ACLC COLLEGE TACLOBAN
Tacloban City
SENIOR HIGH SCHOOL DEPARTMENT
Entrepreneurship
LESSON 2 Creativity and Innovation to Entrepreneurship
Creativity, Innovation and Entrepreneurship
Creativity, innovation and entrepreneurship, have been recognized as important
contributors to a nation’s economic growth. These three terminologies are chronologically
interrelated and it is very important to look in to them to get their full picture.
Creativity is the ability to come up with new idea and to identify new and different ways of
looking at a problem and opportunities. In order to be creative, you need to be able to view
things in new ways of from a different perspective. Among other things, you need to be able
to generate new possibilities or new alternatives.
Creativity as the Foundation: Creativity is the starting point for
entrepreneurship. Without creativity, entrepreneurs wouldn’t be able to come up
with fresh ideas, identify gaps in the market, or innovate existing solutions.
Innovation, it is the art of implementing new ideas, strategies, and thought processes with
a vision to introduce or improve the present. Innovation lies at the heart of the
entrepreneurial process and is a means to the exploitation of opportunity.
Innovation as the Application: Innovation takes that creative spark and makes it
practical and viable. It’s the process of developing those ideas into something
useful, sustainable, and profitable. Innovation brings creativity to life in the
marketplace.
DISTINCTIVE TYPES OF INNOVATION
Invention - described as the creation of a new product, service or process.
Example: Smartphone
Extension - the expansion of a product, service or process
Example: iPad Pro
Duplication - defined as replication of an already existing product, service or
process
Example: Tesla Electric Cars
Synthesis - the combination of existing concepts and factors into a new formulation
Example: Netflix
Creativity is the ability to develop new ideas and to discover new ways of looking at
problems and opportunities. Innovation is the ability to apply creative solution to those
problems and opportunities in order to enhance people’s lives or to enrich society.
Creativity + Innovation = Entrepreneurship