A framework for strategic Creativity & Innovation in Business

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A FRAMEWORK FOR STRATEGIC CREATIVITY & INNOVATION IN BUSINESS

TURNING YOUR BUSINESS INTO A SOLUTION

MACHINE FOR SUSTAINABLE PROGRESS

BY

OLUSEYE AMUSA

APRIL 2015

EUReKA!!!

4/24/20154/24/2015 DO YOU UNDERSTAND THIS QUESTION : 0 (I DONT UNDERSTAND)1 (NOT AT ALL)2 (NOT REALLY)3 (MAYBE)4 (YES I THINK SO) 5 (ABSOLUTELY)

ARCHIMEDES DISCOVERING THE PRINCIPLE OF BUOYANCY

A CRY OF JOY OR SATISFACTION WHEN ONEFINDS OR DISCOVERS SOMETHING.

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OUR ROADMAP

INTRO

LEARNING MAKES YOU SEE THINGS

DIFFERENTLY

DEFINITIONS

YOUR BUSINESS (ITS A SYSTEM)

DRAWING THE LINE CREATIVITY VS.

INNOVATION

THE GOLDEN RULE

PARADIGMS

A WORKING DEFINITION OF

INNOVATION

APPLICATION

PROTECTING YOUR CREATIVE /

INNOVATIVE ASSETS

ASSIGNMENT

SCORE

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LETS TALK ABOUT THE DIFFERENCE BETWEEN KNOWLEDGE &

INTELLIGENCE

INTRO

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PLEASE TAKE A MINUTE TO DESCRIBE WHAT YOU SEE IN THIS PICTURE

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YOUR BUSINESS (ITS A SYSTEM)

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DO YOU HAVE A CLEAR IDEA OF HOWYOUR BUSINESS WORKS TO CREATE VALUE?Q 1.

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Key Definitions

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Creativity !!!

Creativity is a phenomenon whereby something new and valuable is created (such as an idea, a joke, an artistic or

literary work, a painting or musical composition, a solution, an invention etc.).

The ideas and concepts so conceived can then manifest themselves in any number of ways, but most often, they

become something we can see, hear, smell, touch, or taste and they retain VALUE that can be exchanged for

revenue.

DO YOU HAVE A CLEAR UNDERSTANDING OF THE CREATIVE PROCESS?Q 2.

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Innovation !!!

Innovation is the application of better solutions that meet new requirements, in-articulated needs, or existing

market needs.

This is accomplished through more effective products, processes, services, technologies,

or ideas that are readily available to markets, governments and society. Innovation must ADD

VALUE to be effective.

DO YOU HAVE A CLEAR UNDERSTANDING OF THE INNOVATIVE PROCESS?Q 3.

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Creativity Vs. Innovations

NOUN: HOW THINGSARE DEFINED

NOUN: HOW THINGSARE DEFINEDCREATIVITY

VERB: HOW THINGS AREDONE

VERB: HOW THINGS AREDONEINNOVATION

Q 4.DO YOU HAVE A CLEAR UNDERSTANDING OF THE DISTINCTION BETWEEN THE CREATIVE &

INNOVATIVE PROCESS?

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Creativity + Innovation

CREATIVITYCREATIVITY

INNOVATIONINNOVATION

ENTERPRISEENTERPRISE

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THINKING AND DOING

Creativity refers to the ability to come up with new ideas, the ability to think widely, to have a free and open mind

and to approach matters in a new way. Whereas innovation is the ability to confine the creative ideas and make them turn into reality so as to achieve successful

performance.

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THE GOLDEN RULE

THINK CREATIVELY

THINK CREATIVELY

ACT INNOVATIVELY

ACT INNOVATIVELY

SOLVE REAL PROBLEMS

SOLVE REAL PROBLEMS

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A working definition of innovation by Peter Drucker

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A Working Definition of Innovation!!!

