c) No market change: if I don’t have a new market that means I am not targeting any new

segment and I am not bringing any change to my technology. If I want to grow to a existing
product I am going to improve the quality of the product. I add new feature to my existing
product so that my existing customers increase their purchase. Example: apple.

Improved technology: That means the newness is not that much but there is some sort of
newness to the technology. When I am improving my technology, I am kind of replacing my
existing technology how I am offering the product to the same market. I have just replace the
previous product to new product.

New technology: This is totally a new field with newness. I never offered this. That’s why I
am on the right-side of the newness access.

New market: If I don’t want to bring any technological newness that means, existing product
but in a new a new market I will either introduce the same product to the new market or I can
add some uses of the product and introduce it to a new market. That’s how I am going to
define this newness. Then we have improved technology that means the products that I
already had are being replaced by the new product or improved product but I am offering it to
a new market. So, I am just adding new segments to the modified product. So, I am going for
market extension that means this market has never seen this kind of product and even this
market never targeted by me. In this case the technology is not totally new it is somewhat an
improved version of my existing product that I am already replaced.

Strengthened market: I might have an existing market regardless of whether the technology is
new or not. I already have a market or may-be it is a new market for me or existing market
for me. Now if I want to strengthened my existing market or new market I just establish
without bringing any new product or new technology. I should go for more promotion. I am
going to remerchandise or increase my sales by promoting my products more. The promotion
offers that different brands come up with this actually to strengthened their market. I am
giving discounts for my loyal customers so that I am not going to lose these customers. Then
in improved technology I can strengthened my market by using improved product. Then in
new technology, I can simply extend my product life or I can add some more products to my
product line. I can diversify, this is most of the companies doing right now.

So, this is how the firms looks at newness.

A. There are five types of venture capital firms and those are –
Private venture capital firm: In private venture capital it basically follows the business
form partnership.

Small business investment company: in Bangladesh we also call them SMEs. There
are venture capital firms which only works for only small and medium business
enterprise.

Industry sponsored: Banks and other financial institutions can be also working as
venture capital firms. City alo actually invests into women entrepreneurs. It is a
venture capital firm by city bank. There are many non-financial ventures or firms who
actually invest depending on the investment they can also help you in funding
depending on which industry you are in.
State/govt. sponsored: in Bangladesh it is known as start-up Bangladesh. Your
company would have a sample product available with at least one principal working
full time. Funding at this stage is also not easy and the amount invested would
probably small. Bangladesh bank has lot of fields. So, they can also work as a venture
capital fund.

University sponsored: A group of researchers actually came up with a product or a

group of students have an amazing idea so the university can actually take a fund out
of their own fund. So, they will have partnership, they will have ownership of the
percentage of the equity and they will be working as a venture capital. NSU start-up
next is an example of university sponsored venture capital.