ENTREPRENEURSHIP

Detailed explanation-1: -Sources of Innovation Four such areas of opportunity exist within an organziation or industry: unexpected successes and failures, incongruities, process needs, and industry and market changes.

Detailed explanation-2: -Lego has been changing the materials of its famous bricks to biodegradable oil-based plastics. The first electric vehicles introduced in the car’s market were also an innovation, and new batteries with longer ranges that keep coming out are also an example of innovation.

Detailed explanation-3: -The elements, or success factors, to innovate effectively are structured in seven key areas: context, leadership, planning, support, operations, evaluation, and improvement.

Detailed explanation-4: -The Unexpected. This is indeed the Eureka moment where something unexpected happens that leads to a new product or service. Incongruities. Process Needs. Industry and Market Structure. Demographics. Changes in Perception. New Knowledge. 04-Mar-2015