Innovation and Entrepreneurship
Using the format of a business report and drawing on theories, concepts and models discussed in this module, critically analyse the contribution of entrepreneurship, innovation and new business models to an innovation proposal of your own choosing.
You should follow the guidance below:
- Identify and explain what an entrepreneurial and innovative organisation is, explaining the three constituents of an entrepreneurial and innovative organisation – its people, its organisational arrangements, and its environment.
- Outline whether you intend to write about a particular type and form of innovation or about the innovation process in that organisation, explaining your choice.
- Introduce the organisation describing its entrepreneurial and innovative features.
- Explain the type of innovation (or the innovation process) that you are focusing on in your proposal:
- how it identifies the opportunities,
- how it goes about developing the ideas, resourcing it, identifying its market and its business viability and developing a business model.
- Explain the source(s) of ideas/innovation. For example, you can focus on explaining sources of idea based on Drucker’s 7 Sources of Innovation.
- Consider the business idea and unique value proposition, how it addresses an economic and/or a social problem and the new value your business brings to your customers. and why it should work in the market.
- Explain how it mobilises resources for innovation (finance, people, networks, etc). Consider who will be the suppliers and distributors.
- Provide a summary of the market for the innovation, knowledge and understanding of the market and how it works, the ease of entry to the market and what share of the market could be obtained, why it is a good market to enter and what are the alternatives.
- Identifying the possible business model. Consider what the overall value of the business will be, its customers and to the wider economy and society, how this value will be generated (income streams, brand value, value of goods and products, sustainability).
- Outline some of the weaknesses of your approach in terms of the strengths and weaknesses of the concepts, models and frameworks and the context in which they are being applied.
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