Entrepreneurship Management INNOVATION

• Sharath Bangera…..5• Pavan Hegde………..26• Swati Kulkarni………43• Sheena Merchant…56

What is innovation?• Innovation is a process of taking new ideas to satisfied

customers. It is the conversion of new knowledge into new products and services.

• Innovation is the process and outcome of creating something new, which is also of value.

• traditionally the focus has been on new products or processes, but recently new business models have come into focus, i.e. the way a firm delivers value and secures profits.

• Innovation comes about through new combinations made by an entrepreneur, resulting in – a new product, – a new process, – opening of new market, – new way of organizing the business – new sources of supply

Article

• 4 c’s of Innovation– Challenge– Creativity – Chaos. – Channelization

JUGAAD

• Innovation that's driven by scarce resources and attention to a customer's immediate needs, , not their lifestyle wants.

• "Jugaad means 'Somehow, get it done,' even if it involves corruption,"

• Global management experts attribute India’s rapid economic growth to jugaad. In a recent survey by the Legatum Institute, 81% of Indian businessmen said jugaad was the key reason for their success.

Mitticool: A refrigerator that runs without electricity• A good majority of Indians cannot

buy a fridge as it is expensive• electricity bills and maintenance

cost is also high.• Mitticool is an eco-friendly product

which has no maintenance costs. It also retains the original taste of vegetables

• Besides, the low-cost fridge, he has developed a water filter, non-stick tava and a pressure cooker all made of clay

MERU

A first generation entrepreneur, Mr. Neeraj Gupta has teamed up with India Value Fund to create the finest radio taxi service in India under the Meru brand name.

Mr. Neeraj Gupta Managing Director

Key Success Factors

• Meru gave the consumer the sense of reliability that they will get a cab to any destination within the city.

• Technology– GPS, call center for order booking etc.

• Economical Factor– MERU cab is 60% costlier than normal taxis.

However the people still prefer MERU, due to its punctuality, readiness to go to any corner of the city and overall customer service.

Features• Air-conditioned luxury cabs• Round the clock availability of cabs backed by a location

tracking GPS - based dispatch technology and a 24x7 Customer Service Center. This means a quicker pickup and faster response time to your call for a cab

• Tamper-proof digital cab meters, integrated with the GPS-system to ensure every fare is tracked.

• A printed receipt for every fare• Basic amenities inside the car like face tissues, FM Radio etc• Ability to track the location of the cab ‘real-time’ through the

GPS technology - provides security in case of an emergency

MERU MODEL• MERU hires the driver with certain driving experience and

train him on soft skills. – Driver deposits Rs.10000– MERU buys the car and gives it to the driver – The fuel cost has to be borne by the driver – The maintenance of the car is taken care by MERU – MERU helps the drivers by providing the booking to drivers

through their call centers – The driver is free to take fares if he doesn’t get the fare from

the call center – In return the driver provides Rs. 950 per day to MERU – Whatever the driver earns above these 950 rupees is his own

income.

Tibbs Frankie• The year 1967 Mr. Amarjit Tibb on returning back from

England had a stopover in Beirut. During his brief stop there he stumbled upon a very ingenious Lebanese preparation, which was a pita bread wrap, with a variety of stuffing's, this fascinated him.

• Upon his return the idea still lingered on and he kept innovating it to suit the Indian palate, after a year of research along with his wife they hit upon the perfect concoction.

• This Indianised wrap was soon tried among friends and family and after testing brilliantly it hit the markets. That was a new era to the term fast food in Mumbai, it caught on like fire in the Jungle, people accepted it and kept asking for more.

• Now came the problem of naming the product, again a number of brain stroming became the order of the day till a unanimous decision on the name was taken i.e. Frankie

• This name went on to become synonymous with taste/quality/value for money, and till date stands for the same.

