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Chapter 9

HEIP 144 Chapter 9: The Discipline of Innovation

Entrepreneurship and Innovation
Course Code
HEIP 144
Jay Smith

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The Discipline of Innovation
Sources of innovation
Unexpected occurrences
Unexpected failure
Most business dismiss them, so they are highly productive
Information on the problems are necessary to prevent performance
deterioration and suppress recognition of new opportunities
Within logic or rhythm of a process
In economic realities
Help to understand where costs truly lie
Process needs
Innovation responds to needs
Advertising help to distribute freely
Industry and market changes
Industry structures change overnight
Create tremendous opportunity for innovation
Structure changes when industry grows quickly
Established companies do not challenge newcomers
Demographic changes
Most reliable
Have known lead times
Policy Makers often neglect demographics
Population statistics change quickly in modern times
Changes in perception
Does not alter facts
Changes meaning of facts
Economics are irrelevant
New knowledge
Innovations based on new knowledge historically rank high
Have the longest lead time
Time between new knowledge and usable technology
Time between technology invention and marketable products
Demands many kinds of knowledge
Principles of innovation
Begins with analysis of the source of new opportunities
Sources have different importances at different times
Innovation must be simple and focused
Innovators must go out into the field and observe
Effective innovations begin smaller
Requires talent and ingenuity
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