CMATking IE bible Innovation Entrepreneurship (1)

Innovation &
Entrepreneurship
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Contents
Leaders ......................................................................................................................................................................... 2
Entrepreneurial attitude, traits and tendencies. ......................................................................................................... 2
Entrepreneurship models............................................................................................................................................. 2
Theories of Entrepreneurship ...................................................................................................................................... 3
Entrepreneurial culture ................................................................................................................................................ 4
Entrepreneurial Process ............................................................................................................................................... 4
Startup Ecosystem ........................................................................................................................................................ 5
Business Opportunity ................................................................................................................................................... 5
The Innovation Ecosystem ........................................................................................................................................... 6
Innovation Process ....................................................................................................................................................... 7
Idea Generation & Prototype ....................................................................................................................................... 8
Incubation Process ....................................................................................................................................................... 9
Customer Segmentation .............................................................................................................................................. 9
Business Competition ................................................................................................................................................. 10
Commercialization of Innovation ............................................................................................................................... 10
Investment ................................................................................................................................................................. 11
IPR Intellectual Property Rights ................................................................................................................................. 11
Business Planning ....................................................................................................................................................... 12
Startup & Venture development................................................................................................................................ 13
Rural Entrepreneurship .............................................................................................................................................. 13
Women Entrepreneurship ......................................................................................................................................... 14
Social Innovation & Entrepreneurship ....................................................................................................................... 14
Govt. Schemes in Startup ........................................................................................................................................... 15
MSME ......................................................................................................................................................................... 16
Gk in Entrepreneurship Trends .................................................................................................................................. 17
1|Page CMATking Innovation & Entrepreneurship Management

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1. Discipline
Leaders 2. Creativity
Type of Leaders 3. Self-Awareness
A leader is the head guy or gal, the one running the show. The leader 4. Resourcefulness
of the band calls the shots and sets the tempo for the music. A 5. Process-Oriented
conductor is the leader of an orchestra; all musicians look to him or 6. Empathetic
her to know when to begin and end playing their instruments. A 7. Communicative
president is the leader of a country whose decisions make a 8. Self-Motivated
difference to the whole population. 9. Confident
10. Flexible
Business leader is someone who motivates a group of people in 11. Risk-Taker
order to achieve a common goal in a company. This can be someone 12. Resilient
in a position of power, like a vice president or chief executive officer
of a major company 5 entrepreneurial attitudes
Industrialist - a person involved in the ownership and management 1. Passion
of industry. 2. Bravery
Intrapreneur - Is an employee who is given the authority and 3. Flexibility
support to create a new product without having to be concerned 4. Work Ethics
about whether or not the product will actually become a source of 5. Integrity
revenue for the company.
Manager - Maintains staff by recruiting, selecting, orienting, and 7 Tendencies of Entrepreneurial Behaviour
training employees. Ensures a safe, secure, and legal work 1. Imaginative Tendency
environment. Develops personal growth opportunities. 2. Tendency to Initiate
Accomplishes staff results by communicating job expectations; 3. Tendency to Bear Risks in Limit
planning, monitoring, and appraising job 4. Capacity to Change or Effect the Environment
Entrepreneur - An entrepreneur is a person who starts a business. 5. Tendency of Taking Pleasure of Freedom in Actions and
He is a dreamer and an individual with an idea who is willing to take Expressions
risks to start a project or a business. The entrepreneur is the person 6. Tendency to Make Situational Analysis and Tendency for Planning
who discovers a business opportunity, provides the investment 7. Feelings of Satisfaction by Successful Performance of Work
funds, and invests the capital necessary to create and push a
company.
