By D. Richards
Offers a psychology established version that includes seven key determinants of good fortune or failure for innovation and entrepreneurial endeavours. offers particular suggestions, examples and case stories that exhibit how person and workforce psychology needs to be engaged successfully to create entrepreneurial cultures able to robust innovation.
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Additional resources for The Seven Sins of Innovation: A Strategic Model for Entrepreneurship
It can also be short or long term, distributed in complex ways among a wide range of stakeholders, and even experienced differently from one instance to the next, with perceptions colored by things such as service delivery. An innovation might triple a customer’s value experience, while the company has decided to only double the price relative to alternatives. The company’s price and earnings increase may enable it to pay employees more, or pay investors dividends, or pay a fat bonus to key executives.
What is successful innovation? Commercialization Consider the following authors and sources, deﬁning innovation in terms of creating value, wealth, and commercial success: “Innovation is the speciﬁc instrument of entrepreneurship. It is the act that endows resources with a new capacity to create wealth” (Drucker, 1985). “The starting point for innovation is the generation of creative ideas. Innovation is the process of taking those ideas to market or to usefulness” (Ijuri and Kuhn, 1988). “Innovation = Invention + Exploitation” (Roberts, 1987).
Incremental versus breakthrough innovation refer to the intentions and approach of would-be innovators and the results, and may apply to any other type of innovation, including the core three. Therefore, these terms do not refer to types of innovation, as such. Sustaining versus disruptive innovation Sustaining innovations refer to improvements within existing value delivery models, markets or industries, whereas disruptive innovations refer to the creation of entirely new value delivery models, markets, or industries (see Christensen and Raynor, 2003).