INNOVATION

Innovation builds creativity when something new, tangible and value creating is developed from the ideas, innovation can be focused on the theme of being better-incremental improvements-as well as the theme of being radically different. The former will often form the world of the entrepreneur, who us attempting to make his or her organization d stronger than his rivals .The later is often ,but certainly not always, reserved for the true entrepreneur, who is more concerned with doing something genuinely new and different rather than improving on ideas that have gone before.

Innovation is about seeing the creative new idea through to completion, to final application but, of course, this will not necessarily be a business. It is the entrepreneur who builds a business around the idea and innovation. Both can e difficult roads and require courage and perseverance as well as creativity and imagination. These are attributes that the entrepreneur brings and his or her role in innovation is crucial.

There are the basic approaches with innovation, which are not mutually exclusive, and we have seen illustrated in the stories in part two. First, it is possible to have a problem and to be seeking solution, or at least a resolution.

Edwin Land invented Polaroid camera because his young daughter could not understand why she had to wait for the pictures to be printed when he took her photograph. Second, we might have an idea in effect a solution and be searching for a problem to which it can be applied 3Ms. Post- it notes happened when a 3m employee created a glue with only loose sticking properties, and a college applied it to a need he had for making page in a manuscript. Third, we might identify a need and design something that fits.

James Dyson’s dual cyclone cleaner came about because of his frustration with his existing machine, which was providing inadequate for cleaning up the dirt and dust he generated when he converted an old property. Generating opportunities form ideas requires us to attribute meaning to the ideas. Ideas from in our minds and at this stage they mean something to us, personally. Typically, they became a real opportunity when we expose the ideas and share them with other people, who may well have different perceptions, attribute different meanings and see something we miss initially. This process of exploration is fundamental for determining where the opportunities for building new values are. In other words, innovation comes from the way we use our ideas.

Crucially the person with the initial idea may not be the person who realizes where the real opportunity lies. An inventor is not always an opportunity spotter and often not a natural project champion. Picasso claimed that great people steal ideas and create opportunities where others cannot see the potential. Creativity is the talent of the inventor and innovation is the talent of the project champion who turns ideas into reality. Entrepreneurs do both these things but they do more. They do not just complete the successful application of an idea; they build something of value in the process.

The Sony walkman provides an excellent illustration of what happens. The idea came to Sony co- founder Akio Morita when he was questioning why he was finding it difficult to listen to music when he was in public places or walking round a golf course. The idea became an innovative new product and a valuable opportunity when Morita shared his idea with other colleagues in Sony, and existing technologies and competencies were used to develop the compact personal radio with adequate playing time from its batteries and individual headphones.

The project was championed, resourced and implemented. Personal cassette and CD players have systematically joined the original radio. It was simply a great idea that rejuvenated Sony at the time it was conceived; and it has brought value and affected the lives of millions of people around the world. This endeavors to pull the stand together. Creativity (the idea) is the starting point whether it is associated with invention or opportunity spotting. This creativity is turned to a practical reality (a product, for example) through innovation. Entrepreneurship then sets that innovation in the context of an enterprise (the actual business), which is something of recognized value.

To be exploited fully and effectively, creativity and innovation need to be supported by certain talents and aspects of temperament. We also need a base of knowledge, which we use to help generate and develop our new ideas. In part of this is developed through our experiences but it also needs to be supplemented further by certain key skills. In very simple terms, talent and temperament combined with knowledge helps us find out and discover new possibilities. Key skills can enhance the discovery process, whilst other skills help us design and craft new opportunities from the ideas.