Jonathan Marks - Creativity, Innovation, & Entrepreneurship - Video 1
Transcript:
The idea of being creative is essential for being innovative and the act of being an entrepreneur is harvesting those two mechanisms of creativity and innovation. So you could ask the question, are all entrepreneurs creative? well, let's guess!it depends how we define entrepreneurship but to the best of my knowledge people who are acting in an entrepreneurial way by their nature, creative and innovative people.
The first thing is all creativity begins with originality, I think the essence of creativity is the ability to be original. Every single one of us is intrinsically creative and Picasso said that everybody is creative. The difficulty is to remain creativite as you get older because education largely does an inordinately good job of educating the creativity out of us so if you have a room of six-years old and you say who of you are creative, everybody puts their hands up and if you have a group of 36 years olds, you know maybe one person who is in their minds a great singer or musician or artist puts their hands up, the rest of us keep quiet.
So, Ken Robinson who has written extensively about creativity in schools and has a lovely little joke, he said that an old teacher was looking at a child drawing very vehemently at the back of a class, so he went to the child and said, "what are you drawing? so the child said, "I'm drawing a picture of God" so the teacher said, "but nobody knows what God's look like". - Well, they will in a minute. And so, you know, kids have this innate sense of originality and I think that's the first trait of all creative people.
The second one is that constraints exist. For creativity to occur there needs to be some bounded constraint. We imagine that creativity is in fact freedom from constraint but in fact creative emerges when constraints are provided. It tests us, it provides us with the challenge and so of course we want to, we don't want to restrict creativity but we do need to bound it in some way. So, I think failure is important than the ability to allow yourself to fail. So, anybody here has been promoted because of failure? I just always ask the question in case says somebody works for a company that really promotes people because of failure, of course we don't, so we learn quickly that failure it's not rewarded, so you avoid it at all cost and of course that's a sort of death knell for creativity. It's the fact that you let go failure.
So, the first is some adversity often leads to innovation, you know this adversity is not too much different to constraints which I spoke about with creativity but I think out of a world of adversity
innovation often occurs. It's often quite hard unless you are exceedingly well-founded and motivated to create something entirely without there being some sort of need. Has anybody read the book "The Innovators" that came out late last year? Absolutely fantastic book if you haven't read it, I really encourage you. It's a door stopper of a book five hundred and something pages, but if any of you have ever wondered about technology this would the place to read about it and especially where they talk about the creation of the internet, etc, there's a lot of discussion around the role of adveristy because it was obviously fear from a defense point of view that led to the creation of some wonderful technology.
It's got to be a level of flexibility, so I think innovators are by their nature flexible people, they are able to adapt to the environment, adapt to their surroundings, adapt to the materials that are available to them, so there's a sort of piece of scientific experimentation, the bit of the crazy scientist that needs to occur within each of us as an innovator and then finally there is got to be the creation of value. So value is the final piece which differentiates creativity from innovation because it's of what I've got some use to you.
The other level of innovation that I think is occurring in the world is business model innovation. We hear increasingly that is not just around a new product when you process but how you recreate your business itself. The Boston Consulting Group has done a very interesting research looking at the return on process and product innovation versus business model innovation and found that in the first three years of a business it's six times the return, business model innovation versus process innovation. It begins to level artists as you reach the 10-year period, but if you are looking for a quick return on investments to focus on your business model is going to earn you six times the return as opposed to focusing on your process.
Waht's entrepreneruial thinking? So entrepreneruship is another word that's been horribly overused and again has lost its meaning but to my mind being an entrepreneur is not necessarily starting a business, it's not about saying I wish to start to build a startup entrepreneur or I am going to buy a Nando's franchise or I am not even sure if Nando's franchises probably, you know, whatever it is, that's not what being an entrepreneur is, being an entrepreneur is about how you see the world and how you are in the world so ways of seeing and ways of being are to my mind, the sort of instruments of being an entrepreneur. So when you take that on board, when you say how I see the world and how I act in the world defines me as an entrepreneur, it actually doens't matter what you do whether you are a startup entrepreneur or you work for somebody in a large corporate or you decide to be unemployed, you really have the ability to be an entrepreneur.
So, finally I want to talk about collaboration because I think collaboration is at the center of making this work, for you to be at successful entrepreneur or be creative or innovative or the combination of those two, you have to learn to work with others and I am one because remember you are only getting nine things tonight. It's this notion of weak ties, the idea of the weak ties is theoretical construct that was developed for somebody in the 1960s called Mark Granovetter. He was a researcher at a university and he spoke about where your network comes from.
