MIST 2090 Lecture Notes - Lecture 1: Joseph Schumpeter, S&P 500 Index, Arthur Fry

• School: University of Georgia
• Department: Management Information Systems
• Course: MIST 2090
• Professor: Aronson

Document Summary

Invention is the creative act of coming up with something new. Innovation is creating value out of the creation of something new. Example: spencer silver was researching and developing glues. Invents a chemical glue that holds papers together but it came apart too easily. Would use this glue to place small notes in his bible near versus he would read. Art fry created the post it notes, the innovation of the invention. (invents post it notes) The train: the steam engine is the invention but the train, tracks, wheels is the innovation. People, processes, information, technology are 4 key things to do any innovation. The ipod: mp3 player is the invention itunes with the device is the innovation. The store is what helped sell the item. Way to buy a single song for . 99 and not have to pay for a whole album. Carriage company being succeeded by automobile companies.