Creativity and Innovation in Business

Prof. Danny Araneta Cabulay
Dean – Institute of Accounts, Business and Finance
Far Eastern University, Manila, Philippines dcabulay@feu.edu.ph Albert Einstein once said, “Imagination is more important than knowledge.”

For most people, creativity is more easily associated with art than business. But the highest art form is business because one can be very creative, dynamic and revolutionary. Creativity is also related to innovation and change. I am fully aware that many of the things we see around us are products of minds of geniuses, creative thinkers.

It is hard to imagine a business without a creative mind. A creative mind is essential in any type of business. When we get tired of the old product or technology, as it also becomes obsolete, we long to have, a better product or technology. This is the essence of innovation. It has to be more convenient to customers.

The etymology of the word “create” indicates to make something; while “creation” is something that shows skill, imagination or ability; and to be “creative” means the ability to invent, design or develop original ideas. Even in the simplest businesses, creativity can happen.

In Manila, for example, a typical bakery would operate from 5:30 a.m. to 9:00 pm. A bunch of students made a feasibility study to inject the idea of a 24-hour bakery. Hence, Pugon de Manila was born. This is an example of an incremental innovation to the traditional bakery.

Likewise, another group of students from Far Eastern University developed Taypen, cooking fuel from recycled animal manure. This is an excellent product that promotes clean environment, prevention of diseases and savings for the ordinary household.

If you have taken familiar medicines for Diatabs, Lomotil, Polymagma and others for stomach problems, most likely you are already prone to