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SHR247: Drucker's 7 Sources of Innovatioin

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Lala Tse

on 26 April 2013

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Transcript of SHR247: Drucker's 7 Sources of Innovatioin

Keith Mitsuuchi Robert Perlstein Lala Tse Yang Zhang Drucker's 7 Sources of Innovation 2.
Incongruities 3.
Process
Needs 5.
Demographic
Changes 6.
Changes in
Perception 1.
Unexpected
Occurrences "the easiest and simplest source" 7. New
Knowledge Common impression for innovation! Another Market Change:
Smartphone camera, Photo Apps Inspiration? Hard Work? V.S. What is Innovation? "It is the mean by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth,...purposeful, focused change in an enterprise's economic or social potential"

- Peter F. Drucker Most successful ones result from a conscious, purposeful search for innovation opportunities! A favorable set of circumstances that creates a need for a new product, service or business - events or developments that
produce successes or failures
that were not expected, often
because of limitations in our
own assumptions, vision,
knowledge or understanding. The Unexpected: - discrepancies between what is and what “ought” to be.
- Or between what is and what everyone else assumes to be,
- or between efforts and expectations, or in the logic of a process An Incongruity: Sony Walkman TPS-L2 Sony’s Co-Founder, Masaru Ibuka ought to be this - Introduced on July 1, 1979 in Japan

- (US:1980)

- 14 ounce blue and silver portable cassette player with headphones

- Ran on 2 AA batteries

- Had 2 headphone jacks but no outer speakers - Was a mining operation to mine corundum that was going to be sold to the East to make grinding wheels

- Instead the land they mined only held anorthosite which had no commercial value - Cut their losses and began researching and producing sandpapers

-Produced the first waterproof sandpaper which reduces dust in automobile manufacturing

- Further developed tape-related products due to unexpected observations - unmet needs or requirements within the process of a business, an industry, or a service.
- based on some task or job that is not currently being adequately performed or accomplished. Process Need: "Gift to the World" - the development of new information, insights, technological advances, or theories.
- often captures publicity and money
- possesses the longest lead time of all innovation (around 50 years)
- can be temperamental, capricious, and hard to direct New Knowledge: Genetically Modified Food - Foods derived from genetically modified organisms (GMOs) to form transgenic product
e.g. Soybean, Corn, canola BUT...
Purposes:
1. Faster growth
2. Resistance to virus
3. Production of extra nutrients
4. Survival in extreme weather 1. Safety issues
2. Access and Intellectual Property
3. Ethics
4. Labeling Final Insights: 1. Innovation is work rather than genius!

2. The 7 sources are not mutually exclusive. In fact, the successful ones often consist of 4-5 of the sources!

3. Always try to keep your innovation simple, specific and clear!

4. Effective innovations start small. Traditional Process: Personal computers were mass produced according to predetermined specifications Allow end consumers to participate in the development process. Dell Personal Computers Weakness: Different consumers have different specification need -Hardware specifications
-Software specifications
-Aesthetic specifications - substantive changes in regulation, competitive entrants, power in distribution channels, technology, or market requirements that lead to industry or market restructuring

- customer demands and preferences change Changes in Market or Industry Structure: Kodak was among the market leaders Traditional Market: Film Digital Technology emerged Market Change: Memory Card, Digital Cameras - Film usage decreased
- Digital camera demand increased Smartphone + 3G emerged. 4. Industry
and Market
Changes - Now,digital camera is experiencing demand shifts
- Application developers create apps for photos i.e. Instagram Demographic Changes: Emerging developments in the size, age, structure, composition, employment, income or educational status of the population. Size of world's population keep increasing traffic congestion problem Founder of Segway PTs - to resolve the potential problems like traffic congestion, pollution and frustration due to the growing population size. Most reliable source with known lead time Changes in Perception: - mood or meaning: regardless of realities, general changes in outlook, perception or interpretation of the facts, which in turn influences needs, wants and expectations of people.

- fact does get altered but the meaning Half empty?
Half Full? Traditional perception of Glass New Perception of Glass New perception of trying on clothes:
Undress-free!
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