How many of you are in LinkedIn which is owned by Microsoft? I mean most of us are, so the poeple you are connected to on LinkedIn are your weak ties. There are the people that you are connected to through work, maybe socially, maybe through clubs and societies or faith organizations, people you might meet at conferences. These are the people that will help move you and your ideas forward. It's been shown incresingly that entrepreneurs don't necessarily have to have great ideas, don't even necessarily have to have much money but they have got to have networks, they have got to have people that you're connected to, and how you work with others, how you are able to share your ideas and get your enthusiasm rubbing off on them it's really what's gonna define as an innovator and entrepreneur.
Retrieved from: https://www.youtube.com/watch?v=3KLq0iCrH80
Where Good Ideas Come From - by Steven Johnson - Video 2
Transcript:
Through the past five years I've been investigating this question of where good ideas come from? It's a king of problem I may think all of us are intrinsically interested in. We want to be more creative, we want to come up with better ideas, we want our organizations to be more innovative. I've looked at this problem from an environmental perspective. What are the spaces that have historically led you inusual rates of creativity and innovation? What I found in all these systems, there are these recurrent patterns that you see again and again that are crucial to creating environments that are inusually innovative. One pattern I call slow hunch that breaks your ideas almost never come in a moment of great insight, in a sudden struck of inspiration. Most important ideas take a long time to evolve and they spend a long time in the dorm room in the background. It isn't until the ideas have two or three years, sometimes 10 or 20 yearrs to ensure that they suddenly become successful to you, and useful to you in a certain way, and this is partially because good ideas normally come from the collition between smaller hunches, so that they form something bigger than themselves.
So you see a lot in the history of innovation, cases of someone who has half of an idea. There is a great story about the invention of the world wide web by Tim berners Lee. This is a project that Burners Lee works on for ten years, but when he started, he did not have a full vision of this new medium he was going to invent. He started working on one project as a side project and helping organize his own data. He scrapped that after a couple of years and he started working on another thing and only have about ten years to have a full vision of the World Wide Web coming to be in. That is more often than now how ideas happen, they need time to incubate and they spend a lot of time in this partial hunch form.
The other thing that's important when you think about ideas is that when ideas take form in this hunch state, they need to collide with other hunches. Often times the thing that turns in a hunching to a real-break through is another hunch that is looking in somebody else's mind and you have to figure out the way to create systems that allow those hunches to come together and turn into something bigger that some of their parts. That's why for instance the coffee house in the Age of Enlightment, or the pre-ancients salons on modernism, or such engines of creativity because they created a space where ideas could mingle ans swap and create new forms.
When you look at the problem of innovation from this perspective, it shares a lot of important light on the debate we have being having recently about what the internet is doing to our brains. Are we getting overwelmed with an always connected multi-tasking lifestyle? And it's that gonna lead to less sophisticated thoughts as we move away from a slower, deeper, contemplate state of reading, for instance? You may say, I am a big fan of reading but I think is important to remember that the great driver of scientific innovation and technological innovation has been the historic increase in connectivity and our ability to reach out and exchange ideas with other people, and to borrow other people hunches and combine them with our hunches and turn them into something new. That really has I think more than anything else the primary engine of creativity innovation over the last 600 or 700 years, and so yes, it's true or more distracted and what is happened that's really more acculus and marvelous over the last 15 years is that we have so many ways to connect and so many ways to reach out and find other people who have that missing piece that will complete the idea we are working on, or stumble certaint deeplessly across some amazing new piece of information that we can use to build and improve our own ideas. That's the real lesson of where good ideas come from, the chance favors the connected the mind.
Retrieved from: https://www.youtube.com/watch?v=NugRZGDbPFU
What is Innovation? - Video 3
Transcript:
You know last section we talked about the two types of entrepreneurship: Innovation Driven Entrepreneuship and Small Medium Entreprise or SME Entrepreneruship. In this section we are going to talk about what is innovation because thta is fundamentally to what we are going to be doing forward. So, What is innovation? In MIT we like equations. So we would like to define innovation and this comes from one of my first classes MIT from Ed Roberts, the chairman of the Martin Trust Center for MIT Entrepreneurhsip and he defined entrepreneurship in a way that I thought was excellent. He said innovation equals invention (Innovation=Invention) Let me just stop here! Innovation equals Invention. Often poeple mistake these two things for the same thing, (innovation=Invention) They are not. Innovation is something that generates value for the world, it makes somthing faster, better, cheaper, it gives someone a great satisfaction.
