7 Sources of Innovation Opportunity

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At the end of a previous discussion we had about the economy, we identified the need for a chief executive in government who can do more than talk, but rather lead by example for the innovation required to succeed in the knowledge economy.

In this discussion, we’re going to focus on where to look for opportunities to apply such a process for systematic innovation, by reviewing the seven sources of innovation opportunity.

Internal Sources for Innovation Opportunity –

  • Unexpected – success, failure, or outside event.
  • Incongruity – reality as is vs. reality as it is “ought to be.”
  • Process need – necessity is the mother of invention.
  • Changes in industry or market structure – catches everyone off-guard.

External Sources for Innovation Opportunity –

  • Demographics – population changes.
  • Changes in perception, mood, and meaning.
  • New knowledge – scientific and nonscientific.

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References

Peter Drucker, Innovation and Entrepreneurship (New York: Harper, 2006).

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3 thoughts on “7 Sources of Innovation Opportunity

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