Entrepreneurship

Innovation

Creating new or significant improvements to current reality.
Flexible Schedule
Invest 20 minutes a day
0 Credentials
Accredited by ICAgile
28 Cohorts
4 Active this week
  • something
  • Creativity
  • Disruptive Innovation
  • Experimentation
  • Lean Startup
  • Lifecycles and Phases
  • Value Creation Models
Innovation uses creativity in the act of turning new and imaginative ideas into reality. Innovation & Creativity is characterized by the ability to perceive the world in new ways, to find hidden patterns, to make connections between seemingly unrelated phenomena, and to generate solutions. It involves two processes: thinking, then producing.

Domains in this track

Creativity

Creativity is the element of innovation that deals with the production of novel and useful ideas. Where innovation will continue to the implementation of the creative ideas, creativity focuses entirely on the creation of something original and worthwhile, regardless of its implementation or if its is made available for use by other parties, firms, individuals or organizations.

Disruptive Innovation

Disruptive innovations tend to be produced by outsiders and entrepreneurs in startups, rather than existing market-leading companies. The business environment of market leaders does not allow them to pursue disruptive innovations when they first arise, because they are not profitable enough at first and because their development can take scarce resources away from sustaining innovations (which are needed to compete against current competition). Small teams are more likely to create disruptive innovations than large teams. A disruptive process can take longer to develop than by the conventional approach and the risk associated to it is higher than the other more incremental or evolutionary forms of innovations, but once it is deployed in the market, it achieves a much faster penetration and higher degree of impact on the established markets.

Experimentation

The lean-agile model reinvents the concept of planning. It shifts the focus of planning from predicting to the measurement of actual effects. The mentality is to "plan your tests and test your plans", where the plan does not enumerate the precise tactics to follow as no one knows in advance which ones will be successful. Instead, best guesses guide multiple small tests and efforts are adjusted after discovering what works (and what doesn't work).

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Lean Startup

Lean startup is a methodology for developing businesses and products that aims to shorten product development cycles and rapidly discover if a proposed business model is viable; this is achieved by adopting a combination of business-hypothesis-driven experimentation, iterative product releases, and validated learning. Central to the lean startup methodology is the assumption that when startup companies invest their time into iteratively building products or services to meet the needs of early customers, the company can reduce market risks and sidestep the need for large amounts of initial project funding and expensive product launches and failures.

Related Resources

Lifecycles and Phases

Organizations experience a sequence of advancements that are common to all enterprises. Though the exact steps or phases a business goes through is subject of debate, they all include conception, periods of expansion and eventually, termination. All organizations adhere to a certain path of uniformity in their course of expansion.

Value Creation Models

Applying the Business Model Canvas

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