'Carefully identifying the product or service features, design, as well as the resources that will be needed' is an element in the innovation process. Explain its other three elements. The process of creativity involves various steps. One of the steps is related to transition period, 'where the entrepreneur starts thinking about the idea and implementation in his subconscious mind'. Explain the next three steps followed by this.

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Accepted Answer

The element described — 'carefully identifying the product or service features, design, as well as the resources that will be needed' — is **Analytical Planning**, which is the first element of the innovation process.

The other three elements of the innovation process are:

1. **Organising resources** — Obtaining the required resources, materials, technology, human or capital resources and arranging them into a workable structure.

2. **Implementation** — Applying the resources in order to accomplish the plans and deliver results. This is where the idea is executed and the product or service actually takes shape.

3. **Commercial application** — Providing value to customers, rewarding employees and satisfying the stakeholders. This is where the innovation is accepted by the market and generates commercial value.

The step in the process of creativity related to the transition period, where the entrepreneur starts thinking about the idea and implementation in the subconscious mind, is **Incubation**. The next three steps that follow are:

1. **Illumination** — The idea re-surfaces in a realistic way and the entrepreneur comes out with a viable plan to give it practical shape by collecting raw material, arranging funds and policy-making for implementation.

2. **Verification** — Also called the validation or testing stage, where the idea is verified to prove that it has value. This is the most difficult phase as obstacles begin to appear.

3. After verification, the idea is ready to enter the **innovation process** — moving through analytical planning, organising resources, implementation, and finally commercial application.