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1 | Conrad Overview |
Business Leadership Program August 3rd, 2015
Innovation & Entrepreneurship
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Day 1: Creating Innovative Ideas 1
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About Tara Scanlan B.I.B (Hons.), MBET
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Cold Introductions
The name is Bond, James Bond
I work for Her Majesty’s Secret Service
I’m on an important mission to …
----
My name is ……
I am from …
Entrepreneurship & innovation to me means…
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Innovation
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Innovation Defined
• A new way of doing things • A better way of doing things (Wong, S.K.S (2013))
• Offer consumers a better and cheaper way to do something (a Big Bang Disruptor) (Forbes 2014)
• The process of translating an idea or invention into a good or service that creates value or for which customers will pay (Business
Dictionary)
7 | Conrad Overview | Retrieved from Sparkes D, BET 607 Slides (2013)
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Innovation Defined Continued
• “An idea must be replicated at an economical cost and satisfy a specific need … processes and/or applications” (Business Dictionary)
• Two categories of innovation: – Evolutionary innovations (continuous or
dynamic innovation): incremental advances – Revolutionary innovations
(discontinuous innovations): disruptive and new
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What Makes a Technology Disruptive?
• Has the technology evolved (is the dominant design/infrastructure) in place?
• Is the market ready for the technology?
– Creation of a market and the change (destruction) of another
• How much learning do customers need?
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Disruptive Innovation Examples
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Incremental Innovation Examples
04/18/23
11
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Incremental Innovation Example …
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Innovation Defined Continued …
• Innovation Output depends on the inputs: R&D expenditures and firm characteristics (size, group, team) and government policy (P.
Blanchard et al, (2012))
• Internal: Knowledge, Resources, Finance & Market Access
• External: Policy, Market
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INNOVATION CURVE
Where the Market comes
in!
population distribution
Chang, W Pivot Consulting 2013
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Markets
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What types of Markets exist?
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Markets Defined
• “A medium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange. Price is determined by a number of factors (supply and demand)” (Investopedia)
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Perfectly Competitive Markets
• Must be more than a single buyer or seller• Buyers and sellers have equal access to information• Products are comparable • Democratic government acts as a referee (balance the
market)• Easy entry • No Market Power• Information Available
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Perfectly Competitive Market Examples
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Monopoly
• Single seller and multiple buyers
• Market prices may be distorted by a seller or sellers with monopoly power
• Can reduce efficiency
• Negotiation power distorted
• Government controlled markets
• IP is important here
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Monopoly Examples
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Oligopoly
• Few Sellers, Many Buyers – 4 firms control 40%+ of market
• Homogenous (same) or Differentiated Products • High barriers to entry • Interdependence
– Price rivalry – Advertising – Development
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Examples
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Within markets, are organizations
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Private Industry
• For Profit: business or organization whose primary goal is making money (a profit) (business dictionary)
– Corporation– Partnership– Sole Proprietor
• Not for Profit: Primary goal to help communities and is concerned with money that will keep the organization operating (business dictionary)
• Cooperative: owned and run jointly by its members, with profits or benefits shared among them (Oxford Dictionaries)
• Charity: an organization set up to provide help and raise money for those in need (Oxford Dictionaries)
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What type are markets are these products in?
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What type of Market is this?
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What Type of Market is This?
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What market is this?
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What type of market is this?
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Exercise
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Break into groups
• Using magazines identify:– Innovative products
• Disruptive• Incremental
– Market (Monopoly, Oligopoly, Perfectly Competitive)
• 1-2 minute presentation on one market and one disruptive innovation and one incremental innovation
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Conclusion
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What do companies need to stay competitive?
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Conclusion
• Innovation is Internal and External to an Organization
• Companies need to:
– Anticipate
– Adapt
– Achieve
• Think about the context of the problems you are solving!
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Kitchener/Waterloo
You are in the heart of innovation & technology in Canada!
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Homework• Write:
– Find an example of an innovative product in Japan and define the type of business entity, and industry. Email it to me, 100 word limit.
• Videos: – http://www.ted.com/talks/tim_brown_urges_designers_to_think_
big#t-100502
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My email
Scanlancmc@gmail.com
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