02 Entrepreneurship Innovation

download 02 Entrepreneurship Innovation

of 35

Transcript of 02 Entrepreneurship Innovation

  • INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Chapter Objectives

    1. Explain Innovation and its importance to entrepreneurship;

    2. Identify the different type of innovation. 3. Differentiate between innovation and invention; 4. Explore the Global Innovation Index; 5. Identify the most innovative firm in the world; 6. Explore the local innovative company; 7. Understand the innovation success & failures;

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Chapter Objectives

    8. Explain the failure in innovation; 9. Understand how innovation can be promoted 10. Explore the relationship between innovation and

    creativity 11. Identify the five steps in the creative process

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • A new idea, method or device The process of making improvements by

    introducing something new The process of translating new ideas into

    tangible product The successful exploitation of new ideas A creative idea that is realized Change that creates a new dimension of

    performance

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Invention is the first occurrence of an idea for a new product or process

    Innovation is the first attempt to carry it out into practice.

    Actualization or realization of an invention whether it be a societal benefit, commercialization, market entry or monetization

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Global Innovation Index (2009)

    20. France 19. Germany 18. Norway 17. Austria 16. Israel 15. UK 14. Canada 13. Luxembourg 12. Netherlands 11. Denmark

    10. Sweden 9. Japan 8. US 7. Finland 6. Hong Kong 5. Ireland 4. Iceland 3. Switzerland 2. South Korea 1. Singapore

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • 29. Boeing 25. Autodesk 22. IBM 21. Timberland 19. Tesco 18. HP 15. Samsung 14. Disney 11. Procter & Gamble

    10. Nintendo (1889) 9. Amazon (1994) 8. Alibaba (1999) 7. Nokia (1865) 6. Nike (1964) 5. Ideo (1991) 4. GE (1878) 3. Facebook (2003) 2. Apple (1976) 1. Google (1998)

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • 20. Disney 19. GE 18. IBM 17. Cisco 16. BYD 15. Sportify 14. Intel 13. Nike 12. Neflix 11. Hulu

    10. HP 9. Wallmart 8. Novartis 7. PG&E 6. First Solar 5. Huawei 4. Google 3. Apple 2. Amazon 1. Facebook

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Story of Airasia

  • Story of Airasia

    Seven years ago, Fernandes paid 25 cents for a near-defunct carrier with two creaky planes and $12 million in debt. Today, AirAsia is one of the world's fastest-growing, most profitable carriers, making its name - and money - by defying industry convention and democratizing air travel.

    AirAsia is innovative down to its corporate bones. Most passengers think of it as one carrier, but it's actually a co-branded collection of several, a unique structure Fernandes devised to allow AirAsia to set up hubs in three countries (Malaysia, Thailand, and Indonesia). It built its brand in part by being surprisingly cheeky; when AirAsia began flying from Singapore to Bangkok in 2004, Fernandes ran full-page newspaper ads taunting Singapore Airlines' famed Singapore Girl flight attendants: "There's a new girl in town: twice the fun, half the price.

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Story of Airasia

    But mostly it's been known for its frugality. AirAsia's operating costs are the lowest of any airline in the world, and so are its fares. One-way specials for as little as $3 have opened the skies to new travelers. Says Yap Choo Ying, who runs a market stall in eastern Malaysia and now regularly jets to Kuala Lumpur to see her grandkids: "It's like our bus."

    Now that bus is going farther than ever. In 2008, AirAsia did what no low-cost, short-haul carrier has dared to do - not Ryanair, not Southwest, not easyJet: it went long-haul, adding flights to Australia. Industry analysts have repeatedly questioned the viability of that venture, but AirAsia says that business will break even before the end of '08. This year, it will also expand in China and India, two markets experiencing booming growth in air travel -- and massive numbers of people who have yet to take to the skies.

