[vc_row][vc_column width="1/4"][/vc_column][vc_column width="1/4"][vc_button title="Research Focus" target="_self" color="btn-primary" icon="none" size="wpb_regularsize" href=""][/vc_column][vc_column width="1/4"][vc_button title="Innovators" target="_self" color="btn-primary" icon="none" size="wpb_regularsize" href=""][/vc_column][vc_column width="1/4"][/vc_column][/vc_row][vc_row][vc_column width="1/1"][vc_column_text]InnoInnovation is crucial to the continuing success of any organization.
Innovation is a new idea, device or process.
Innovation can be viewed as the application of better solutions that meet new requirements, in-articulated needs, or existing market needs.
Innovation generally refers to changing or creating more effective processes, products and ideas, and can increase the likelihood of a business succeeding.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width="1/1"][vc_column_text]The Seven Principles of innovation as espoused by Peter Drucker, where he says any of these seven factors provide opportunity to develop something new. They are as follows:

  1. “The unexpected – the unexpected success, the unexpected failure, the unexpected outside event” Example is Penicillin, which was developed as an unexpected failure that turned to success.
  2. “The incongruity – between reality as it actually is and reality as it is assumed to be or as it’s ought to be”
  3. “Innovation based on process need” – perfecting a process that already exists, replacing a link that is weak, or supplying a link that is missing.
  4. “Changes in industry structure or market structure that catch everyone unawares”
  5. “Demographics” – changes in a population’s size, age, composition, educational level, employment status, or income. Demographics changes in Nigeria are some of the factors that make everyone in the world pay attention to this country as land of opportunity.
  6. “Changes in perception” – when the customer goes from seeing the glass as half empty to seeing it as half full.
  7. “New Knowledge” – and not just technical or scientific breakthroughs, but the innovative use of this knowledge to create a new product or service. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width="1/1"][vc_column_text]

(Culled from The Entrepreneur as a Nation Building by Sir Demola Aladekomo)