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