Creativity , Innovation & the Business Opportunity
Trends
Social trend
Health trend
Economic trend
The impact of credit crunch, bank failures and others has force the consumers to be much more careful in their spending
The social trend is evident throughout the world with more networking events and opportunities.
Health maintenance and concerns about health care provisions together are one of the biggest trends today that will continue in the next decade as the world population ages.
Sources of Ideas
Existing products and services
Formally monitor and evaluate competitive products and services on the market. Entrepreneur should try to innovate the monitored product
Distribution channels
Get suggestion from them because they are closer to markets
Consumers
Entrepreneurs should:
Formally or informally monitor potential ideas
Ensure that the idea represents a large enough market to support a new venture
Federal government
Taking cue from pending patents
Ideas evolve in response to government regulations
Research and development
Own company conduct research to identify new potential products
Methods of Generating New Ideas
Brain writing
Form of written brainstorming
Problem inventory analysis
Group of people sit together like focus group and required to solve a problem given by the moderator through suggesting ideas to create a new product
Creative Problem Solving
Brainstorming
Group of people sit together and start to discuss about the stated problem within a limited time.
Reverse brainstorming
Identify the problems that may arise and find ways on how to avoid those from happening
Gordon method
Developing new ideas when the individuals are unaware of the problem
Moderator encourages people to discuss without revealing the actual problem.
Parameter analysis
Understand the needs of market. Then, identify the variables that can be used which can be considered as important to the market and able to solve market’s problem.
Innovation
Breakthrough
Extremely unique innovations that establish the platform on which future innovations can be developed
Should be protected by patents, trademarks, and copyrights
Ordinary
Modification of current products
Result of market analysis and pull and not technological push
Technological
Advancements in the product/market area
Needs to be protected