Entrepreneurship Project
Wonderwoman4
Slides02New.pptxWhat Is Entrepreneurship? Corporate Entrepreneurship Stages To Establish Startups Firms Factors Influencing An Entrepreneur The Innovation Imperative Creativity And The Business Idea Sources Of New Ideas Opportunity Assessment Plan The Business Model Canvas Strategy & Innovation Blue Ocean Strategy Feasibility Analysis The Financial Plan
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The Innovation Imperative
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What is innovation in business?
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Innovation generally refers to changing processes or creating more effective processes, products and ideas.
For businesses, this could mean implementing new ideas, creating dynamic products or improving your existing services.
Everybody's Talking about It
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‘Innovation is our lifeblood’ – Siemens (www.siemens.com)
‘We are always saying to ourselves. We have to innovate. We've got to come up with that breakthrough’ – Bill Gates, former chairman and CEO, Microsoft
‘Innovation distinguishes between a leader and a follower’ – Steve Jobs, co-founder and former chairman and CEO, Apple
Where innovation makes a difference
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Identifying or creating opportunities
New ways of serving existing markets
Growing new markets
Rethinking services
Meeting social needs
Improving operations
4 Dimensions of Innovation Space
Essentially we are talking about change, and this can take several forms
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Four Dimensions of Innovation Space
‘product innovation’ – changes in the things (products/services) which an organization offers;
‘process innovation’ – changes in the ways in which they are created and delivered;
‘position innovation’ – changes in the context in which the products/services are introduced;
‘paradigm innovation’ – changes in the underlying mental models which frame what the organization does.
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Product – what we offer the world
| Incremental Do what we do but better | Radical Do something different |
| New version of the car | Toyota Prius – bringing a new concept: hybrid engines. Tesla – high-performance electric car. |
| Improved performance light bulbs (longer life time) | LED-based lighting, using completely different and more energy-efficient principles |
| CDs replacing vinyl records More Storage more DATA | Music & Video –streaming services All Available |
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Process – how we create and deliver that offering
| Incremental Do what we do but better | Radical Do something different |
| Improved banking services at branch banks | Online Banking System |
| Improved " fixed-line telephone services | Skype and other VOIP systems |
| Improved auction operations | eBay |
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Position – where we target that offering and the story we tell about it
| Incremental Do what we do but better | Radical Do something different |
| Airlines segmenting service offering for different passenger groups | Low-cost airlines opening up air travel to those previously unable to afford it |
| Online support for traditional higher education courses | University and others building large education businesses via online |
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Paradigm – how we frame what we do
| Incremental Do what we do but better | Radical Do something different |
| Redefining the home appliance market in terms of high-performance engineered products | Amazon, Google, Skype – redefining industries like retailing, advertising and telecoms through online models |
| IBM from being a machine maker to a service and solution company | Linux, Mozilla, Apache – moving from passive users to active communities of users co-creating new products and services |
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| ERP System | ||
| Financial Services | $16.5 million | |
| On-demand roadside assistance | $1.1 million | |
| 3D aerial survey and mapping | $1.1 million | |
| Industrial | $250,000 | |
| Cloud-based restaurant management system | $ 4.0 Million | |
| A Saudi health and fitness tech startup | $ 1.5 Million | |
| Sensible Sustainable Agriculture Solutions | $ 1.9 Million |
Innovation as a Core Business Process
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Searching – scanning the environment (internal and external) for, and processing relevant signals about, threats and opportunities for change.
Selecting – deciding (on the basis of a strategic view of how the enterprise can best develop) which of these signals to respond to.
Implementing – translating the potential in the trigger idea into something new and launching it in an internal or external market. Making this happen is not a single event but requires attention to acquiring the knowledge resources to enable the innovation, executing the project under conditions of uncertainty which require extensive problem-solving and launching the innovation into relevant internal or external markets.
Capturing value from the innovation – both in terms of sustaining adoption and diffusion and also in learning from progressing through this cycle so that the organization can build its knowledge base and can improve the ways in which the process is managed.
