My Experiences in BUS 358: Innovation, Design, and Prototyping

 Essay 1

The Discipline of Innovation

Peter Drucker

  • What all successful entrepreneurs I have met have in common is not a certain kind of personality but a commitment to the systematic practice of innovation.
  • Innovation is the means by which you create wealth-producing resources or enhance potential for wealth.
  • Innovation: the effort to create purposeful, focused change in an enterprise’s economic or social potential.
  • FOUR Sources of Innovation within a company: Unexpected occurrences, incongruities, process needs, industry and market changes
    • Unexpected Occurrences
      • Unexpected successes and failures are productive sources of innovation opportunities because businesses dismiss, disregard, and resent them.
    • Incongruities
      • An incongruity in the logic or rhythm of a process is a possibility for innovation.
      • Incongruities between expectations and results are also possibilities
    • Process Needs
      • Something that is needed to improve the process in question
    • Industry/Market Changes
      • When an industry grows quickly – the critical figure is in the neighborhood of 40% growth in > 10 years, the structure changes too. This leaves room for innovation to occur.
  • THREE sources of innovation outside a company: demographic change, changes in perception, new knowledge
    • Demographic Changes
      • Watch them and you may exploit great gains (japan and robots 10 yr lead)
    • Changes in Perception
      • Change a manager’s perception from half full to half empty and innovation will happen
      • A change in perception does not alter facts, but merely changes their meaning
    • New Knowledge
      • Knowledge-based innovations differ in time, casualty rates, predictability, and challenge. Knowledge-based innovations can be managed through careful analysis of needs and capabilities.
      • Long lead times and need for convergence of diff kinds of knowledge explain peculiar rhythm of knowledge-based innovations, their attractions and dangers.
  • Principles of Innovation
    • Both conceptual and perpetual, you must go out, look, ask, and listen
    • innovation must be simple, focused, and do only one thing (not confusing/complex)
    • Results may be modest, but from the beginning innovation seeks to become the standard-setter (determine the direction/technology/etc. to be ahead of the pack)
    • Innovations must aim at leadership from the beginning to be innovative enough
    • Innovation is work, not genius. You need knowledge, ingenuity, and focus.
    • Talent, ingenuity, and knowledge. Hard, focused, purposeful work.
    • Need diligence, persistence, and commitment otherwise the rest is to no avail.
    • “THE VERY FOUNDATION OF ENTREPRENEURSHIP IS THE PRACTICE OF SYSTEMATIC INNOVATION. “
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My Experiences in BUS 358: Innovation, Design, and Prototyping

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