Entrepreneurship models
Types of Entrepreneurs 1. Large business entrepreneurship – Samsung Apple
Innovators – They are the type of entrepreneurs who, as the name 2. Small business entrepreneurship - Cetking
suggests, come up with entirely new ideas and turn them into 3. Social entrepreneurship - NGO
profitable businesses. Innovators think differently from other 4. Scalable startup entrepreneurship - App
people think and do things. They are incredibly passionate and 5. Innovation Entrepreneurship - Uber
obsessive about their work and always strive to do better than
earlier and others. Some exciting examples of innovators are Steve II. 4 Models of Corporate Entrepreneurship
Jobs, Larry Page, and Bill Gates, to name a few. 1. The Opportunist
Hustlers – They are the people who work hard. They start by In this category, the company has no deliberate approach to CE.
thinking small and then take their idea to the next level and grow However internal and external activities drive the concept selection
their businesses. They are motivated by their dreams and are very and resource allocation. This model is characterized by ad-hoc
focused to acheieve them without caring much about comfort. resource authority and a diffused organizational ownership of CE.
Imitators – Imitators imitate but with an improvement over the 2. The Enabler
original idea. They focus on looking for different approaches to The company provides funding and senior executive attention to
improve a product and leaving the competition behind. They are an prospective projects. There is dedicated resource authority and
amalgamation of innovators and hustlers and are usually very diffused organisational ownership. The strategic goal underlying
confident in their approaches. this model is that of enabling entrepreneurial culture from
Researchers – Though they have come up with an idea, researchers employees, providing independent funding and the top executive's
would still think a lot before taking a step ahead. They will work on attention on future business leaders with new ideas.
the idea, gather all the related information, and analyze every 3) The Producer
aspect of the idea with available data. They do not take failure as an The company establishes and supports a full-service group with a
option considering the detailed work they have put in. mandate for CE. This is characterized with dedicated resource
Buyers – They have all the money and look for prospective and authority and focused organisational ownership. The strategic goal
viable businesses to invest in. Buyer entrepreneurs identify a at the basis of this model is that of exploiting cross-cutting or
business, assess its viability, acquire it and find the perfect person disruptive opportunities. The producer model ensures that
to run and grow it. corporates provide full service CE by conceiving, screening, funding,
coaching, scaling and reintegrating new business concepts.
4) The Advocate
Entrepreneurial attitude, traits and The company strongly evangelizes corporate entrepreneurship, but
tendencies. business units provide the primary funding. There is adhoc resource
authority and focused organisational ownership. The strategic idea
12 Entrepreneurial Traits

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behind this model is to reinvigorate or transform business units and 4. Behaviour Theory
to support CE teams. The most important success factor in this This theory was propounded by John Kunkel. He assumes that the
model of CE is that of significant team facilitation capabilities, entrepreneurial development of any society depends upon its past
internal and external networking and senior executive visibility and and existing economic and social aspirations. He feels that the
support. following four types of compositions are essential for
entrepreneurial development:
1. The behavior of the individuals may be made entrepreneurial by
Theories of Entrepreneurship influencing the major factors of demand composition.
Theory Name G Strategy 2. The behavior of the individual may be made Entrepreneurial by
Innovation Theory Joseph A. Schlumberger Oil influencing the major factors of demand composition.
Schumpeter 3. Opportunity competition is decided by various factors, like labor
Achievement McClelland McDonald and labor market, production methods, training opportunities,
Recover Glory Everet Hegen Mt Everest skills, etc.
Behaviour John Kunkel Colonel 4. Labor composition is operated by various factors, like sources of
Group Theory Frank W. Young Young group livelihood, traditional approaches, aspirations of life, etc.
Social change Max Weber Maxx Hence, it may be said that the supply and development of
Cultural B.F. Hauslin MF Hussain Entrepreneurs depend upon aforesaid composition methods,
Cultural Value Kroken assumptions, and their scope.
Socio Cultural Stokes
Economic Pepuek and Cassis 5. Entrepreneurial Group Theory
Psychological Thomes Beagle and Beagle This theory was propounded by Frank W. Young. The theory is
David P. Bayad based on the assumption that the expansion of entrepreneurial
Disposition TVS Rao TVS activities is possible only by entrepreneurial groups. Because they
have specialties in the groups, and the capacity to react.
