EIGHTTEEN

The Seven Sources of Innovation

In peter drucker’S excellent book Innovation and Entrepreneurship, he describes the seven major sources of innovation for businesses of all kinds. As you look for creative ways to grow your business, start with these seven sources of innovation.

The Unexpected Event

The unexpected event—the unexpected success, failure, or outside event that leads to or indicates a new business opportunity—is often the breakthrough innovation that changes an entire industry.

Pierre Omidyar had a collection of Pez candy dispensers that he wanted to sell in the open market. Because there was no website available for him, he created eBay to sell them to the highest bidder. The response was so immediate and enormous that he ...

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