BUS131D_Lecture3_Handout.ppt

BUS131D_Lecture3_Handout.ppt - The Role of Creativity and...

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The Role of Creativity and Innovation in New Ventures Dr. Michael Merz College of Business San Jose State University
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2 Dr. Michael Merz College of Business, San Jose State University Today’s Agenda Creativity, Innovation, Entrepreneurship Types of Innovation and Invention Importance of Creativity Creativity Blocks Understanding Creative Thinking (left brain vs. right brain) Barriers to Creativity Components of Creativity Managing Creativity The Creative Process
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3 Dr. Michael Merz College of Business, San Jose State University Creativity – the ability to develop new ideas and to discover new ways of looking at problems and opportunities; thinking new things. Innovation – the ability to apply creative solutions to problems or opportunities to enhance or to enrich people’s lives; doing new things. Entrepreneurship – the result of a disciplined, systematic process of applying creativity and innovation to the needs and opportunities in the marketplace. Creativity, Innovation, and Entrepreneurship
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4 Dr. Michael Merz College of Business, San Jose State University Failure is Part of the Creative Process For every 3,000 new product ideas: Four make it to the development stage. Two are actually launched. One becomes a success in the market. On average, new products account for 40 percent of companies’ sales!! Creativity is an important source for building a competitive advantage.
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5 Dr. Michael Merz College of Business, San Jose State University Creativity and Innovation are Integral Parts of Entrepreneurship Creativity can benefit every function of a new venture. Creativity and innovation have become a core business skill and lie at the heart of new ventures’ ability to compete successfully with their larger rivals. A recent study by the SBA found that new ventures produce more economically and technically important innovations than larger firms. (CHI Research, U.S. Small Business Administration (SBA) Office of Advocacy, No. 225, February 2003)
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6 Dr. Michael Merz College of Business, San Jose State University Types of Innovation Invention – totally new product, service, process, marketing, organization, or business model Extension – new use or different application of an already existing product, service, or process Duplication – creative replication of an existing concept Synthesis – combination of existing concepts and factors into a new formulation or use
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7 Dr. Michael Merz College of Business, San Jose State University 5 Types of Invention 1. Product invention Involves the introduction of a new good or service that is substantially improved. 2. Process invention
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This note was uploaded on 09/08/2010 for the course BUS 131D at San Jose State.

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BUS131D_Lecture3_Handout.ppt - The Role of Creativity and...

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