DRUCKER WROTE THAT PURPOSEFUL INNOVATION RESULTS FROM ANALYSIS, SYSTEMIC REVIEW AND HARDWORK AND CAN BE TAUGHT, REPLICATED AND LEARNED.

PURPOSEFUL, SYSTEMIC INNOVATION BEGINS WITH THE ANALYSIS OF OPPORTUNITIES. THE SEARCH MUST BEORGANIZED AND CONDUCTED ON A REGULAR BASIS. IT SEEMS THAT WE MAY BE GETTING HUNG UP ON THEFUZZY FRONT END AND OTHER VIEWS THAT MAKE INNOVATION SEEM REALLY OBSCURE. DRUCKER IDENTIFIEDSEVEN SOURCES OF OPPORTUNITY THAT WILL ULTIMATELY DRIVE INNOVATION:

THE ORGANIZATIONS OWN UNEXPECTED SUCCESSES AND FAILURES, AND ALSO THOSE OF THE COMPETITION.

INCONGRUITIES, ESPECIALLY THOSE IN A PROCESS, SUCH AS PRODUCTION, DISTRIBUTION, OR INCONGRUITIES IN CUSTOMER BEHAVIOR.

PROCESS NEEDS.

CHANGES IN INDUSTRY AND MARKET STRUCTURES.

CHANGES IN DEMOGRAPHICS.

CHANGES IN MEANING AND PERCEPTION.

NEW KNOWLEDGE.

Q 5. DO YOU HAVE A CLEAR UNDERSTANDING OF THE WAY INNOVATION WORK WHITHIN AN ENTERPRISE?

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INVENTIVENESS vs. ENTREPRENEURSHIP

NIKOLA TESLA THOMAS EDISON ELON MUSK

NET WORTH$11.7 BILLION

MUSK, WHO IS THE CEO OF TESLA ANDTHE LARGEST SHAREHOLDER IN IT AND

SOLARCITY,. HIS BEST INVENTIONS AREELECTRIC CARS [TESLA MTS], PAYPAL[ONLINE PAYMENT PORTAL] & SPACE X

[PRIVATE SPACE ROCKETS]

NET WORTH$0

TESLA SOLD HIS VALUABLE PATENTS[AC CURRENT] WORTH OVER $ 1

BILLION TO WESTINGHOUSE COMPANYWASTED HIS FORTUNE ON EXPERIMENTS

AND DIED BANKRUPT

NET WORTH$170 MILLION

EDISON INVENTED THE MODERN LIGHTBULB AND OWNED MORE THAN 1000

PATENTS ONE OF WHICH WAS THE [DC CURRENT]

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ANATOMY OF AN INNOVATIVE ENTREPRENEUR FIRST COMPANY - ZIP2 CORPORATION:

In 1995, at the age of twenty-four, Elon Musk dropped out ofStanford University after just two days of classes to start his firstcompany called Zip2 Corporation. Zip2 Corporation was an onlinecity guide that provided content for the new online versions of theNew York Times and the Chicago Tribune newspapers. In 1999, theCompaq Computer Corporation bought Zip2 for $307 million. Out ofthat amount. Elon Musk's share was $22 million. Musk had becomea millionaire at the age of twenty-eight. That same year Muskstarted his next company.

ONLINE BANKING:

In 1999, Elon Musk started X.com with $10 million dollars from thesale of Zip2. X.com was an online bank, and Elon Musk is creditedwith inventing a method of securely transferring money using arecipient's e-mail address.

PAYPAL:

In 2000, X.com bought a company called Confinity, which hadstarted an Internet money-transfer process called PayPal. ElonMusk renamed X.com/Confinity Paypal and dropped the company'sonline banking focus to concentrate on becoming a global paymenttransfer provider.In 2002, eBay bought Paypal for $1.5 billion andElon Musk made $165 million in eBay stock from the deal.

