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3 docs tagged with "innovation"

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Druck's Seven Sources of Innovation and Four Innovation Strategies

Why do some people want to become entrepreneurs to make money? Because they want to beat the market by achieving returns that exceed the market at a cost lower than the market. The price exceeding the market comes from scarcity/uniqueness; to be unique, one must innovate, and entrepreneurs must be innovators. How to innovate? Drucker has the answer.

Why Do Startups Have to Innovate?

Innovation is the key for startups to stand out in a highly competitive market. Through differentiation, network effects, and monopoly profits, startups can effectively avoid homogeneous competition and achieve sustainable growth.