Wednesday, August 13, 2014

Sources of Innovation

Peter Drucker identified 7 sources of Innovation:
  • The Unexpected: innovations from unexpected sources by accident.
  • Incongruities: incongruities or conflicts between opposing functions, requirements or values may be the start of an innovation.
  • Process Needs: an old proverb says that “necessity is the mother of invention”.
  • Industry and Market Structure: industry markets and market structure may offer opportunities for new types of services.
  • Demographics: demographics have long been a major source of innovation creating opportunities
  • Changes in Perception: changes in perception can be a source of innovation
  • New Knowledge: Last but not least new knowledge has produced many opportunities for new products.

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