SEARCHING FOR INNOVATION OPPORTUNITIES PROJECT
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WK03_ENES663_DruckerandInnovationOpportunity.pptxHow Did Peter Drucker Define Innovation Opportunity?
Drucker’s View of Opportunity
Opportunity is the recognition of a convergence of forces whose combinations have not been previously recognized
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Drucker’s Classic Book
Published in 1985, his book addresses each of 7 sources of innovation opportunity
The book became a classic by identifying the connections between innovation, opportunity, and entrepreneurship
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Innovation & Entrepreneurship
Innovation is a specific function of entrepreneurship and must precede it
It is the means by which an entrepreneur either creates new value-added resources or endows existing resources with enhanced potential
In search of innovation opportunity, Drucker suggests the need for a systematic approach
A systematic approach begins with classifying sources of innovation by type
Drucker’s 7 Sources of Innovative Opportunity
The Unexpected
Incongruities
Process Needs
Changes in Industry Structure
Demographics
Changes in Perception
New Knowledge
Other Business Researchers Extend Drucker’s Views of Opportunity
Translation of ideas from one market to another
Analogy – emulating a related idea
Enabling changes to technological limits
Value chain opportunities
High-growth business areas
Converging technologies
Takeaways
Most innovations exploit the dynamic changes in the business environment
Systematic innovation means monitoring change and scanning for opportunity
Some opportunities lie within the organization itself, some exist beyond the walls of an organization, and others reside in the competitive marketplace
