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Innovation for Entrepreneurship

Dinah Bennett. Innovation for Entrepreneurship. Durham City. The Black Cab – Why is it like it is?. The Keyboard – Why is it like it is?. What’s the connection?. From a horse’s rear to the Space Shuttle. What is innovation? . Here are some quotes by Albert Einstein

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Innovation for Entrepreneurship

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  1. Dinah Bennett Innovation for Entrepreneurship

  2. Durham City

  3. The Black Cab – Why is it like it is?

  4. The Keyboard – Why is it like it is?

  5. What’s the connection?

  6. From a horse’s rear to the Space Shuttle

  7. What is innovation? Here are some quotes by Albert Einstein – which ones relate to innovation?

  8. We must think differently!

  9. What is innovation? • Innovation means harnessing an invention (process, product or service) and taking it to a broader audience • It is not the type of innovation that is important, but it’s impact

  10. Innovation • Innovation refers to new strategies, concepts, ideas and organisations that meet needs of all kinds • It can be used to refer to social processes of innovation, such as open source methods and techniques • Alternatively it refers to innovations which have a social purpose like micro credit or distance learning

  11. Why is it important for entrepreneurs

  12. An entrepreneur… • In the private sector… ‘is a person who habitually creates and innovates to build something of recognised value around perceived opportunities’ Bolton and Thompson • In the public sector… ‘operates in a time of dramatic change, sees opportunity and mobilises others in the community to work towards their collective wellbeing’ Henton • In the social sector… ‘identifies under-utilised resources; people, buildings, equipment – and finds ways of putting them to use to satisfy unmet social need. Leadbeater

  13. Advantages for entrepreneurial individuals • Individuals and creative organisations are buzzing with ideas and imagination Whereas • Traditional institutions that have power and money but are usually not so good at implementing creative thinking

  14. Organisations • order • formal • accountability • demarcation • planning • strategy • control • standards • transparency • position • performance appraisal • untidy • informal • trust • overlap • intuition • awareness • autonomy • personal observation • ambiguity • ownership • consumer/network exposure

  15. Characteristics commonly associated with innovators • opportunity seeking and grasping • taking the initiative to make things happen • solving problems creatively • managing autonomously • taking responsibility for, and ownership of, things • seeing things through • networking effectively • putting things together creatively • using judgement to take calculated risks

  16. The importance of failure and learning from mistake-making

  17. Change is required • In society • In education • In the workplace • In our culture

  18. Education…..Innovation – is it important for success? • Flipping in schools – simple and effective • Normal order: lecture followed by homework. Flipped: • lectures seen by video on the internet before class at home • followed by practical exercises and ‘homework’ in the class room with a teacher and other classmates to help

  19. Embedding innovation in education • Broadening the student experience - beyond new ventures to entrepreneurial behaviours • Entrepreneurial capacities to deal with uncertainty and complexity • Learning to design organisations for future competitiveness – New Industries New Jobs • Stretching the classroom - company projects, placements, collaborative working on new ventures

  20. Moving beyond employability We need... • Self-starters • Creative thinkers • People who can work in teams • Critical thinkers who are prepared for the business challenges of the future and not those of the past • People who take ownership of problems, and don’t wait for the hierarchy to solve it for them

  21. The benefits of DIVERSITY in Sustainable Economic Development

  22. Innovation needed to change…. the lending landscape

  23. Diversity • Research has established that diverse groups of people tend to outperform homogeneous groups if both groups’ members have equal abilities • Research shows that under the right conditions, a group of intelligent problem-solvers chosen completely at random will likely outperform a homogeneous group of even the best problem-solvers

  24. Why Women? • Economic disparities occur even when women are better educated than men • Powerful evidence proves that having more women in top roles improves financial performance • There is a statistical correlation between gender equality and economic development

  25. Learning to be innovative Resources Needs Thinking Employment Problems Formal Visiting New Places Skills Informal Ideas Media Looking Hobbies Locally social Listening Networks Visitors Media work family Family & Friends

  26. What do we need? An Entrepreneurial response • Action • Innovation • Creative thinking • Embrace change • Calculated risks • Self confidence • Good stakeholder relationship management • An ability to thrive in uncertainty

  27. So here’s your homework for tonight. Ask yourself: Practical

  28. Thank you for listening! www.consult-ice.com

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