Entrepreneurship & Innovation

Entrepreneurs instigate change thereby shifting economic resources away from established endeavors into areas of greater yield and higher productivity. This is wealth creation and not wealth accumulation .

1/28/2012

EDPM 3 b V H Patil

What is Innovation?


Innovation is the creation of better or more effective products, processes, services, technologies or ideas. These should be acceptable to markets, governments and society. Innovation means the use or application of a new idea. Invention means discovery or creation of the idea or method itself.
EDPM 3 b V H Patil 2

1/28/2012

Why Innovate?
 

Innovation is the catalyst to Growth. Continual innovation is paramount for any firm to maintain competitive advantage . Search for better ways to satisfy the consumer base with improved quality, durability, service and price through innovation.
EDPM 3 b V H Patil 3

1/28/2012

Teflon


Polytetrafluoroethylene (PTFE was accidentally invented by Roy Plunkett of Kinetic Chemicals in New Jersey in 1938. Plunkett was attempting to make a new CFC refrigerant. He found inside of the iron container coated with a waxy white material which was oddly slippery. Analysis of the material showed that it was polymerized perfluoroethylene. Kinetic Chemicals patented the new fluorinated plastic (analogous to known polyethylene) in 1941 and registered the Teflon trademark in 1945 .
1/28/2012 EDPM 3 b V H Patil 4

Innovation


In 1954, a French engineer Mark Gregoire created first pan coated with Teflon nonnonstick resin under the brand name of Tefal after his wife urged him to try the material he had been using on fishing tackle on her cooking pans.

1/28/2012

EDPM 3 b V H Patil

Zipper


Invented by Gideon Sundback, a Swedish American electrical engineer. He was hired by Universal Fastener Company in Hoboken, New Jersey in 1906. By 1913 he had designed modern Zipper

1/28/2012

EDPM 3 b V H Patil

Velcro


 

Was invented by George de Mestral, a Swiss electrical engineer. Patented in 1955 Refining and developing its practical manufacturing until its commercial production in the late 1950s.

1/28/2012

EDPM 3 b V H Patil

Creativity


The ability to bring something new (a product, a solution, a work of art, a novel, a joke, etc.) into existence that has some kind of value. Innovation is the process of doing new things.

1/28/2012

EDPM 3 b V H Patil

Idea Germination

Preparation

Incubation

Illumination

Verification

1/28/2012

EDPM 3 b V H Patil

Invention & Innovation

Invention Innovation

Creation of something new

Transformation of an Idea or resources Into useful application

Results in New Knowledge

1/28/2012 EDPM 3 b V H Patil

Results in New Products, Services Or Processes

10

Analytical Planning

Organizing Resources

Implementation

Commercial Application

1/28/2012

EDPM 3 b V H Patil

11

How Brain functions


    

Left Hemisphere
Conscious Analytical Abstract thoughts Abstract concepts Logical & Rational


    

Right Hemisphere
Unconscious Creative Spatial relationships Intuition NonNon-verbal imagining

1/28/2012

EDPM 3 b V H Patil

12

Technological Innovation

Creative source

Champion

Sponsor

Inventor Who created something new Through own vision

Entrepreneur or Manager Who pursues The Idea

Organization that Backs the idea with Finances, Advice and Network

1/28/2012

EDPM 3 b V H Patil

13

Opportunities through Change



     

Entrepreneur recognizes change & sees opportunities where others do not. Scientific knowledge Process Innovation Industrial changes Market changes Demographic changes Social & cultural changes
EDPM 3 b V H Patil 14

1/28/2012

Windows & Corridors



Window is a time horizon during which opportunities exist. Then something happens to eliminate those opportunities. Entrepreneur is positioned in similar work or is having experience in the related field, when opportunities become available. As if he is standing in a corridor when window opens.
EDPM 3 b V H Patil 15

1/28/2012

Entrepreneurship is neither a science nor an art. It is a practice. It has knowledge base. Knowledge in entrepreneurship is means to an end. Indeed , what constitutes knowledge in practice is largely defined by the ends, that is, by the practice. Peter Drucker
EDPM 3 b V H Patil 16

1/28/2012

Development Program
 

Induce attitudinal change. It can come through socio-cultural sociochanges. Innovation & entrepreneurship be a normal ongoing , everyday activity, a practice in everybody s own work

1/28/2012

EDPM 3 b V H Patil

17

SocioSocio-cultural environment


  

Tolerance for changes in the society & culture. Social mobility. Tolerance of profit making. Tolerance of private ownership.

1/28/2012

EDPM 3 b V H Patil

18