Question 1
“Innovation is the same as technological advances.” Use course readings and at least two case examples to support your answer.
Answer:
The answer of this question basically comprises a novice perceptive about the about the associates between economic development, entrepreneurship and modernization. The solution gives a new concept about the task that entrepreneurship does with reverence to technological amendment and improvement and to compare it with the predictable perception. Straight to the words technological advancement is the second name of innovation.
Innovation is the only thing which is important in driving entrepreneurship and also supports small businesses. Only innovative ideas are responsible for entrepreneurship fires blazing. Whenever a person comes with innovative ideas which has not been counted before, most of the time that particular ideas are not recognized by other people but the person who came with innovative ideas must be able to exploit it to others. Of course, not every new idea has the potential to become a successful business, technical support is also required there to fulfil the desires. In the modern world, Innovation is the same as technological advances. This statement is as true as the existence of grooming technologies. (“Innovative Entrepreneurship and Public Policy”, 1)
The theories of entrepreneurship are based on the decision making part of the person. To get better knowledge of this you may consider many examples which are available over internet regarding innovation and entrepreneurship.
Let’s have a look at the impact of technologies: Internet, as a mode of technological development has directly or indirectly affected almost everyone in the country. Nowadays, we see internet café’s full of people. New customers keep approaching everyday and pace ahead with the faster modes of techniques. Infact, just like mobile phones, internet has also become a necessity these days. With revolutionization of Business, the club industry also followed. It has always been a myth with the older people that they find it hard to cope up with the new advancing technological trends as compared to the younger generation. New generation on the other hand is well versed with the technological trends and they are much comfortable working on it. They have been exposed to technology right from their birth to school and college until they finish their education. The scenario completely reflects the fact how well are they prepared to adapt themselves to the technological trends and how well they adapt themselves pacing ahead in the near future.
Today, technology has brought many changes into the environment, also it plays a very important role in the innovations in education and delivers many advantages. The latest technologies are there to provide their support to students and teachers and also the technologies help to wipe off the obstacles of distance and time. The information and communications technologies (ICTs) are unable to replace the place for better educational design. Unless, good technologies can supply advanced possibilities for scholars support and way to education. So, innovation simply identifies technological advances or vice-versa. (“Venturous Australia”, 2)
With the use of smartphones, internet, eBook readers and cheap computers, and also with the advent of solar electricity, mobile phones and different technologies, you will definitely find the opportunity regarding education to help yourself and communities at many places which are serviced by traditional educational establishments. Innovation and Technology basically affects the educational structure and to fulfil the needs of user and make him comfortable with its advantages.
Question 2
What is the value innovation concept? How can an organization formulate its innovation strategy using the value innovation concept? Provide an illustration of how it could be used. Use a Value Curve and an ERRC analysis to support your answer.
Answer:
The value innovation concept is the strategic logic of high growth. It is a strategic approach to business growth, involving a shift away from a focus on the existing competition to one of trying to create entirely new markets. Value innovation can be achieved by implementing a focus on innovation and creation of new market possibilities.
Value Innovation Concept:
The value innovation concept simply means the creation of awesome marketing space by leaving many boundaries behind and by making great strategies to overcome every negative situation that comes into the path of your success. Primarily the cost effectiveness is your key of success, the prices must be affordable with respect to the audience, to get successful entrepreneurship for selling any product or services.
Value Innovation Strategy
Organizations must be innovative all across the value chain, not just in R&D, in order to succeed in today's rapidly changing economic environment. Over the past two years, an Industrial Research Institute subcommittee has worked to develop a valid and reliable survey tool, using good psychometric (measurement theory) practices. This tool can be used to assess the level of an organization's Value Innovation potential, what we call the Value IQ. Using this assessment tool can produce useful information for managers who want to strengthen innovation in their organizations. (“Open Innovation: The New Imperative for Creating and Profiting from Technology”, 3)
So, now you have a good idea worth a few pennies. That's good, but do you think your intuition will be enough to pace ahead with the idea? Needless to mention, you might have to shed your pockets a little to get a new IP protection before you tread ahead. You need to be sure of the fact that your idea has an economic value worth spending that amount of money. Below mentioned are a few guidelines to analyze the true market value of your idea and judge your marketing capabilities with the latest available tools. This kind of analysis will stand as a backup for you to decide the market value of your idea so that you can know the true value of your innovation. (“Open Innovation: The New Imperative for Creating and Profiting from Technology”, 3)
An organization can easily formulate its innovation strategy using the value innovation:
Innovation without value can be too strategic or wild or to technology driven. Value innovation anchors innovation with buyer values.
ERRC analysis of value innovation
For an organization, innovation is a process of creating value and to stimulate the survival and growth of the organization. Ideas can come from anywhere. Too many companies become embroiled in the idea generation process or where they came from. Ideas by themselves do not add value. It is the ownership of the results (i.e., Implementation an idea into action) that can create value. Successful innovative companies, therefore, cultivates creative ideas that add value.
Industries have witnessed a substantial rise in merger and acquisition (M&A) activity in recent years. Although a whole host of motives is driving this reorganization activity, generic explanations are the desire to achieve scale economies, the wish to gain control of (additional) distribution channels, to expand into new markets / product areas and, to acquire assets (including programming content) that is perceived to be of long-term strategic value. Reorganization is driven by the desire of companies to increase their competitiveness. These changes in organizational structure have been implemented along both operational as well as geographical lines. For example: HSBC has chosen innovation as a focus area. It is strongly communicating to staff the importance of innovation, and workshops are used to create ideas for new and improved customer services. Also, it has developed fast processes for implementing innovative ideas.