SPACE EXPLORATION TECHNOLOGIES:

In 2002, Elon Musk started SpaceX aka theSpace Exploration Technologies. Elon Musk is along-standing member of the Mars Society, anonprofit organization that supports theexploration of Mars, and Musk is interested inestablishing a greenhouse on Mars. SpaceX hasbeen developing rocket technology to enableMusk's project.

TESLA MOTORS:

In 2004, Elon Musk cofounded Tesla Motors, ofwhich he is the sole product architect. TeslaMotors builds electric vehicles. The companyhas built an electric sports car, the TeslaRoadster, the Model S an economy model fourdoor electric sedan, and plans to build moreaffordable suncompacts in the future.

SOLARCITY:

In 2006, Elon Musk co-founded SolarCity,a photovoltaics products and services companywith his cousin Lyndon Rive.

Q 6. DO YOU HAVE A CLEAR UNDERSTANDING OF INNOVATION AS ENTREPRENEURAL ACTIVITY?

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Growing Your Wealth

ROYALTIES FROM IPS[INVENTIONS &

BRANDS]

ROYALTIES FROM IPS[INVENTIONS &

BRANDS]

DIVIDENDS FROMSHARES HELD IN YOUR

BUSINESS

DIVIDENDS FROMSHARES HELD IN YOUR

BUSINESS

MARGINS FROMREVENUE GENERATED

BY BUSINESS

MARGINS FROMREVENUE GENERATED

BY BUSINESS

REVENUE FROM SALEOF BUSINESS

REVENUE FROM SALEOF BUSINESS

REVENUE & GOODWILL FROMPERSONAL BRAND

REVENUE & GOODWILL FROMPERSONAL BRAND

REVENUE FROMINVESTMENT ASSETS

REVENUE FROMINVESTMENT ASSETS

WHAT GIVES YOUR NET ITS WORTH

NET WORTH IS THE AMOUNT BY WHICH ASSETS EXCEEDLIABILITIES. IN OTHER WORDS, YOUR NET WORTH IS THE

DIFFERENCE BETWEEN WHAT YOU OWN AND WHAT YOU OWE. CALCULATING YOUR NET WORTH CAN BE A USEFUL TOOL TO

GAUGE YOUR FINANCIAL HEALTH AND YOUR FINANCIAL

PROGRESS OVER TIME.

Q 7. DO YOU HAVE A CLEAR UNDERSTANDING OF HOW INNOVATIVE ACTIVITY ADDS TO YOUR NETWORTH?

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paradigms

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WHAT IS A PARADIGM

A MODEL OR PATTERN FOR SOMETHING THAT MAY BE COPIED

A THEORY OR A GROUP OF IDEAS ABOUT HOW SOMETHING SHOULD BE DONE, MADE, OR THOUGHT ABOUT

HOW YOU SEE AND INTERPRETE THE WORLD

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Typical Paradigms

CONTEXT TYPICAL PARADIGM ENTREPRENEURIAL PARADIGM

HARSH BUSINESS ENVIRONMENT

MAJOR REASON FOR BUSINESS FAILURE IN NIGERIA

NIGERIAN GOVERNMENT

CORRUPT & INEPT

STRATEGIC PARTNERSHIPS

CANT TRUST PEOPLE IN NIGERIA

STARTING A BUSINESS TOO RISKY IN NIGERIA

THE BOX THINKING OUT OF ITUNDERSTANDING IT

NIGERIA A COUNTRY FULL OF PROBLEMS

Q 7. DO YOU HAVE A CLEAR UNDERSTANDING OF HOW PARADIGMS DEFINE INNOVATIVE ACTIVITY?

