Creativity in Economic Innovation
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Report in our class in Development and Management of Innovative Programs under Dr. Rossana Gonzales at Pangasinan State University 2nd Semester AY 2020-2021
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Creativity in Economic Innovation
- 1. Creativity in Economic Innovation PEDIMOR D. CABANSAG Discussant 1
- 2. Topic Objectives 1.Connect the concept of creativity, innovation and entrepreneurship. 2.Identify the innovative process in the area of economics. 3.Classify the different types of innovation in the area of economics. 2
- 3. 3 Innovation is the process of creating new technologies and using them in the economy. Investment in research and development was usually either done by the government or by private companies.
- 4. Types of innovations in Economics Invention Creation of new product Extension Expansion of an existing product Duplication Improving and copying of an existing product. Synthesis A combination of more than one existing product or services into a new product. 4
- 5. Innovation Process in Economics 1. Analytical planning - Carefully identifying the product or service features, design as well as the resources that will be needed. 2. Resource - Obtaining the required resources, materials and products, technology and human capital. 3. Implementation Applying the resources in order to accomplish the plans 4. Commercial Application The provision of value to customers, reward employees and satisfy stakeholders. 5
- 6. Connections of Creativity, Innovation, Entrepreneurship and Economics 6 Creativity Innovation Entrepreneurship Economic Development Thinking new things Doing new things Creating value in the marketplace creation of wealth from which community benefits are realized.
- 7. 1. Innovation is at the heart of any growing economy, especially in those where standard practices and existing business models have become obsolete. 2.Innovation requires creativity, but innovation is more specifically the application of creativity. 3.Innovation is the ability to apply creative solutions to problems and opportunities to enhance or enrich people's lives.
- 8. References: 1. https://www.ecnmy.org/learn/your-future/technology- innovation/what-is-innovation/ 2. https://www.wired.com/insights/2015/01/innovation- vs-invention/ 3. https://www.atlantis-press.com/article/125944672.pdf 4. online.lsus.edu/articles/business/creativity-innovation- in-entrepreneurship.aspx 8
- 9. 9 ROSSANA GONZALES, Ph. D. Professor PEDIMOR D. CABANSAG PhDDS 317: Development and Management of Innovative Programs PhD in Developmental Studies 2nd Semester AY 2020-2021
- 10. 10
Editor's Notes
- With the use of this ne technologies, strategies, innovation can lead to higher productivity, meaning that the same input generates a greater output. As productivity rises, more goods and services are produced – in other words, the economy grows
- Consider the microprocessor. Someone invented the microprocessor. But by itself, the microprocessor was nothing more than another piece on the circuit board. It’s what was done with that piece — the hundreds of thousands of products, processes and services that evolved from the invention of the microprocessor — that required innovation. Line extension refers to the expansion of an existing product line. For instance, a soft drink manufacturer might introduce a "Diet" or "Cherry" variety to its cola line, while a toy manufacturer might introduce new characters or accessories in its line of action figures. In short, line extension adds variety to its existing product for the sake of reaching a more diverse customer base and enticing existing customers with new options. allows you to make copies of your offer quickly and inexpensively, making it more widely available in a cost-effective way. Instead of “re-inventing the wheel” over and over again, duplication allows you to design the wheel once, then make as many of them as you wish.
- Innovation is at the heart of any growing economy, Imagination is essential to starting a business, whether coming up with exciting new products and services or using modern forms of target-market analysis and engagement. However, this should not solely be the role of the singular entrepreneur, small business owner or any specific employee. The most productive businesses are those that embrace creativity and inspire innovation. entrepreneurship has become associated with creativity, the ability to develop something original, particularly an idea or a representation of an idea. Innovation requires creativity, but innovation is more specifically the application of creativity. Innovation is the manifestation of creativity into a usable product or service. In the entrepreneurial context, innovation is any new idea, process, or product, or a change to an existing product or process that adds value to that existing product or service.