And then invention is an idea, a technology path and in other self it does not generate value. So, these two are not the same thing, and sometimes you see them interchange and that is not correct. So, innovation = invention times commercialization. So and when we look at this equation, innovation something of value, it requires a new idea and then it requires someone or some organization that is going to commercialize that idea and to make it valuable to the world. So it is important to understand that an idea by itself is not valuable. Ideas are cheap, it's the commercialization when combine them with it that makes them extraordinarily valuable. So, while sometimes when I used to say invention plus commercialization, in fact, it's times, it's a product because If I do not have one, then it is zero, then I have no innovation. If I have noa new idea I cannot commercialize anything therefore zero. If I have an invention and no commercialization I have no innovation as well. So it's actually a product and we found this very very hopeful to help explain the people what is innovation when we are talking about Innovation-Driven Entreoreneurship.
So next time when we talk about what drives this? When we look at the idea, people think that this drives innovation, it's in fact the commercialization aspect of it that is very very diffucult. if you look at the most innovative company in the world today which I would argue it is Apple. The underlying inventions they create at Apple, great innovations starting with the MAC did not come from themselves. It actually came form Xerox PARC, it was Winodws icon mouse pointer. That invention they commercialized to create innovation which created terrific value in the marketplace and for their customers and for themselves or investors as well. Likewise, after that you look again that the invention for the underlying enabling in idea technology from the Ipod was MP3 which did not come from Apple again that came from front offer but what Apple was terrific at was commercialization to create innovation again to create great new value for the customers and the shareholders.
So, in this definition of innovation we found very very helpful to make clear that innovation is a combination of the new idea and the technology, but then it has to be commercialized and mapped to some customer in the real world where it will generate value.
Retrieved from: https://www.youtube.com/watch?v=oD7X3KvJAVk
Creativity, & Innovation - Video 4
Trasncript:
Now I would like to introduce to Richard Palatini, creative director and ad agency, a person with many years of experience working with creative people and also writing a book now on creativity, he is also a faculty member and teaches creativity. It's my pleasure to welcome professor Palatini!
Good evening everybody! My name's my name is Richard Palatini, I am senior by vicepresident and creative director of jena tino and Meredith advertising and as was mentioned before, I am also a graduated and alumni of Fairleigh Dickinson's University. So it is good to be back here and be back home as part of our FDU family, but what I want to talk to you tonight about is ideas, ideas innovation and creativity as it applies to building businesses, marketing, advertising, all those things that tie together them to make businesses successful and thrive the today's economic climate.
Here is idea number one. What have you gotten to a presentation business or otherwise when you were given an unconditional money-back guarantee and here is the guarantee: before this presentation ends you will have learned something new about innovation, innovation and creative ideas, or you will receive a full refund, so that was idea number one.
Here is number two and it is not my quote but it's by a gentleman named James Webb Young, it is an idea is nothing more nor less than a combination of old elemnts so whether we are starting a business coming up wth a creating idea or any type of innovation remeber dont go for the ideas that you think have never been tought of before because they basically have been tought. The idea is how we put them together? How we make a new fresh different but most of all relevant to the people who are customers or consumers or the poeple that we want to have a good business relationship with if we are developing companies and things like that.
Idea number three. All ideas are not created equal. Now that is not to say that ideas that first don't seem good are necessarily bad. What it means is that these ideas may just not be at the right time, presented to the right people or configured the right way, so it's always a challenge to determine which is the right idea? Which is the wrong idea? How do I change these ideas? How do I make this idea more exciting? Who do I work with to develop these ideas? Business partner? A creative partner? or do I do it myself? But remember, a lot of times the idea itself is not the better maybe it's the aplication, so always consider it and consider it seriously.
Also ideas are willing to sacrifice themselves and we see this everyday in business as in advertising because when we start at one point coming up with Ideas we dont know how far we have to progress but in that progression of ideas, product development, marketing, sales, advertising, we go through that transition until we hit a point where we know we are saying the right things to the right people with the right message or that product has been developed to the right point, with the right components and the right manufacturing at the right price. So, all those things are important so when we say that is a bad idea, if it leds to the right idea which generally it does, use it as part of the development process of your ideation, that's critical, never say "oh that's a terrible idea what was I thinking of." I am gonna say, what did I learn from that idea being wrong? How do I improve that idea? Those things are very important.
