Write down the functional sources of Innovation Discuss each one of them in brief.
Answers
The Unexpected
The market place is the number one area to look for opportunities. A good manager should be constantly studying the market. Is a particular product or service in greater or lesser demand than anticipated? Why? Is there a way we can exploit this unexpected success? What has to happen if we want to convert this success into an opportunity?
The Incongruity
There is a discrepancy between what is and what should be. This is a key to developing wildly successful businesses but it’s tricky. Facebook is a company that nailed it. Prior to the social network’s prolific rise Myspace was the dominant player, but it had its downfalls.
Process Need
Process need involves identifying your company’s process weak spots and correcting or redesigning them. This is a task oriented solution meaning that the source of innovation comes from within your existing capabilities and ways of doing business – not the market.