Creativity and Innovation

         Today in class we started chapter 5 and we spoke about what creativity meant:-it can be defined as the generation of ideas that results in the improved efficiency and effeccttiveness system while innovation was said to be the process of turning opportunities into marketable ideas. The major diference between this two is that creativity is thinking or designing an idea while innovation is putting it into action.
             Some of the sources of Innovative ideas are trends,procesneeds,incongruities,knowledgable-based concepts and so much more. I would like to give brief examples of some of the sources:

• Trends e.g. societal trends-health and fitness growth,technology trends internet advance,economic trends-performance pressures and government trends-terrorism
• Process needs e.g. creation of new medical devices
• Unexpected occurences- These are unplanned events that come up unknowingly e.g. Dana air crash,retrenchment of bank workers.
• Incongruities- When there is a gap or difference between expectations and reality e.g. Fred smith created FedEx.

                                                      TYPES OF INNOVATION

• Invention- This is all about creating and innovating something new. For example the wright brothers were the first to create an airplane.

• Extension: This all about making a new use of an already existing product,service or process . For example Ray kroc the inventor of McDonalds.
• Duplication: Creating the exac thing someone has created.
• Synthesis: Combining of existing concepts and facts into a new formulation or use. For example Fred smith the owner of FedEx.

Co-operate Entrepreneurship

          Entrepreneurship an be defined as the dynamic process of vision, change and creation which requires themapplication of energy and passion for implementing ideas and creative solution. Co-operate Entrepreneurship can be defined as the process of profitability or creating innovation within an organisational setting.
         An Intrapreneur is one who gets the idea for his/her company and his backed up with encouragement and financial support. Example of an intrapreneur is KEN KUTARAGI of the company of sony computer Entretainement Inc.
Some of the reasons for Co-operate entrpreneurship are:-

1. Many competitors, sophisticated, more money invested.
2. A sense of distrust in the traditional methods of co-operate management.
3. An overall desire to improve efficiency and productivity.