Abstract
Creativity, innovation, and entrepreneurship can bring groundbreaking new developments for humanity. The futuristic options for such developments are aplenty, if technology management education can be oriented more realistically and innovatively. Mr. Elon Musk himself is the source of ideation, design, creativity, innovation, and entrepreneurship. There are hundreds of such innovative entrepreneurs in the world whose success stories can provide sufficient insights into gathering the knowledge and information relating to innovation, creativity, and entrepreneurship. In this context, a discussion of the terms creativity, innovation, and entrepreneurship is well felicitous.
TopInnovation
Joseph Schumpeter (1934) Schumpeter calls innovative process as “creative destructions.”
According to Schumpeter, innovation is the key force behind creating new demand. Entrepreneurs bring these innovations to the market front. This bringing of innovation destroys the existing markets and creates new markets. However, it is a cyclical process where in turn this will be destroyed by even newer products or services. The National Innovation Initiative (NII) defines innovation as “the inter-section of invention and insight, leading to the creation of social and economic value”.
Key Terms in this Chapter
Four Factor Theories: In leadership, all leaders should be in tune with four key factors of leadership viz. the led, the leader, the situation, and the communication.
Brain Storming: A technique for problem-solving with the help of a group where spontaneous contributions of ideas from all members of a group emerge after discussion of the problem in the group.
Screening: It is an act of carrying out the examination of people or things in order to decide if they are suitable for a particular task.
Componential Theory: In creativity, it is a comprehensive model of the social and psychological components necessary for an individual to produce creative work where the ideas or outcomes are new and appropriate to the goal.
Design: It is a concept at the mental level converted to create an object which is virtual or real.
Ambidexterity: Refers to a balance between explorations and exploitation in the organizations where the organization will be capable of exploiting their existing competencies while exploring new opportunities.
Disruption: It refers to a process in which non-conventional models challenge the existing paradigms and eventually replace the dominant models.
Generalization: It is an abstraction having common properties of specific instances which are formulated as general concepts.
Intrapreneurship: It is the act of carrying out the role of an entrepreneur while still working within a large organization.
Ideation: It refers to the creative process of generating, developing, and communicating new ideas, where an idea can be understood as a basic element of thought that can be either visual, concrete, or abstract. Ideation comprises all stages of a thought cycle, from innovation, to development, to actualization.