Definitions Paper Oi/361

Only available on StudyMode
  • Download(s) : 395
  • Published : December 19, 2011
Open Document
Text Preview
Definitions Paper
Nicholas Lomas

Definitions Paper
Innovation- This term is short means the equal of creativity plus implementation (Stamm, 2003). Implementation is key to innovation, and without this you simply have creativity. There are four types of innovations referenced within the reading. Architectural innovation is the framework of a product and its marketing. Market niche innovation deals with new markets opening through the use of technology in order to strengthen already established designs. Regular innovations take what is already there and betters the process to enrich existing skills and resources. Finally there is Revolutionary innovation, this type of innovation flips the currents standard on its ear and completely changes the way we look at a process or product. The implications of innovation on business is what drives competition and success or failure. Understanding the current and future needs of the consumer can go along way into properly creating a successful business plan. An example of Market niche innovation would be with Apple introducing the Ipad. This was not a new idea, but Apple put a human spin on it and made the Ipad a household must have.

Creativity- The definition of creativity bases on Webster’s Dictionary is: Creativity is marked by the ability or power to create- to bring into existence, to invest with a new form, to produce through imaginative skill, to make or bring into existence something new (Webster, 2011). Creativity by itself means nothing without the resouces to make those ideas a reality. Creative people are needed with in any organization to streach current thinking and practices. Many times a creative thinker will encounter failure after failure, but if you are truly creative you accept that for what it is. The best example I can think of with Creativity is Bill Gates creation of Microsoft. Bill Gates failed a number of times trying to make it happen. He never gave up and continued with...
tracking img