Another thing to remember. The best ideas are pithy, pithy means short, concise and clear. A business plan can be very complex but what you are selling and how you are sell it and what the customer needs to know to interact with you and take action and either take that service, take that product and make it theirs is a simple thing, we go through a very involved process in doing that.
Losts of esearcher is done at our agency, we are constantly looking at the way people think, how are they evolving? What is the transition of the market because of what the outside influences are, the overall economics, what's the competition doing? So remember, the best ideas are simpler ones, simply communicate. When I sai iPod to everybody you don't need to know what's inside that case or when you go to iTunes I dont need to know what's the background with that. All I know is when I'm clicking I'm seeing what I want. It's incredibly easy to download and I've got a music store basically on my computer. Remember we were talking about combinations of ideas before? That's iTunes. Music store on my computer, put them together, hasn't been tought up before? No, but individually it had. So, that's when we talk about combinations of old ideas.
Also, idea number five. There is one great idea behind every great idea, that idea is emotion. Nowadays we know that people are most connected with brands, businesses the services they provide and the advertising that's done based upon emotion, we balance emotion with functionality. "Yes, I want that, I want that really bad" "that really satisfies my needs emotionally, but why would I buy it? I need a functional basis to balance it, but the main driver in today's marketplace is emotion. So, you always want to appeal the people's self interests. That's why Porshe created the Cayenne SUV. I've got a family. I cannot get that coupe, that SUV, I can put the soccer team in the back sit so now I can get a Porshe. You see how that kind of matches up and that emotion can be satisfied, so remember, an emotion is generally the key-driver whether you are developing a business or products and want to attract buyers or investors or you are coming up with ideas, very important to remember.
And above all, here is an idea that we don't use enough these days and that's having fun. I don't mean laughing and joking and goofing around, what I really mean is, being more like a child. Child like ideas, when we channel our iner child, we find that all those things that get in the way of being creative and coming up with fresh ideas and business plans that are a little bit different, that give us the opportunity to say things and do things different that people gonna recognize come through much more clearly we become much less connected with "we can't do this, it's too expensive, people never buy that way". We take all those negatives because children don't think that way until they both tell them "no, you can't stop or stop that", they have fun, they enjoy, they do and they are free thinkers. So, we want to keep doing that. That's an important thing to remember.
Number seven. Embrace know. Everybody says, "well I am a yes person or I think positively", why would I suggest embracing no as a way of being an idea person, well there is this saying that we learn more from our mistakes than we do from our successes because when we are successful at something you say "that's great, what can we do now?" but when we say we have some type of stumbling block or some problem, we look at it, we analize and we say, how can I improve these things? What can I do better? What can I do to be more successful to do those things? If we look at those things you know when you get a test, all the answers that you get right, you kind of breeze by or when you get some type of evaluation and you go why did not get, why I get this wrong and you analiz. We do that in business as well. It's an important thing. Always look at it as an opportunity to improve, to change and to grow. "No" this can be a positive word if we think about it that way. Here is another thought; wheter you are starting a business, whether you are advertising, whether you are trying to put a brand out there, logos don't matter. Now, a lot of graphic designers will tell you otherwise but I don't mean logos don't matter in the sense that they are totally irrelevant but in today's Internet emotion-driven world what it means is that logos and graphic identities represent a brand personality and when we see that logo, what it tells us is, that's the brand, I get an emotional connection with it, I understand it and it represents that. Think of it as a picture of a person and that person would be the brand and you know when you see a picture of a family member or a friend that you have and you see that picture, it touches off emotions and it's the same way we want to think about logos and design that represents that these days.
What really matters as I said as number nine says is that personality matters. We want to understand between a brand or between a company and the poeple that are its customers, that there are shared values, that there are understandings, that there is a belief that when we interact, everybody benefits in some way. If we feel that there is no connection, that there's no relevance, we generally won't enter into relationship with them and that's critical to remember. So, the personality does matter and as we are talking about people and relationships, we have to understand that people own brands nowadays. Another suggestion that I want to give to you is the idea that something that we don't do enough today is to read and I don't mean reading a textbook, reading a newspaper, going online and reading
something articles at sports ilustrated that calm or whatever you happen to like to read. What I'm talking about is just reading for general enjoyment.
