ENTR 2301 Lecture 4: Innovation
6 Feb 2020
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Document Summary
Creativity the act of turning imaginative ideas into reality, the ability to perceive the world in new ways generating solutions to problems. Innovation: creativity is process rather than attitude, experience=comprehension, creativity results in ideas that have value, recombining putting ideas together in unexpected ways. Discovery a new increment to knowledge, requires curiosity, identifying things that are unknown. Invention proof the discovery actually works and has practical application in the real world. Innovation intentional change made to create value, transformation of an idea into useful application, solves a problem and takes invention to the masses. Invention is the creation of something new: you do not need to invent to innovate. Innovation is the transformation of an idea into a useful application. Technological innovation change made in response to new or modified technology. Venture model innovation change made to an existing venture model, or some component, that creates additional value. New venture organizational vehicle where entrepreneurial team creates value.
