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Entrepreneurship Part 8 - The innovation process

Welcome back to the next part of the entrepreneurship series. In this article we want to have a look on different ways to develop a business idea. This will also then define the end of the chapter creativity, innovation and entrepreneurship.

In the end we are talking about six different ways and here they are with some examples:

Analyze the state of the art technology
The iPhone is a combination of:
- Telecommunication
- MP3-Player
- Camera
- and much more

Analyze existing products and services
- You can create your own books, calendar, blog, etc. > publishing

Watch science and research
Learn from nature, typically a good advisor, e.g. artificial spider silk:
Advantages:
- biotech chip to replace spinneret
- lighter than cotton, stronger than steel
- perfect eco-balance
Applications:
- Bulletproof vests
- Different kinds of armor
- Aircraft construction
- Automotive construction

Detect trends and mega-trends
- Miniaturization
- Modularization
- Combination
- Instand Operativeness
- Substitution of mechanical systems
- Sustainable/Green energy supply
- Hydrogen as energy supply
- Do we still need human workforce…
- etc.

Monitore demographic trends
- Convenience
- Individualization
- Automation of work
- Need for adventure

Develop new solutions

But how can it be seen, the process model of creativity, innovation and entrepreneurship.

Entrepreneurship as a process

This is all speeded up as new opportunities come across every day as life cycles of goods and services are shortened to the absolute minimum.

Next article of the series in entrepreneurship we will start to have a look at business models and value creation. Stay tuned - and thanks for reading.