Here is another idea. Sit somewhere in a room for 30 minutes and think. I don't mean think about what do I have to do today? Do I have to do my laundry? Do I have to go pick up my dry-cleaning? Do I have to go to the supermarket? Do I have to call my boyfriend or girlfriend? Just think about things, ideas, dreams that you have, something that you have always wanted to do and how you might do it. These types of things go along with fun and if you can have fun while you are thinking like that, it puts everything in perspective. These are great things to do for people who are just trying to come up with ideas very often. We talk about people getting together in groups and brainstorming. This is a 30 minutes individual brainstorm where you can take those ideas and if you sit down and before you sit down say "I'm going to figure this out, I'm just gonna let myself go and put this on my back of my head. We are so busy nowadays, we don't get a chance to do that. I was sitting in the theater last night and of course they say, "you all turn off your cellphones before the play starts" and two peple in front of us. You can see it's bright as day, they are over there texting away.
Retrieved from: https://www.youtube.com/watch?v=gdvBvXBmKDQ
MGT 221 - Entrepreneurship, Creativity and Innovation - Video 5
Transcript:
Welcome to MGT 221- Entrepreneurship, creativity and innovation. To begin let's review what you will learn. You will examine the practicality of what it really takes to get a business off the ground. You will practice competitive analysis by researching and analyzing what competitive rivals are doing, and you awill learn the skills to develop a sustainable competitive advantage in the marketplace. What is most exciting about sports? There is stiff competition among today's businesses, organizations, and entrepreneurs. You will have the oportunity to work through creating a solid business plan and develop strategies to stand out and achieve success in the marketplace.
What is most challenging about this course? Statistically, half of all new business startups fail within the first year of operation due to, in part, to entrepreneurs misreading the customer's wants, needs and demands. A challenging part of this course is placing yourself in the shoes of the customer and considering the entire customer experience.
Be prepared to take a behind-the-scenes view of what it takes to start and sustain an effective business. Yuo will gain real life experiences in building a plan, putting yourself in the customers mindset and developing characteristics of a successful entrepreneur. We hope you enjoy your course. Now let's begin!
Retrieved from: https://www.youtube.com/watch?v=7WVVOltzum4
What is Innovation? - Video 6
Transcript:
Innovation is the most powerful engine of the growth and sustainability on a society. It is the most effective way to improve our socio-economic conditions of our people. Innovation has enabled us to generate food for 7,000 million people, raising life expectance to 90 years in many societies, reach the moon, and to have the possibility to talk to anyone in the world by just a small phone.
So, what is really an innovation? When does it happen? The answer is simpler than what you think. It's essentially to have a new idea and develop it to generate measurable value, remember, that is not enough to have a great idea, you need to do something especifically, if we do not we would at best be classifed as very creative people. To call it an innovation, the idea needs to transform reality, many people need to benefit from it and it needs to be able to incorporate into everyday life. Peter Drucker, one of the great management gurus said, "innovation value does not come from the novelty, scientific content or the idea, it comes from the success in the market.
Innovation occurs when entrepreneurs create new products, open other business areas in an already existing company and create entirely new business, generating wealfare for many people, creating new jobs and paying more taxes. You cannot say "that is not an innovative idea until someone is interested in it and commercialize it it's not enough to be the holder of an idea or patent". Thomas Alva Edison, one of the most famous inventors of the world said it clearly over one hundred years ago "I don't want to invent anything that cannot be sold". You can be an inventor but that does not guarantee you to be innovative. The benefits of innovation must reach everyone solve big problems, offer great opportunities. When innovation isn't created, the system is not balanced. The ability of innovation to create and distribute benefits on our society is enormous, creating more wealth every time that is why it is important that innovators perceive benefits for their achievements and gain new resources to create more innovation. That generates greater wealfare and a progressive transformation in society.
Innovations can be generated by a person, company or other organization including the public sector. Innovation allows that the size of the social impact of these entities is greater using the same budget. You can admit more sick patients, make new homes for people who need it and pave many more roads. It is commonly thought that innovation is always a product but it can be a service, process and business models and it's where a greater impact is generated.
