining new possibilities

Innovation implements & introduces new ideas into the market

Creativity requires imagination, innovation requires implementation

Creativity has no monetary risks, innovation has risks

Careful search for innovation opportunities in the 7 key internal & external areas can lead to successful innovations

Most successful innovations result from a purposeful search for opportunities

There are 7 key situations, 4 internal & 3 external, to search for innovation opportunities

Creativity provides the ideas, innovation implements them into marketable products

Transcripts

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Innovation and Entrepreneurship, Sources of Innovation, Introduction to entrepreneurship bcom

Takeaways

Q & A

What is the meaning and definition of innovation?

What are the four internal sources of innovation opportunities?

What are the three external sources of innovation opportunities?

How can employees be a source of innovation ideas?

What is the difference between creativity and innovation?

What are the seven sources of innovation?

Does creativity require investment?

Does innovation require investment?

What is an example of a creative idea?

What is an example of an innovative product?