Blue Ocean Strategy
[Using Value innovation methodology and tools]
With the help of value innovation the organization is delivering exceptional value to the most important customer in the value chain all the time, every time. Exceptional value of the organization comes in many forms Business Model, Delivery, Packaging, Service, Process, Product, Technology etc.
Principles of Blue Ocean Strategy based on value innovation:
Formulation Principles
Basically concentrates on big picture and not on numbers
Satisfies the demand of the people
Make the sequence of strategies right
Try to reduce key organizational problems
Try to built execution into strategies
Question 3
“What an entrepreneur needs to be successful is not luck but great technology and good ideas. When pitching to venture capitalists it is important that you demonstrate how exciting the innovation is.”
Answer:
There are some odd number of common characteristics which are shared by many businessmen in terms of success. This is a subject of research and analysis of many professionals and institutions. It is very possible that we cannot expect to have a person with all characteristics that make them successful. But, the combination of the most important factors can help you to build and manage a successful business.
There are indicators of the levels of invention in a country — such as investment in research, development, and innovation — but measurements of marketing are lacking, such as licenses, which is a more accurate point of reference for technological innovation. However, entrepreneurship and innovation programs in the United States, where universities are an essential part of the most prominent innovation and entrepreneurship ecosystems, are worldwide role models. Stanford University, Babson College, and Georgia Institute of Technology (Georgia Tech) are success stories in areas with different demographic and cultural characteristics.
The conclusion of the story is that luck also plays a major role in the creation of success in the path of entrepreneurs, this is an extraordinary factor which affected many lives in the business world. We may consider the live example of Bill Gates, who took the advantage of the many opportunities that came into their path to become a leader of the software industry.
Role of Technology and Good Ideas to make Entrepreneurship successful
The technologies in the world are not old things. In fact, the meaning of the word means to innovate and the origin of the word is its changing nature. (“Where Do High Tech Commercial Innovations Come From?”, 4)
Today we have a different thinking like we think technology in terms of electronics like computers, softwares, applications etc. The main thing behind this strategy or we can say the majority logic behind technology is that it is a never ending thing which supports all kinds of business men. Successful entrepreneurs who have prepared complete idea which they are going to follow to achieve the success leverage technology to make their way of success easily. While working with technologies and implementing them in their ideas, the entrepreneurs must have a very open and free minded nature towards technology.
Generation of Good Ideas
It is the function of the entrepreneurs to generate as many ideas as he can for the purpose of selecting the best business opportunities which can subsequently be taken up by him as a commercially-viable business venture.
How innovations matter in Entrepreneurship?
Successful entrepreneurs are innovators. They constantly put their efforts in introducing new products, new method of production, opening new markets and recognizing the enterprise.
The discussion basically describes seven variables that senior managers can adjust to for the ensuring that only the most promising innovation proposals has a chance of being implemented. It cites the need for innovation leaders to maximize the number of possible blockbusters by starting with and encouraging employers to contribute their own ideas. It indicates the reluctance of companies to invest on a significant amount of money on idea evaluation unless it shows that it is capable of generating and spotting good ideas. It suggests that companies build funnels to find the best ideas.
Innovation is a combination of three major things Innovators, Entrepreneurs and consumers. Out of these innovators are those who create new relations of these factors to be able to present to the market for making available to the consumers. This is nothing but a technical understanding of what innovation is. It is a study that warns about how deep the concept of innovation is. It is much more than inventing a new idea. Infact, it Is a much broader term. Right from thinking a new idea, it involves its journey to the market place as well. A few major areas where innovation is a great concept are listed below:
The innovation is simply a primary key for entrepreneurs for the longevity of the business. Businesses along with entrepreneurs start with desires, if the desires are not fulfilled completely you may consider that you something left behind to get complete success. The need may be within the community and among the documents they have come up with. These desires are made to make their life comfortable and easy which affects the daily life of a common man also. Entrepreneurs are most aware with the business environment and manages things better than an ordinary business men. They faced every situation good as well as bad so they can handle every case easily with wasting much time and efforts.
Other aspects that increases the value of advancement in business is competitors. It promotes any business owner to come up with something much better than their competitors at a cheaper, and still be cost-effective and qualitative.
Small companies see the value of advancement in business. They were able to contest with large market and see their value in the economic climate. Small companies are important as they are immediately engaged in the group and therefore, promote their financial and economic gain. These small companies know exactly what the group needs and satisfy them. All things begin small.
Advancement is essential not just in business. As people, we are founders by adjusting well to our needs and make our own alternatives. Business owners are the same. The innovation in business assisted the nation by modifying with the periods and generating new goods and assistance from ones that already prevails. And, being modern has assisted us become effective in all our opportunities.
The value of advancement in company is another key value for the durability of a company. Entrepreneurs and companies started with a need. They saw the need within the group and among themselves that they have come up with a remedy. They take to be able to innovate to create the life more relaxed. And these alternatives kept increasing to create it better, simpler and more useful. Entrepreneurs must keep themselves informed with the present styles and requirements. Companies are regularly searching for to generate more without compromising the excellent. (“How the West Grew Rich: The Economic Transformation of the Industrial World”, 5)
Bibliography:
1. Innovative Entrepreneurship and Public Policy, 2006. Available at:
2. Venturous Australia, 2008. Available at:
3. Chesbrough. H. 2003. Open Innovation: The New Imperative for Creating and Profiting from Technology, Harvard Business School Press.
4. Lewis M. Branscomb. “Where Do High Tech Commercial Innovations Come From?” Duke University School of Law; Meredith and Kip Frey Lecture in Intellectual Property, 2004. Available at
5. Rosenberg N. and Birdzell L.E., 1985. How the West Grew Rich: The Economic Transformation of the Industrial World. Basic Books, New York, 1985.