However, this reactiveness is possible, when three conditions
1. Innovation Theory
prevail simultaneously in society.
Joseph A. Schumpeter is the propounder of innovation theory. The
assumptions are: • When the group feels of low status.
• The entrepreneur is born with the desire to establish his own
industry, and also • When the group is not successful in reaching important social
machinery.
• He desires to do something new.
• Takes pleasure in creativity and earning experiences of skills for • When the group has better institutional resources as compared
doing various tasks. to other groups.
However, the main objective behind the arms is to earn profits, by Thus, it is evident that when any subgroup in a big society realizes
way of searching for new raw materials, new sources, new low status and position, then its capacity to react gives birth to
machinery, production of new products, new methods of Entrepreneurial behavior.
production, new workers, and providing consumer satisfaction.
6. Social Change Theory
2. Theory of Need for Achievement This theory of entrepreneurship development has been
The need for achievement theory was propounded by McClelland. propounded by Max Weber. For the first time, he stated that the
His assumption is that the Desire for high achievements obtaining emergence and development of entrepreneurs depend upon the
specific achievements, making the best performance, and touching ethical values system of society.
the heights of excellence, developed Entrepreneurial tendencies in He is of the view that religion in which a person survives and the
individuals. But, for that, the entrepreneur should have an religious values and faiths which he accepts, substantially affect his
adequate capacity for imagination, thinking, and developing new business life, occupation, Entrepreneurial enthusiasm, and energy.
combinations. He had linked entrepreneurship development with protein (that
For that, the feelings for achievement are inculcated in him, from sect of Christianity that does not accept the total authority of the
the very beginning, and thereafter it is especially attempted that he pope) and with various religious communities.
may become a successful entrepreneur. McClelland has recognized He observes that those religious communities which lay emphasis
the desire to achieve the major factor in entrepreneurship on capitalism, materialism, and currency rationalization have been
development. He has suggested conducting motivational training successful in the emergence of entrepreneurs, wealth, technology,
programs for the development of entrepreneurs. capital formation, and economic development. It is evident that the
Protestant society has been able to achieve rapid economic
3. Theory of Recover The Withdrawal of Status progress.
This theory was propounded by Everet Hegen. His assumption is
that the creativity of any suffering minority group in society is the 7. Cultural Theory
main source of entrepreneurship. In this regard, he is of the opinion This theory of entrepreneurial development was propounded by
that if any community has to lose its reputation, due to some B.F. Hauslin. He is of the view that industrial entrepreneurial
reasons, that group becomes quite active and strong to regain it. development is possible only that a society, where social
As a result, many entrepreneurs are born. Hence it may be said that procedures are unstable, alternatives of employment to persons
the withdrawal of the status of any social group is the root cause of are widely available and a society that encourages the personality
its personality development and Entrepreneurial development also. development of enterprising persons.

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He explained that the culturally marginal groups have special
importance in encouraging the economic development of any
• Need for high achievement.
Nation, the reason being that the marginal individuals are more • The Entrepreneur is controlled by self, rather than by luck.
•
capable of Creative adjustments to the conditions of the
circumstances and during the process of this adjustment they make The entrepreneur always remains ready to take risks in
efforts to bring about real innovation social behavior. anticipation of returns and assets.
• The entrepreneur also remains ready to take the uncertainties
8. Cultural Value Theory and ambiguities, because he knows that the work which is done for
Cultural value theory has developed by Kroken. He emphasized the first time involves some uncertainties and ambiguities.
cultural values, expected rules, and social approvals have specific
importance in entrepreneur development. So, the Entrepreneur is • The behavior of the Entrepreneur may include making a hurry
an ideal personality for society. In addition, Kroken also explained in almost all activities and feeling the pressure of time and
that the success of the entrepreneur and his performance are sometimes getting hyperactive and aggressive.
influenced by the following 3 factors:
• Entrepreneur’s own inclination towards his work and Entrepreneurial culture
profession. The most important characteristics of entrepreneurial culture are:
• Expectations of acceptance groups regarding the role of the
1. Strategic orientation, that is, the entrepreneurial kind of
managers will be driven by perception of opportunity
entrepreneur.
