An entrenoveur identifies or acquires a novel-ideas and manages the process that converts the novel-idea into a market-worthy product or service that, upon integration into a business, will disrupt business paradigms and assume a market leadership status.
“Innovation is the specific function of [entrenovation], whether in an existing business, a public service institution, or a new venture started by a lone individual in the family kitchen. It is the means by which the [entrenoveur] either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth”.
P. Drucker, The Discipline of Innovation. Harvard Business Review, August 2002.
Disciplines and skills
Entrenoveurs are practitioners of entrenovation and are the managers of the innovation process. The practice of entrenovation requires knowledgeable input from a variety of specialists and disciplines.
- Novel-idea identification that may include the following sources:
- Bright ideas, and flashes of genius, while rare can be extremely rewarding.
- Purposeful, systematic research of markets and products to identify novel-ideas to exploit unidentified and overlooked opportunities in existing product lines or markets.
- Novel utilization of an existing product. For example, Apple did not invent the smart phone, but through novel adaptations became the world leader in the smart phone market.
- Investigation of a novel-idea to determine the potential economic value of a product or service that would result from the development of the novel-idea.
- The preparation of a formal justification report that supports and recommends the development of the proposed product or service.
- The project management resources necessary to manage the unique and temporary process that will convert the novel-idea into a product or service.
- Management of the integration process whereby the new product or service will be used to start a business or be taken into an existing business.