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Reading Note - Sources of Innovation

In: Business and Management

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READING NOTES: The Discipline of Innovation

In this article, Peter F. Drucker provides us a complete framework of the “Innovation”. Systematic innovation is both work and inspiration: it is at the heart of entrepreneurship. According to him, there are three requirements that must be met in order to succeed in innovation: KNOWLEDGE (study potential customers’ needs and expectations), INGENUITY (think about something simple and useful. “Faster, Better, Cheaper” summarize it well) and FOCUS (start with a small idea and make it growth to arrive to an effective innovation). Innovation is also a change in the behavior of people in general or a change in process (how people work or act).
The main question is how to innovate. Peter F. Drucker writes that companies have to look for OPPORTUNITIES. He identifies seven ways to innovate, called “the seven sources of innovation”. He divides theses sources in 2 groups: the first four sources lie within the company and the last three depends on the environment of the company (external factors).
Unexpected occurrences Successes or failures
Incongruities Differences between what it is and what people wants
Process needs New product/service is an answer to a need
Industry/market changes Offer possibilities to launch a new product/service
Demographic changes Statistics about population move quickly
Changes in perception Meaning and mood change from a generation to an other
New knowledge Scientist, nonscientist, tools and methods

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How is it useful for Google?

This article could be used as an “inventory/framework” by Google in order to collect the important opportunities for innovation that are regularly overlooked by looking the company trough the seven sources. For example, it would be…...

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