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Innovation Success - Toiletries

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Innovation Success x in 1 Coffee

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Innovation Success Portable Music Player

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Innovation Success Portable Music Player

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Apple Innovation

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Innovation Success iPod, iPhone & iTunes

    What made the iPod truly innovative was its combination of aesthetic design, elegant ergonomics and ease of use. Also, there

    was the creation of the iTunes that enabled listeners to integrate with their iPod. It is the combination of all these elements that made

    the iPod truly innovative

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Innovation Success Starbucks

    In 1971, Starbucks opened its first store in Seattle's Pike Place Market. In 1984, Howard Schultz convinced the founders of Starbucks to test the coffeehouse concept in downtown Seattle, similar to the popular espresso bars in Milan. By 1987, there were 17 stores. That number had jumped to 1,412 by 1997 and by the end of fiscal 2007, that total was up to 15,756.

  • Innovation Success

    INSPIRING CREATIVE AND INNOVATIVE MINDS INSPIRING CREATIVE AND INNOVATIVE MINDS

  • 2003 Most Competitive Company Malaysia Book of Records Superbrand of Malaysia

    2004 SMI Brand Builder of The Year Excellent Food Award

    2005 Product Excellence Award Most Promising Franchiser Malaysia Best Halal Restaurant Most Promising Franchiser SMB Brand Building Award

    2006 Indonesias Best Restaurant Golden Bull Award Enterprise 50 Award SMB Brand Building Award BestBrand Food & Beverage Cafes Best Local Restaurant Chain

    2007 International Franchisor of the Year Franchise of the Year Homegrown Franchise of the Year Best Sales Growth Award Best Brand Food & Beverage Cafe TOP TEAM 50 Enterprise Award Best Casual Dining Restaurant

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Innovation Failure Apple Newton

    Arguably ahead of its time, Apple debuted this PDA device in 1993. Computerworld says it flopped partially because of its high price ($700 or more), bulkiness and the inaccuracy of the handwriting recognition.

    The Newton faded away in 1998, but chartered the course for the Palm Pilot in the late 90's and the popular BlackBerry & iPhone today.

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Innovation Failure Pepsi AM and Crystal

    In the late 1980s, Pepsi came up with the brilliant plan to cater to the breakfast cola drinker, under the assumption that because Pepsi contained caffeine, it must be a natural substitute for coffee. Well, you know what they say about assumptions - but needless to say, Pepsi AM was not successful, and neither was Pepsi's later foray into clear cola, Crystal Pepsi. Apparently, when it comes to cola, the consumers know what they want -- they want it brown, and they want to drink it all day long.

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Innovation Failure Ben Gay Aspirin

    Ben-Gay cream is great for topically relieving aches and pains. But the idea of swallowing Ben-Gay? Not so appealing. That was the problem the company faced when they tried to launch an aspirin. Their first brand extension, Ultra-Strength Ben-Gay, was essentially the same product as the original and was very successful. The aspirin? Not so much.

  • Innovation Failure The Millenium Dome

    The concept behind the Millennium Dome wasn't bad. The beginning of another millennium is a pretty big deal, so why not celebrate it in a very expensive new building at the exact location where the millennium began? Only one problem -- no one was interested in going.

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Success or Failure?

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • INSPIRING CREATIVE AND INNOVATIVE MINDS

  • INSPIRING CREATIVE AND INNOVATIVE MINDS

  • INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Common Causes of Innovation Failure

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • How to Promote Innovation?

    All innovation begins with creative ideas . innovation as the successful implementation of creative ideas.

    Creativity by individuals and teams is a starting point for innovation

    Creativity is necessary but not sufficient condition for the innovation

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Creativity coming up with ideas displayed by individuals

    Innovation bringing the ideas to life occurs in the organisational and societal

    context.

    Innovation and Creativity

    INSPIRING CREATIVE AND INNOVATIVE MINDS

  • Creativity

    is the process of generating a novel or useful ideas

    Opportunity recognition may be, at least in part, a creative process

    For an individual, the creative process can be broken down into five stages, as shown on the next slide.

  • 5 Steps to Generating Creative Ideas