• Frankie was then registered as a trademark to Mr. Amarjit Tibbs Company

Investment Opportunity

Frankie was introduced around 33 years back by Mr. Amarjit Singh Tibb • Starting with one single outlet at Vihar Lake in Mumbai, today there are

various Tibbs Frankie Outlets/Franchise in Mumbai and around four outlets in Pune.

• The Tibbs chain made Frankie as popular as Vada-Pav in Mumbai. • The Tibbs had expanded their business considerably whilst incorporating

corporate lunches, taking wedding orders and also providing restaurant and eateries.

Customers and Marketing

• Tibbs Frankies with it delicious cuisines are targeting all segments of the society

• 50 existing and 30 new proposed outlet. • These outlets will be opened at variour locations in different cities. Some

of the proposed locations are near colleges, theatres, shopping malls and commercial centres.

BUSINESS CONCEPTS

• To maintain continuous - high standards, the foundation at Tibbs is made with their own family values and work concepts.

Each city has a state of the art production facility which processes all the raw materials for the various outlets. The result being :

• Efficient ordering through economic quantities and minimization of inventory carrying costs.

• Standardization and control of overall raw materials received• Standardization of eatables across all outlets• Expert monitoring of healthy and hygienic factors• Economies of scale in production capacity

21 FAHRENHEIT

• India’s first permanent bar made of ice has been launched in Mumbai at Oshiwara

• 21 Fahrenheit has been created by three Indian partners, Vaibhav Tandel, Aalok Purohit, and Harshan Dharmadas.

• The 820 square foot bar holds 45 people. • The bar is lit up with red and blue lights, decorated with ice carvings on

the ice chair and serving drinks in ice glass giving it a jazzy vibe.• Guests are given a navy blue furry Parka coat, insulated moon boots and

gloves to wear before entering. • The bar is kept at a temperature of minus six degrees Celsius all year

round.

• The lounge is the first in the world to serve delicious, steaming hot cuisinesin freezing temperatures and on plates made of ice. The tasty fare comes accompanied bydistinctive cocktails and mocktails.

• On average a person can be inside the ice for 30 minutes - the bartenders also work on rotation.

Mumbai mirror…..Unusual restaurants in the city

• 21 FahrenheitAndheriExperience: Chilling in a lounge where the temperature is -6 degreesWhy: Mumbai’s static humid weather is reason enough to try this one-of-a-kind ice lounge in Mumbai’s suburbia. To enjoy the -6 degrees temperature, you’re given a thick jacket, warm boots and a pair of gloves. As you enter, the memory of being in Mumbai soon evaporates in the vapour emanating from your mouth. Everything inside the lounge is made of ice; the seats, the walls, the stringed curtains, the décor and even the glasses you drink your favourite cocktail/mocktail in. Like I said—everything’s made of ice. What makes it super spectacular though is the fact that you can eat hot starters while enjoying the chilly weather.

Some Young Innovators

• 22 year old entrepreneur • Still doing his engineering• A partner in a firm called Inbotics• Very passionate about his work• Inspired by Steve Jobs of apple• “A man is judged by the way he thinks”

Mr. VEER GUPTE

• 32GB SSD, DUAL CORE • PROCESSOR 1.67GHz

CAPACITIVE • TOUCH SCREEN,2USB PORTS,1 HDMI

PORT,3.5MM JACK, 3G, WEBCAM,BLUETOOTH,WI-FI,4 HRS BATTERY ,2DAY STANDBYAND THE BEST THING IS THAT IT ISUPGRADEABLE

About The product---T3

Projectwale.com

• Bunch Of Entrepreneurs- Mr Paresh (age 28 ), Mr Pramod shetty, Mr Bharat started this busness

• They say “ Opportunity lies everywhere, You just have to realise it”

• Their products… Automatic gardening robot Intelligent helmet

Novatech• Situated in ambernath

• Produces Perfumes…all brands

• Exports them to other countries

Conclusion• Innovation can be modification or a new creation

• Innovative thinking is the need of the hour to keep up with this dynamic world

• Innovators are the trend setters of modern business