As per Dr Jay Feldman, Innovation and Creativity, Programme Innovation program aims to educate business professionals to organize and implement sophisticated solutions for our contemporary society. The professionals will be influenced by the latest thinking, innovative concepts, and new methods; develop innovative concepts and solutions that will aid businesses in growing; connect to the continual improvement of business processes that are strategic and collaborate with other stakeholders to create new ideas.
Dr Jay Feldman
This Creativity and Innovation in Business Program is designed specifically for young entrepreneurs, managers of service and products, and business executives. The program provides a solid understanding of the fundamental aspects of an innovative business, says Dr Jay Feldman. Regardless of whether it’s an element of an already-existing company or a brand-new business.
Dr Jay Feldman mentioned the program will help you create distinctive business models and inspire co-founders and employees to manage an expanding company.
The Business Migration program seeks to draw top-quality entrepreneurs, investors, and entrepreneurs to create authentic and long-lasting businesses in South Australia, including in the regional areas, which can benefit the State’s economy, local businesses, and the workforce.
We are proud that our Business Innovation Centre is at the center of the university’s innovation ecosystem. We house a variety of companies that have emerged from our research activities and startups that have spun in to join and interact within our academic community.
We offer extensive facilities with three campuses across campus, including labs, wet labs, office spaces, co-working areas, research, and infrastructure. Through various programs designed explicitly for startups with ambition, our team members provide:
- Mentoring and business development advice.
- IP.
- Commercial guidance in addition to access to the expertise of researchers.
Innovation involves tweaking systems that are currently performing well or exploring related possibilities, while creativity is the ability of your team’s creativity to generate innovative concepts. Creativity is a capability that you can utilize to bring ideas into the mix. Innovation encompasses every step you must take to get these new ideas in your product offerings.
Another way to think about the distinction between creativity and innovation is through measurements. There is no way to quantify creativity; it’s all about ideas or mental processing. However, you can gauge innovation through the number of products created, services offered, or the modifications creativity can bring.
Brainstorming can be akin to innovation that it has to creativity, Dr Jay Feldman said. Brainstorming requires a group of minds to create a “brain dump” of ideas that your team members will not explore. If creativity can be defined as the art of producing thoughts, and brainstorming can be described as the method of developing ideas.
Open innovation
The term was coined by Henry Chesbrough, educational director of the Garwood Center for Corporate Innovation at Berkeley Haas; open innovation uses both external and internal ideas to improve the efficiency of a business’s operations.
Open Development procedures require monetary premonition, a turn in broad technique and an inside social shift. In light of the outrageous idea of these interior changes representatives might answer OI structures with a level of starting opposition.
Building Blocks for Open Development
Open Development supports the production of helpful information dividing associations among cooperated associations. This cooperative methodology can’t be helpfully executed without an exhaustive comprehension of the basic components that involve a fruitful OI system.
“Open innovation is the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively,” Chesbrough wrote in his book Open Innovation: Exploring the new paradigm (Oxford University Press in 2006). “[This paradigm] assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as they look to advance their technology.”
Chesbrough believes that open innovation is the most profitable method to develop new ideas because, when executed correctly, it will cut costs, speed up time to market, boost competition, and generate fresh revenue streams.
Disruptive technology
According to Professor, author, and Entrepreneur Clayton Christensen, disruptive innovation is the creation of new products or services that begin in the middle of the market but then move up to outshine their competitors.
The Christensen Institute explains how innovation changes an industry or market through the introduction of simplicity, convenience access, affordability, and simplicity when complexity and high price are the norms; in the beginning, a disruptive idea can be created in an industry niche that may seem uninteresting or insignificant to the incumbents of the industry however. Eventually, the concept or product completely transforms the business. A few examples of technology that has been disruptive include refrigerators being used to replace the icebox as well as mobile phones replacing the home phone. These two products were not readily received when they first appeared on the market; however, as they improved their initial design, the devices eventually gained popularity among consumers.
