Sources of Innovative Ideas

Sources of innovative ideas

​Where do the great ideas come from?

Open Ended

For you, where do great ideas come from?

​Where do ideas come from?

Entrepreneurs, ever alert to opportunities that inhabit the external and internal environments around them, often spot potential opportunities that others cannot recognize. Where do they find inspiration? All of the following places: trends, unexpected occurrences, incongruities, process needs, industry and market changes, demigraphic changes, perceptual changes, knowledge-based concepts.

Subject: TCE

Sources of ideas

​Trends

Trends signal shifts in the current paradigm of the major population. The close observation of trends and the valuable insights that emanate therefrom constitute an abundant source of potential entrepreneurial ideas

Sources of ideas

Open Ended

What things are trending in your city that can create a new business idea?

​Unexpected occurrences

Successes or failures that were unanticipated or unplanned often prove to be major sources of innovation. The 9/11 terrorist attack on the U.S. is an example of this; it produced the influx of innovative solutions to new homeland security challenges.

Sources of ideas

​Incongruities

They exist in the gap between expectations and reality. For example, when Fred Smith proposed overnight delivery, he was told, "If it were that profitable, the U.S. post office would be doing it." But Smith was right. An incongruity existed between the assumption that a new, faster level of mail service would never make economic sense. So Smith started FedEx.

Sources of ideas

​Process needs

When the need is to do something better, innovative new medical devices, healthier foods, more effective pharmaceuticals, and time-saving devices can be the result.

Sources of ideas

​Demographic changes

Changes in population size, age, education, occupation, geographic locality, and similar demographic variables often catalize new entrepreneurial opportunities.

Sources of ideas

​Perceptual changes

The perceived need to be healthy and physically fit has created a demand for both health foods and health facilities throughout most countries

Sources of ideas

​Perceptual changes

Inventions, which are the product of new thinking, new methods, and new knowledge, often require the longest time period between initiation and market implementation because of the need for testing and modification.

Sources of ideas