Deficiencies in a Process That are Taken for Granted If a process is inefficient or suffers from a big gap, there is scope to Sometimes a process that is widely used may have certain By thinking out of the box, an innovator may come up with a new idea that removes this deficiency. Pilkington’s float glass process, for example, paved the way for the development of glass with a smooth finish. Changes in Industry or Market Structure That Catch Everyone by Surprise The emergence of new, fast-growing segments provides scope for to serve their needs. The success of the small floppy disk drive manufacturers had much to do with the emergence of new customer segments who wanted smaller and lighter disk drives. According to Drucker, opportunities rarely fit the way the industry has always “New approached the market, defined it, or organized to serve it. Innovators therefore have a good chance of being left alone for a long time.” Demographic Changes Demographic changes result in new wants and new lifestyles that call for new products. The Japanese pioneered robotics because they anticipated the rising levels of education and the consequent shortage of blue-collar workers. In recent years, the ageing of Japan and Europe has put on governments there to control health care expenses. This has fuelled the rise of generic drugs. Demographic changes provide opportunities that are the most rewarding and the least risky, as such trends are easier to predict. Changes in Perception New needs can be created by changing the common perception of For example, a booming industry has emerged for exercise and equipment by capitalizing on concern for health and people’s Changes Brought About by New Knowledge New knowledge can be used to develop innovative products. of this sort usually combine many sorts of knowledge. The
Deficiencies in a Process That are Taken for Granted If a process is inefficient or suffers from a big gap, there is scope to Sometimes a process that is widely used may have certain By thinking out of the box, an innovator may come up with a new idea that removes this deficiency. Pilkington’s float glass process, for example, paved the way for the development of glass with a smooth finish. Changes in Industry or Market Structure That Catch Everyone by Surprise The emergence of new, fast-growing segments provides scope for to serve their needs. The success of the small floppy disk drive manufacturers had much to do with the emergence of new customer segments who wanted smaller and lighter disk drives. According to Drucker, “New opportunities rarely fit the way the industry has always approached the market, defined it, or organized to serve it. Innovators therefore have a good chance of being left alone for a long time.” Demographic Changes Demographic changes result in new wants and new lifestyles that call for new products. The Japanese pioneered robotics because they anticipated the rising levels of education and the consequent shortage of blue-collar workers. In recent years, the ageing of Japan and Europe has put on governments there to control health care expenses. This has fuelled the rise of generic drugs. Demographic changes provide opportunities that are the most rewarding and the least risky, as such trends are easier to predict. Changes in Perception New needs can be created by changing the common perception of For example, a booming industry has emerged for exercise and equipment by capitalizing on people’s concern for health and Changes Brought About by New Knowledge New knowledge can be used to develop innovative products. of this sort usually combine many sorts of knowledge. The
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