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HC 1 - I&E summary
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Summary lectures innovation & entrepreneurship
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HC 1 – what is innovation? What is entrepreneurship?Where is tention?
#1 Introduction
Innovation & Entrepreneurship define right, because different thoughts
about.
In a capitalist economy, innovation is the growth engine, entrepreneurs are
the captains and hero’s, and creative destruction (= the process, creating
something new and destructing something old) is the process through which
the economy moves forward.
Aim course: To understand the similarities and differences, to understand the
mechanisms underlying each concepts (difference between innovation and
entrepreneurship)
#2 Innovation
What is innovation?
- An optimization within existing frameworks (Kirzner, 1997).
o (Difference: Entrepreneurship creating framework)
- An iterative process initiated by the perception of a new market and / or
new service opportunity for an invention which leads to development,
production, and marketing tasks, striving for the commercial success of
the invention (Garcia & Calantone, 2002).
- The commercialization of an invention (Westland, 2008).
Why study innovation?
- Because need the innovative process, you need to constantly develop.
- How use resources, where capturing the value from.
- Innovation is top strategic priority.
- Innovation managing is not an easy thing.
Typology (categorization of innovation) = classical innovation typology
- Product vs. process innovation
o Product innovation: creating a new product
o Process innovation: new way of building a product (e.g.
assembly line)
- Radical vs. Incremental
o Radical innovation: Game changing innovations, creating
something new, totality change the market, complete revolution.
Don’t fall in the radical trap (only 14% of innovation are
radical, rest is incremental. So innovation not all about
radical, but most about incremental. Radical is not always
better).
o Incremental innovation: marginal improvements, slowly
improving (putting a camera on a mobile phone). Evolution.
- Competence Enhancing vs. Destroying
o Some innovations enhancing its competences
o Others see the firm move in a new direction
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