DEFINE CREATIVITY, INVENTION AND INNOCATION

 Creative: Involving creation or invention; showing imagination and originality (Oxford

Dictionary)

 Inventive: Making or Designing something new (Oxford Dictionary)

 Innovative: Introducing something new, different or better (Oxford Dictionary), A more

commercial word.

 Creativity is the engine of invention and innovation

 The essence of creativity is a new idea or combining two or more ideas to arrive at an entirely
new one

 Creative ideas must add value

 Creativity refers to mental process that leads to solutions, ideas, conceptualization, artistic
forms, theories or products that are unique and novel.

 Creativity is any process by which something new is produced- an idea or an object, including
new form or arrangement of old elements.

Torrance’s Definition

 Creativity is a process of sensing difficulties, problems, gaps in information, missing elements,

something askew ; evaluating and testing these guesses and hypotheses; possibly revising and
retesting them; and finally communicating the results.

CREATIVITY & INNOVATION

Discussions about creativity & innovation are often made difficult because people are unclear about the
exact meanings of some key terms. In particular there is confusion about the difference between
creativity, innovation and invention. Let us start with some definitions:

• Creativity is the capability or act of conceiving something original or unusual.

• Innovation is the implementation of something new which also can be different and better and
it’s market focused.

• Invention is the creation of something that has never been made before and is recognized as
the product of some unique insight.
Q2) WHAT ARE THE SOURCES OF NEW IDEAS

Sources of New Ideas

• Consumers

• Existing Products and Service

• Distribution channels

• Govt. – Patents, Import List, Licensing

• Research & Development

Q3) WHAT IS INNOVATIVE STRATEGY IN BUSINESS