Innovation: From Creativity to Entrepreneurship Capstone, Certification link.
Case: Local Motors.
- Began with the concept of co-creation, leveraging a community of enthusiasts and professionals to design vehicles.
- Then pivoted to 3D printing, creating the world’s first 3D-printed car, the Strati.
- Closure in January 2022. Financial difficulties and the high costs associated with 3D printing large vehicle components were significant factors in their downfall.
1. Applying Innovation Principles
- Develops a winning product combination that aligns company capabilities with customer expectations.
- Designs appropriate value propositions for target consumer/customer segments.
- Leverages industry understanding in the development of innovative strategies.
- Ensures a win-win-win strategy for the company, consumers, and the ecosystem by mapping the company’s offerings in a coherent business model within the broader business ecosystem in order to ensure that the integrated business model delivers unique and differentiated value to consumers.
2. Applying Creativity Principles
- Initiates creativity frequently and appropriately.
- Generates valuable creative products and a pipeline for new creative products.
- Establishes team/company norms that allow for creativity, nurture flexible thinking, and persistence.
- Effectively communicate new ideas within the company and to external stakeholders.
3. Applying Entrepreneurship Principles
- Formulate a compelling entrepreneurial venture mission.
- Creates viable entrepreneurial opportunities.
- Monitor and manage the ventures health and scalability.