Source of Innovation

Identify local or regional innovative (successful or unsuccessful) business ideas for all the seven sources of innovation Drucker states in his book. Explain and justify why and how the business idea identified fits the source of innovation.

The following are the business ideas for the seven sources of innovation that Drucker states in his book.

a. Unexpected Success: One of the business idea for unexpected success could be of Himalayan Dog Chew. The co-founders of the company came up with an innovative idea of providing healthy snacks for dogs. After the research the co-founders found out that hardened cheese can be used as canine snack.

The company’s first product was sold in a dog fair in Bellingham, Washington. The business idea fits the source of innovation because the demand for hardened cheese as a substitute for calcium bones in the US grew rapidly. The first turnover of the company crossed over $5 million.

b. Incongruity: Herbal medicines have been there for ages and before the emergence of allopathic medicines in Nepal, people resorted to the Vaidyas for medicines. The Vaidya medicines could be an example of incongruity.

This is because today most people are prescribed allopathic medicines by doctors. Also, since the Vaidya medicines had to be taken for a prolonged period of time for its action to start people have started to use allopathic medicines. Despite the fact that the people are aware of synthetic drugs’ wide range of side effects compared to herbal medicines, they use allopathic medicines. Moreover, there is an incongruity because the Vaidyas were and still are known all over Nepal for their medicines but the Nepalese have opted for allopathic medicines.

c. The process need: Graphic media has become very popular in recent years. Graphic designers have become an integral part of any corporate business, especially for branding and rebranding. However, couple of years back corporate houses were faced with difficulty of locating...