In the innovation process, different people can participate, for example, scientists, inventors, designers, lawyers, engineers and many more are those who generate ideas and concepts. When someone picks up one of these ideas and make sure it has a really useful application in the lives of people, he becomes an innovator. It is very powerfuk when innovation breaks barriers, tomb walls and is made up of people from different organisations, places, races, countries and social strata. This is an open innovation that achieves to realize new changes from innovation sustained by diversity. Open innovation is unique since it is based on collective intelligences. An innovator must combine knowledge related to science and technology. Also market, logistics, sales, and financial litearcy skills, among many others.
Knowledge expands constantly, so before saying, " I have a new idea", you must look everywhere to make sure that this is something really new. You should also evaluate how great will be the change in the market and which is the possible existing competition because if it does not have a sufficient size, it is better to concentrate on implementing another different idea, a possible innovation with more impact. Science and technology are the best way to produce new ideas.
Who wants to foster innovation in a region must first strengthen the system of science and tehcnology to generate new knowledge, an essential ingredient for innovation, the President of Finland ESCO aho some superbly the relationship between innovation and science and technology. Scientific research is investing money to generate new knowledge, but innovation is to take that knowledge and turn it back into money and wealfare for society.
Social problems can be a powerful starting point for scientific research and innovation processes that create new business opportunities which produce self-sustainable solutions and extend their benefits to more people. The priorities of innovation systems must be social because those are the ones where you can generate real-economic transformations.
It is also important to generate innovations from our region and thus prevent foreign people from profiting by solving our problems. Innovation is the largest generator of social equity and is the largest producer of wealfare in a socio-economic system, for example, in the youngest segment of the population, innovation used massively would be the one that would be able to create high quality jobs and it would make our young people to have a more optimistic view of the future. Innovation can and should be measured the greater the impact of innovation the size of the transformation of reality. The greater it is likewise we must increase investments and science and technology oriented to the generation of innovation. Countries with better living conditions for its citizens spend between five to ten thousands times more than us in these matters. So, we must join in a regional path where we all comit to increase the minimun level in the coming years.
Together we can get a breat achievement for the future of our society by regional pact for innovation led by ruta Inman. Do you also want to be part of this pact? Log in to "www.medellinnovation.org". If you want to learn more go to "www.rutanmedellin.org/innovacion.pdf".
Our city is convinced of the transforming power of science, technology and innovation CT + I to achieve welfare and equity, CT + I as a way, never as an end. They day the brightest minds come together with citizen intelligence to solve our challenges, our city will be a city for life produced by the area of public policy and planning for science, technology and innovation in Medellin.
Retrieved from: https://www.youtube.com/watch?v=mQRbVAxsKLw
What Does Innovation Mean to You? - Video 7
Transcript:
Quick! What does innovation mean to you? A scientist in a white lab coat developing a new vaccine? A researcher observing the effects of stress on behaviour? Or an inventor creating a world best mousetrap? Without a doubt, these are all examples of innovation. So maybe you are thinking innovation does not apply to you or your business. Well, think again! The Merriam-Webster dictionary defines innovation as a new idea, device or method. Not the same old-same old.
And according to the organisation for economic cooperation and development, other busienss are becoming more more innovated, the majority of them are not capitalizing on their advantages. For businesses, capitalizing on your advantages requires you to listen to your customers, respond to markets, both, new or existing and deliver sulutions, better solutions like developing and commercializing a product or service that will both, increase your bottom line and help you develop new markets or increasing productivity by acquiring or adapting technology that meets the unique needs of your business. Or collaborating with researchers to help your company or industry solve challenges, stay competitive and grow. Or building the business skills you need to take your company to the next level, either by expanding your markets, or competing globally. Capitalizing on your advantages, doing old and new things better equals innovation.
So, what's the bright idea? What's your bright idea that will capitalize on your advantages? And more importantly, how can innovation help you grow and compete? If you are a business looking to grow and compete or a researcher looking to to bring products or technologies from the lab to the marketplace. The Atlantic Canada Opportunities Agency can help. ACOA's programs help Atlantic Canadians develop new products and services, bring them to market, acquire and adapt technology and build the skills necessary for today's economy. Innovate, adapt, compete.
For more information contact the ACOA office nearest to you!
Retrieved from: https://www.youtube.com/watch?v=6GBZ3csX7lQ
"Creativity Rules" by Tina Seelin - BOOK SUMMARY - Video 8
Transcript:
Creativity rules: get ideas out of your head and into the world by Tina Seelig Stanford University Professor and best-selling author of what I wish I knew when I was 20. Why do so many people believe that you cannot teach entrepreneurship? Because there are no clear definitions and a process from going from the seed of an idea to executing around it without a robust framework like those we have for sciences, we cannot develop skills to consistently move through the creative process.
