ADMS 1010 Lecture 12: Entrepreneurship & Innovation
11 Dec 2015
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Document Summary
Innovations is: the work of knowing rather than doing. Creating new wealth-producing resources, or, endowing existing resources with enhanced potential for creating wealth. Not age or size, but a certain type of activity -> innovation is at the heart of that activity: conscious, purposeful search for innovation opportunities . Innovation opp"s: within company or industry, unexpected outcomes, unexpected successes or failures (i. e. accidents) Incongruities in process; economic realities; assumptions, expectations/results: process needs. Principles of innovation: analysis of the sources of new opportunities, go out, ask, listen: Knowledge creation: the one sure source of lasting competitive advantage is knowledge. The knowledge-creating" company, whose sole business is continuous innovation. Hard (quantifiable) data, codified procedures, universal principles. Tacit = understood or implied without being stated. Highly personal, difficult to formalize & communicate. Technical dimension: master-craftsperson"s informal experience and know-how : cognitive dimension: mental models, beliefs, perspectives. Combine discrete pieces of explicit knowledge into new whole.
