Individ Assignmnt MGT 445

Individ Assignmnt MGT 445 - Adam Newman MGT 445 Professor...

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Adam Newman MGT 445 Professor Miller August 30, 2011 1. The first and possibly most important lens of innovation is "challenging orthodoxies". In this lens, the entrepreneur must analyze an industry or company and search for specific trends or expectations that people have come to assume is an industry standard. After realizing an understanding what this orthodoxy is, it is essential to consider alternative methods of providing a similar product or service but in a way that completely radicalizes what people have come to expect from that product or service. There are multiple ways to challenge these traits; either by changing how the service or product is provided or by combining the product with a service or product that is generally not associated. Orthodoxies are not necessarily difficult to challenge, but it is the willingness to believe that success can be achieved through alternative ways other than the most widely used method that truly makes this lens innovative. An example of challenging orthodoxies is the record label Quote Unquote Records. This record company was one of the first companies to challenge the notion that listeners must be required to pay to acquire a bands newly released album. Instead, Quote Unquote Records released their band’s music for free and gave people the option to donate an amount they felt was fair. This technique not only increased revenue but also vastly increased the size of the band's fan base. The second lens of innovation is "harnessing discontinuities". This lens is similar to the first in the way that they both require an entrepreneur to evaluate unique trends and patterns. The difference is that in this lens the key is in focusing on a variety of trends and analyzing them with the goal of
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This note was uploaded on 01/07/2012 for the course MGT 445 taught by Professor Miller during the Fall '11 term at ASU.

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Individ Assignmnt MGT 445 - Adam Newman MGT 445 Professor...

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