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Applying creativity & innovation thinking to your business

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STEP 1: DEFINE YOUR CORE VALUES

CORE VALUES:

GOVERN PERSONAL RELATIONSHIPS

GUIDE BUSINESS PROCESSES

CLARIFY WHO WE ARE

ARTICULATE WHAT WE STAND FOR

HELP EXPLAIN WHY WE DO BUSINESS THE

WAY WE DO

GUIDE US ON HOW TO TEACH

INFORM US ON HOW TO REWARD

GUIDE US IN MAKING DECISIONS

UNDERPIN THE WHOLE ORGANIZATION

REQUIRE NO EXTERNAL JUSTIFICATION

ESSENTIAL TENETS

Q 8. DO YOU HAVE A CLEAR UNDERSTANDING OF HOW CORE VALUES DEFINE VALUE?

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STEP 2: MARKET AWARENESS

DEMOGRAPHICS

PSYCHOGRAPHICS

STREET SMARTS

EMPATHIC EYE

HATE VS. LOVE

Q 9. DO YOU HAVE A CLEAR UNDERSTANDING OF HOW MARKET AWARENESS DEFINES INNOVATIVE ACTIVITY?

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STEP 3: LOW MARKET ENTRY SOLUTIONS

Q 10. DO YOU HAVE A CLEAR UNDERSTANDING OF HOW LOW MARKET ENTRY INNOVATIONS WORK?

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STEP 4: UNDERSTANDING YOUR ENTERPRISE DNA: JUNGLENOMICS

HUGE BY DESIGN: BIG ELEPHANTS EAT GRASS (SMALL THINGS ) HUGE BY DESIGN: BIG ELEPHANTS EAT GRASS (SMALL THINGS )

FAST BY DESIGN: CHEETAHS ARE FAST BY DESIGNFAST BY DESIGN: CHEETAHS ARE FAST BY DESIGN

SMALL BUT MIGHTY: ANTS ARE WEAK BY THEMSELVES BUT UNSTOPPABLE AS A HIVESMALL BUT MIGHTY: ANTS ARE WEAK BY THEMSELVES BUT UNSTOPPABLE AS A HIVE

NATURES GIVERS: BUMBLE BEES GIVE TO EVERYONE WITH EVERYTHINGNATURES GIVERS: BUMBLE BEES GIVE TO EVERYONE WITH EVERYTHING

NATURES TAKERS: WASPS LAY THEIR EGGS IN OTHER ANIMALS FOR INCUBATIONNATURES TAKERS: WASPS LAY THEIR EGGS IN OTHER ANIMALS FOR INCUBATION

LUXURY IS IN THE EYES OF THE BEHOLDER: BUTTERFLIES CATER TO THE FEW & THE FORTUNATELUXURY IS IN THE EYES OF THE BEHOLDER: BUTTERFLIES CATER TO THE FEW & THE FORTUNATE

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YOUR ENTERPRISE DNA

TYPE ATTRIBUTES EXPANDED DEFINITIONS

BUTTERFLY BEAUTIFUL, DELICATE , REPRESENTS THE FINER THINGS

The luxury goods and services sector which includes jewelry, fashion, restaurants, vehicles, real estate and any other product and or service that caters to high end clientele. (the few and the fortunate).

ANT PERVASIVE,HARD WORKER, PRODUCTIVE IN VOLUMES YETINDIVIDUALISTIC

The artisanal [artisans] and essential services sector which include mechanics, plumbers, drycleaners, corner shops, vulcanizers, cafeterias / bukaterias, and any other small enterprise of this size and prevalence (the last mile providers of value) on every street.

ELEPHANT THOUGH HUGE IT DEPENDS ON [EATS] TINY THINGS TO SURVIVE

Large Manufacturing companies, wholesalers (importers/exporters),large retailers [i.e. brand name super marts], Pharmacies and any other Fast Moving Consumer Goods [FMCG] enterprise.

CHEETAH FAST, KEEN SENSES,LEAN, HUNTS TO EAT

Highly skilled professional service providers i.e. Law Firms, Accountancy Firms, Consultancies, High Tech research Firms, Architectural Firms, Clinics and Specialist Hospitals, and any other highly skilled service provider.

