INNOVATION AND

ENTREPRENEURSHIP
TOPIC 6
INNOVATION
• Innovation is the specific tool of entrepreneurs, the means
by which they exploit change as an opportunity for a
different business or a different service. It is capable of
being presented as a discipline, capable of being learned,
capable of being practiced.

• Entrepreneurs need to search purposefully for the sources

of innovation, the changes and their symptoms that
indicate opportunities for successful innovation. And they
need to know and to apply the principles of successful
innovation (Drucker, 1985, p. 19).
 Individual
Competencies

COMPETENCIES Collective
AND CORE Competencies
COMPETENCE

Core Comptencies
 THE FOUR KEY ELEMENTS OF
INNOVATION

COLLABORATION IDEATION IMPLEMENTATION VALUE CREATION

OTHER ELEMENTS
OF INNOVATION
 Incremental
Innovations

Innovation Evolutionary
Degrees Innovations

Revolutionary
Innovations
 Products

Customer Experiences

Solutions

Innovation Systems

Types Processes

Business

Managerial Models
 Forward Innovation
Innovation
Direction Reverse Innovation
DESIGN
THINKING
 Empathise Define
FIVE
STAGES
IN DESIGN Ideate Prototype
THINKING
PROCESS
Test
THINKING LIKE A
TRAVELER
Tom Kelley, CEO at IDEO
“BECAUSE IF YOU CAN DO THAT, IF YOU CAN
HAVE A HIGHER STATE OF AWARENESS
THAT PEOPLE AROUND YOU HAVE, YOU WILL
SPOT MORE OPPORTUNITIES AND THOSE
OPPORTUNITIES WILL HAVE VALUE FOR
YOU.”
Tom Kelley, CEO at IDEO
 Habit

THINKINKG
LIKE A Observe

TRAVELER
Have Fun
“YOU CAN OBSERVE A LOT
BY WATCHING.”
- Yogi Berra
 The Eight Essentials of
Innovation

Aspire Choose Discover Evolve

Accelerate Scale Extend Mobilize

 “INNOVATION IS THE ABILITY
TO SEE CHANGE AS AN
OPPORTUNITY, NOT A
THREAT.”
- Steve Jobs
REFERENCES
• https://openpress.usask.ca/entrepreneurshipandinnovationt
oolkit/chapter/chapter-9-innovation-and-entrepreneurship/
• https://agribusiness.purdue.edu/essentials-for-innovation-
success/
• https://www.stlouisfed.org/publications/bridges/summer-
2009/the-four-key-elements-of-innovation-collaboration-
ideation-implementation-and-value-creation
• https://www.interaction-design.org/literature/article/5-
stages-in-the-design-thinking-process