SOURCES OF INNOVATION

 Innovation can result from internal and external forces.

INTERNAL FORCES

1. Unexpected occurrences.

These can be failures or successes. It is through unexpected occurrences that new ideas are born from new information brought to light.

2. Incongruities

This results from a company’s or industry’s perception and reality, for instance, the demand for steel continued to grow between 1950 and 1970, in the steel industry fell. This incongruity caused some innovators to develop a steel mill with a less expensive method of making steel.

3. Process needs

These are innovations inspired to support some other products or process. For example, newspaper publishers devised advertisements to cover the expense of printing newspapers using the new printing equipment acquired.

4. Industry and market changes.

Innovation is stimulated by changes in the market to meet the changing customer needs and to compete favorably with new products on market.

EXTERNAL FORCES

1. Demographic forces

This affects all aspects of business, for example increased population creates new markets for companies. This calls for improvements that can lead to increased productivity.

2. Changes in perception

For example, health care in Uganda has continually become better and more accessible. In perception this has made people increasingly become concerned about their health and leading to huge market for health magazines, vitamin supplements and exercise equipment.

3. New knowledge and technology

When new technology emerges innovative companies can profit by exploiting it in new applications and markets.

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