BUMBLE BEE GENERAL CONTRIBUTOR, KEEPS THE ECOSYSTEM ALIVE, IS A GIVER.

Not for profit organizations, institutes, religious organizations, socio cultural organizations [i.e. clubs], Government Agencies etc.

THE WASP PARASITIC, VICIOUS,USES OTHER INSECTS TO INCUBATE ITS YOUNG,IS A TAKER.

Criminal Organizations, Fraud Syndicates, Terrorists/Militants any organization that functions in defiance to the laws of the land with an objective to pray upon and destroy for profit and power.

Q 11. DO YOU HAVE A CLEAR UNDERSTANDING OF YOUR ENTERPRISES DNA?

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STEP 5: DEFINE YOUR BUSINESS ECOSYSTEM

POTENTIAL CLIENTS/CUSTOMER STRATEGIC

PARTNERS/NATURAL ALLIES

POTENTIAL SPONSORS/FINANCIERS MEMBERS OF YOUR CLASS

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The Relational Value Matrix GETTING

GIVINGYOUR COMPANY PARTY A PARTY B

YOUR COMPANY

RELATIONAL ZONE

YOUR BUSINESS OBJECTIVES AND CORE

VALUES

THE VALUE PROPOSITION ZONE

WHAT YOUR BUSINESS IS GIVING A

THE VALUE PROPOSITION ZONE

WHAT YOUR BUSINESS IS GIVING B

PARTY A

THE AGENDA ZONE

WHAT X IS GIVING YOUR COMPANY

RELATIONAL ZONE

AS BUSINESS OBJECTIVES AND CORE

VALUES/PSYCOGRAPHICS/CULTURAL

IDENTITY ETC

THE CREATIVITY /INNOVATION ZONE

IS THERE ANYTHING A CAN GIVE TO B

THROUGH YOU?

PARTY B

THE AGENDA ZONE

WHAT Y IS GIVING YOUR COMPANY

THE CREATIVITY / INNOVATION ZONE

IS THERE ANYTHING B CAN GIVE TO A

THROUGH YOU?

RELATIONAL ZONE

BS BUSINESS OBJECTIVES AND CORE

VALUES/PSYCOGRAPHICS/ CULTURAL

IDENTITY ETC

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THE 7 RULES OF THE VALUE MATRIX

1. ENSURE THAT THE BLUE AREA [YOUR AGENDA] IS CLEARLY ESTABLISHED BY YOU BEFORE APPROACHING ANY ONE,

2. WHEN DEALING WITH A POTENTIAL STRATEGIC/SUPPLY CHAIN PARTNER, OR CUSTOMERS, ALWAYS PRESENT THE GREEN AREA

[YOUR VALUE PROPOSITION] TO THEM AS VALUE PREPOSITIONS FIRST,

3. ALWAYS ENSURE THAT THERE IS AN EXCHANGE OF VALUE THAT YOU BOTH AGREE IS FAIR BEFORE CONCLUDING ANY DEAL,

4. WHERE YOU ARE NOT CLEAR ABOUT THE VALUE THAT IS TO BE EXCHANGED, DONT ENTER THE RELATIONSHIP,

5. THE YELLOW AREA [CORE VALUES/BUSINESS OBJECTIVES] IS ALWAYS CONSTANT (IT IS NOT SUBJECT TO CHANGE

EXCEPT WHEN NEW KNOWLEDGE IS INTRODUCED)

6. THE PURPLE AREA REPRESENTS AN OPPORTUNITY TO INJECT DEPTH AND [INNOVATION] INTO YOUR NETWORKING

STRATEGY,

7. NEVER UNDERVALUE WHAT YOU HAVE TO OFFER OR ALLOW IT TO BE UNDERVALUED.

Q 12. DO YOU HAVE A CLEAR UNDERSTANDING OF THE VALUE MATRIX?

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THE FIRST STEPS..EFFECTUATION

Effectuation is a way of thinking that serves entrepreneurs in the processes of opportunity identification and new venture creation.

