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Summary Entrepreneurship and Innovation 318 Notes
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Comprehensive summary of the whole Entreps 318 module
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DOPE NOTESENTREPRENERUSHIP & INNOVATION
318
, ENTREPRENEURSHIP 318
SUMMARIES
CHAPTER 1
INTRODUCTION
www.dopenotes.co.za
1 DOPE NOTES
,Innovation – What’s the Big Deal?
“Driven by a heady cocktail of novelty, scarcity and uncertainty a new product
or service becomes newsworthy and much is said and written about it” is
described as technological euphoria
The first law of technology is whereby we tend to over-state and exaggerate
the short-term impact of new technology
Much of the economic growth that has been brought increased prosperity and
rising living standards since the industrial revolution is attributed to innovation,
particularly technological innovation
The financial markets too frequently show interest in innovation, so much so
that in the right circumstances the value of shares of innovating companies
can power to dizzying heights, making millionaires and even billionaires of
those who backed the innovation
Newness and novelty are key aspects of innovations
There are 5 forms of newness
o Completely new product
o New technology
o New customers
o New use
o New producer
An innovation is an idea, practice or object that is perceived as new by
an individual or other unit of adoption
An invention is something new but not the same thing as in innovation
o In particular an innovation, as well as being novel or new, has to be a
“viable business concept”
o Only when something new appears on the market so that it can be
bought or sold, can the idea be said to be an innovation
The implementation of a new or significantly improved product, or
process, new marketing method, or a new organisational method in
business practices, workplace organisation or external relations
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2 DOPE NOTES
, The Phases of Innovation
1. Exploration – exploitation – diffusion
The phases that make up the process of innovation are
o Exploration
It is where innovation begins and is the most creative of all three
phases, where a mix of qualities are required ranging from
originality, openness, creativity and vision to inquisitiveness,
ingenuity, intuition and the ability to improvise
What is needed is to approach the problem with a broad and
open perspective
Exploration involves a search for new ways of doing things,
trying out new or certainly different technologies and finding new
ways to meet customer needs
This tends to be associated with the research part of R&D
o Exploitation
Concerned not with the search for things that are new and
different but with the commercialisation of potential new
products and services that have been developed into inventions
as part of the exploration phase
The use and development of things are already known
Less creative phase and more pragmatic
Very much about aligning the new product with the requirements
of the market and the consumer
It is in the exploitation phase that difficult decisions about how
the new product or service will be made and delivered have to
be agreed in order to ensure that at least some kind of profit is
the end result
o Diffusion
Does not actually involve innovation directly
It is concerned with the rate at which an innovation, once
launched onto the market, is taken up and adopted by
consumers
However, some innovations never catch on
2. Exploration versus exploitation: a matter of balance
A critical issue is the balance between exploration and exploitation
Too much emphasis upon exploration presents a real risk that not enough
products and services will actually reach the market and the enterprise will fail
to get a return on the knowledge and know-how it has created
o Failure to devote sufficient resources to exploitation is likely to lead to
the enterprise being a “cash burner”
Too much emphasis on exploitation can be equally dangerous and is probably
more common
o Companies that do comparatively little R&D are likely to produce
innovations that incorporate only very minor improvements
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3 DOPE NOTES
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