In response, this book provides a roadmap to get us from inspiration to implementation. This roadmap is called "the invention cycle" and involves four stages:
- Imagination. Envisioning something that does not exist.
- Creativity. applying imagination to adress the challenge
- Innovation. Appliying creativity to come up with a unique solution
- Entrepreneurship. Applying innovation to scale ideas.
Successful entrepreneurs realize that they cannot accomplish eveything on their own, so they have to inspire others to join their team, invest in their dreams and use their product. This begins the cycle again as the entrepreneur inspires other's imagination.
The invention cylce is a virtuous cycle. You start by engaging with your surroundings in order to iddentify pain points. Then with just a little motivation, you begin experimenting to come up with creative solutions. You then push further actively changing your perspective to come up with something truly innovative and finally, you inspire others to help scale your idea. When people are exposed to your ideas in venture they too get inspired and thus, the cycle continues with more imagination, creativity, innovation and entrepreneurship.
Retrieved from: https://www.youtube.com/watch?v=e6rr6ZGkrCQ
"The Innovator's Dilemma" by Clayton Christensen - Video 9
Transcript
The innovator's dylema by Harvard Business School professor Clayton Christensen. The book explains how successful companies that dominate their industries fail in the face of disruptive innovation. It's a message of caution for leaderships teams of these companies, but also a message of encouragement for competitors venturing against these Goliaths. First, we will distinguish between sustaining and disruptive innovation. Then, we will discuss why is difficult for those companies to adopt disruptive technologies and finally, what does it all mean for both, large companies and startups?
There are two types of innovation: sustaining and disruptive. A company follows a path of sustaining innovation when it improves a product's performance based on feedback from its best and largets customers. It's usually about reducing defects and making something faster or more powerful.
In contrast, a disruptive innovation often involves lower performance in many of the key features valued by the market, it often means more defects and less speed or power. A disruptive product appears as if it's doing everything wrong. A large company with sophisticated and demanding clients can adopt such a technology.
Why would anyone want to focus on a disruptive innovation? The subtle but key difference is that sustaining innovation satisfies customer's current needs whereas disrupted technologies in business models involve to meet customers future needs. These two types of innovation are at the core of the innovator's dilema. Following a sustaining innovation path makes a lot more sense in the short term but can ultimately doom the company to failure. On the other hand, dedicating valuable resources to a niche and unproven opportunity does not make sense but can be the future of the company. Disruptive innovation is often born from a need that exists in a niche market that's neglected by current market offerings, that's small market segment may not care about traditional performance features.
The great example is cameras and smartphones. Smartphones started with very poor camera capabilities that served only the lowest to your customers. Inniatially, they were pretty useless as cameras and few people would use them but they evolved in leaps and bounds and now have successfully displaced cameras from many traditional uses. Similar business model and technological disruptions appeared all over the place. Wikipedia rendered encyclopedias extinct. Google maps replaced expensive navigation systems. Skype dealt a big blow to phone companies. Netflix drove large video rental retail chains to bankruptcy. The Kindle is changing book publishing. Airbnb is driving hotel managers crazy and Uber has taxi drivers up in arms. The question is: why are large well resource companies often caught asleep? why are they at the at the forefront of disruptive innovation? given the small market size and unappealing characteristics of a disruptive technology. A successful company can't dedicate resources to small and unproven offerings. What does this mean for large companies future? even tough disruptive innovation may not make sense in the short term, they simply can be ignored. Companies need to listen at their customers in order to continue successfully with their sustaining innovations but they need to look at niche markets and how they use their products in order to identify potentially disruptive innovations and embrace them.
For startups, it's all good news as long as their innovation has the potential to improve performance rapidly. It's actually a good thing that their initial market is small. This gives them more time to fine-tune their technology. Many startups have been and will continue to be surprise by their much larger competitors in difference. The innovator's dilema was published in 1997 but continues to be an extremely insightful approach to innovation, explaining why market leaders can't afford to ignore innovations that cater to niche markets while startups, perhaps, don't need to worry too much about their larger competitors. A small target market can be the start of something really big.
Retrieved from: https://www.youtube.com/watch?v=yUAtIQDllo8
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