Effectuation includes a set of decision-making principles expert entrepreneurs are observed to employ in situations of uncertainty.

Situations of uncertainty are situations in which the future is unpredictable, goals are not clearly known and there is no independent environment that

serves as the ultimate selection mechanism

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THE 5 PRINCIPLES OF EFFECTUATION

THERE ARE FIVE CORE PRINCIPLES THAT DEFINE EFFECTUAL LOGIC. THESE ARE:

1. THE BIRD IN HAND PRINCIPLE. USE WHAT YOU HAVE AND AIM IT AT THE NEAREST TARGET!

2. THE AFFORDABLE LOSS PRINCIPLE. HOW MUCH WILL I LOOSE IF I ENTER INTO THIS ENTERPRISE!

3. THE CRAZY QUILT PRINCIPLE. BUILDING YOUR ECO-SYSTEM THROUGH RELATIONSHIPS NOT CASH!

4. THE LEMONADE PRINCIPLE. CHALLENGES ARE OPPORTUNITIES TO LEARN AND TO DO SOMETHING INNOVATIVE!

5. THE PILOT-IN-THE-PLANE. WHEN ALL THE ABOVE IS APPLIED DAILY, YOU BECOME THE PILOT OF YOUR DESTINY!

Q 13. DO YOU HAVE A CLEAR UNDERSTANDING OF THE CONCEPT OF EFFECTUATION?

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PROTECTING CREATIVITY & INNOVATION

INTANGIBLE PRODUCT OF THE HUMAN

MIND

TRADEMARKS

COPYRIGHTS

TRADE SECRETS

PATENTS

DESIGNS

YOUR COMPANY

SERVICEMARKS MEDIUM OF EXPRESSION AGREEMENTS

EMPLOYMENT LETTERS

CONTRACTS

DATA PROTECTION

DATA SECURITY

3RD PARTY CURATION

Q 14. DO YOU HAVE A CLEAR UNDERSTANDING OF HOW TO PROTECT YOUR CREATIVE/INNOVATION ASSETS?

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dominate your market space

SCENARIO ROLE PLAY

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YOUR ASSIGNMENT SHOULD YOU CHOOSE TO TAKE IT

1. IDENTIFY YOUR MARKETWHO ARE YOUR CUSTOMERS/CLIENTS &

WHAT IS PECULIAR ABOUT THEM?

2. DEFINE YOUR MARKET.WHAT SORT OF ENTERPRISE ARE YOU

BUILDING?

3. DEFINE A BUSINESS ECOSYSTEM.USING YOUR CLASS MATES

4. DESIGN A RELATIONAL VALUE MATRIX.USING YOUR CLASS MATES

5. DEFINE AN INNOVATIVE WAY TO ENTER INTO YOUR MARKET.

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DID YOU SEE THE WOMAN.LOOK AGAIN.CLOSELY!

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LETS SCORE OURSELVES NOW

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ASSESSMENT

MARKSHEET

0 - 12 24 - 36 37 - 48 49 - 70

PRIMER BASIC ORIENTATION GIUDANCE SUPPORT

DOES NOT YET HAVE A CLEAR

UNDERSTANDING OF BASIC STEPS AND

PRINCIPLES DISCUSSED

NEEDS A GREATER EXPLORATION OF KEY

BUSINESS PRINCIPLES FROM FACULTY THAT

HAVE PRACTICAL EXPERIENCE WITH

EMPHASIS ON PRACTICAL APPLICATION

UNDERSTANDS BUT STILL NEEDS AN

EXPLORATION OF THE KEY

PRINCIPLES IN PRACTICAL TERMS

AND SIMULATED ENVIRONMENTS

HAS A GOOD UNDERSTANDING

AND IS WILLING AND ABLE TO

APPLY PRINCIIPLES TO REALLIFE

ACTIVITIES AND SITUATIONS