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    definitions can be found that the term “new” is the basis for innovation .However the term “New” concept was the basis perspective (Roger, 2003 & Walker, 2006) other social changes should be consider in innovation not only scientific discovery (Dakhli &De clercq, 2004).There are various criteria for classifying innovation ,product and process innovation ( Oslo Manual 2005,Sundbo et al 2007 ) and incremental and radical innovation (Bacanu 2009).Innovation is the continuous process by attempting all internal

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    Schumpeter’s (1939) seminal work serves as the backbone of innovation literature. Drucker (1985) and more recently, EU European Commission (2004) assert that, innovation is generally seen by both researchers and entrepreneurs as an essential competitive enabler for any enterprise that wants to lead the market and continue to exist. However, Andrew et al (2007) noted that, an understanding of managing innovation is a preamble to how the innovation process can be positively influenced. In addition to this

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    Pillar #2: Innovation With education, came innovation during the Korean uprising. Investment in public goods such as education and innovation has always been a strong priority for the government of Korea. The Korean case shows that practical measures can be effective during the stages of global economic development. The investment made in education and Korean innovation systems helped strengthen its economy due to the improvement of the productivity of workers, companies and the industry as a whole

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    (Deakins & Freel, 2003, p58). Under the creativity process is categorized two stages: creativity and innovation, both of which are the key components for a successful enterprise (Martins & Terblanche, 2003). Creativity is defined as the production of useful and novel ideas (Amabile et al, 1996, p. 1155; Goffin & Visscher, 2009; Buijs, Smulders & Van der Meer, 2009; Glaveanu, 2010), whereas innovation is defined as the transformation or implementation of a original and fresh idea for a new product or

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    Background This chapter discourses innovation and venture creation in entrepreneurship. The chapter describes skills and innovations in venture creation through which a typical entrepreneur can start and grow his business from the acquired skill and available resources. The allocation of resources by an entrepreneur marked with necessary capabilities is a matter of entrepreneurial vision, which mainly depends on the creativity of the entrepreneur. The first step to venturing into any enterprise is

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    Innovation Innovation is the machine that generates business opportunities in the market however, it is the Implementation of potential innovations that truly dives business to be remarkable (Wheelen, T., et al., 2015, p.9). Zappos’ culture of innovation, which many consider unconventional is its key contributor to success. Zappos business innovation also must include the concept of improvement, strategic choice perspective, proposes that an organization adapts to a changing environment, to have

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    Economic Co-operation and Development OECD (2005) explains marketing innovation as the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing. Innovation can be making changes to existing or introducing something new that adds value to consumers. The objective is for companies to gain superiority/ competitive advantages through innovation. Competitive advantage can be described as a business concept outlining

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    SCAN FOR GROWTH OPPORTUNITIES In new venture creation, creativity and innovation should be ingrained in how the business operates. Creativity is not a gift of birth; it is a mixture of inherited talent, cultivated skill and knowing what to see at the right time. Creativity is the ability to see what’s there and not there differently, where innovation introduces an entirely new idea or method that stem from creativity. Creativity is the process of creating something new from the reflection of an

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    concept of Innovation: Innovation generally refers to changing or creating more effective processes, products and ideas, and can increase the likelihood of a business succeeding. Businesses that innovate create more efficient work processes and have better productivity and performance (Innovation, 2015) Invention can be defined as the creation of anything for the first time whereas innovation is adding something new or changing the existing idea, product or service. 2) Models of Innovation: There two

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    for creating innovation culture: BEL Innovation Framework Authors: Nitin Gera, Monika Chauhan, Swati Kala Abstract: The Vision of BEL: “To be a world-class enterprise in professional electronics” is being pursued by giving thrust on three attributes ‘Quality, Technology and Innovation’ as stated in BEL’s mission. This paper thus focuses on various drivers to nurture the innovation culture in the organization and proposes a novel BEL innovation framework (BIF). Keywords: Innovation, Systematic Inventive

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