Creativity, Innovation and Entrepreneurship

Assignment 2 addresses three tasks. The first task will provide you with the opportunity to examine the concepts of creativity, innovation and entrepreneurship. The second task requires of you to start thinking about an idea for a venture that you will plan for in Assignment 3 and to team-up with some suitable class-mates who will be your critical evaluators for the purpose of Assignment 3. You are to summarise this idea and demonstrate that you have considered specific aspects to evaluate the initial viability of the idea. The third task requires of you to explore the notion of disruption within the innovation context and to stretch you to think creatively about a particular sector. Task 1 (500 words) 1) Critically discuss the concepts of creativity, innovation and entrepreneurship and their connection to each other. Use the some examples to further demonstrate your understanding (500 words). Task 2 (250 words) Think of a new business/venture idea that you would like to plan for during this course. This idea could be a new business, a social enterprise, a community venture or a new intra- organisational venture in the organisation you currently work. Consider the following, then summarise your answers to these four questions (250 words). What is your venture idea? What is the problem your product or service is going to solve? What types of people or what types of companies suffer from this problem? How widespread is this problem? How critical is it to customers that this problem is solved? What is the innovation or competitive advantage behind your product? Task 3 (750 words) Every sector goes through periods of relative calm when innovation is about doing what you do better. But these periods are punctuated by disruption where the rules of the game get rewritten for example by the emergence of a new technology, or by external market changes, or by political events. When discontinuous change happens not all firms survive the transition. At the same time many new entrants see that the rules of the game have changed and that they now have a chance to join the sector. MGT3004 Creativity, Innovation and Entrepreneurship 21 In this activity you need to think about the sector in which your idea for a new business/venture fits. Looking back over the past fifty years or so, try and plot where there has been a major disruption or discontinuity in that sector and what caused it. What response did existing firms have to make to ensure they survived and continued in the sector? Having looked backwards, try and project forwards over the next 10-15 years and think of factors perhaps only on the horizon at the moment which might disrupt the sector. What will firms need to do to ensure they survive and develop with the change rather than being left behind by it? Try and capture the key points of your research in a short summary using the headings below: (1) Looking back what disruptions occurred and why? (2) What did survivors do to adapt and stay in the game? (3) Looking forward, what disruptions might occur and why? (4) What should survivors do to stay in the game?