2. Commitment to seize opportunities will be revolutionary with
• Functional requirements of the work. short duration
Thus, it may be said that Entrepreneurial development is 3. Commitment and control of resources, effective utilisation of
significantly linked to the environment. resources
4. Ten Steps to Create Entrepreneurial Culture
9. Socio-Cultural Value Theory 5. Changing entrepreneurial culture doesn’t require magic. What
This theory of entrepreneurship development was propounded by it needs is down-to-earth action that will set a good example at the
Stokes. top.
He is of the view that during the period of economic transition,
socio-cultural values play a very important role. The physiological The following ten steps will help an entrepreneur to create a culture
factors encourage economic development by stimulating supportive of change:
entrepreneurship. According to him, ‘Mental thinking’ do create the 1. Start at the top. Lead the enterprise
directions of entrepreneurial development, but group generated 2. Attune to a culture of innovation
value Matrix has a significant contribution to attracting 3. Remove the hidden obstacles
entrepreneurship. 4. Create an integrated enterprise culture
5. Create a marketing culture
10. Economic Theory 6. Create a listening environment
This theory has been propounded by Pepuek and Cassis. 7. Absorb competing technologies and involve people
Their assumption is that physiological motivation for economic 8. Do not let product innovations fool you
gains or an increase in real income exists in every society. In 9. Be flexible and open for diversification and new ideas
addition, he has also stated that economic motivations are 10. Always be ready to change cultures
sufficient conditions for individual industrial entrepreneurship. But,
if in spite of that, entrepreneurial response lacking in individuals, it
is the result of various types of market imperfections and
Entrepreneurial Process
propositions of policy determination. This theory is based on the The Entrepreneur is a change agent that acts as an industrialist and
assumption that entrepreneurial development is the result of undertakes the risk associated with forming the business for
various economic motivations. Hence, individuals enter into the commercial use. An entrepreneur has an unusual foresight to
industrial field with the aim of maximum utilization of economic identify the potential demand for the goods and services. The
opportunities available within the economy and the market. entrepreneurship is a continuous process that needs to be followed
by an entrepreneur to plan and launch the new ventures more
11. Entrepreneurial Disposition Theory efficiently.
The entrepreneurial disposition theory of entrepreneurship Discovery: An entrepreneurial process begins with the idea
development has been propounded by T.V.S. Rao. His assumption generation, wherein the entrepreneur identifies and evaluates the
is courageous Entrepreneurial disposition is very important for business opportunities. The identification and the evaluation of
entrepreneurial development. Besides, for entrepreneurial opportunities is a difficult task; an entrepreneur seeks inputs from
establishments, individual, physical, and orienting factors are also all the persons including employees, consumers, channel partners,
essential. According to Rao, Entrepreneurial disposition includes technical people, etc. to reach to an optimum business opportunity.
factors like dynamic motivation, long-term devotion, individual, Once the opportunity has been decided upon, the next step is to
social and physical sources, and political system. evaluate it.
Developing a Business Plan: Once the opportunity is identified, an
12. Physiological theories of entrepreneurship entrepreneur needs to create a comprehensive business plan. A
In aforesaid physiological theories of entrepreneurship business plan is critical to the success of any new venture since it
development, Thomes Beagle and David P. Bayad have stated five acts as a benchmark and the evaluation criteria to see if the
dimensions of entrepreneurial development: organization is moving towards its set goals.

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An entrepreneur must dedicate his sufficient time towards its infrastructure (office space, meeting spaces, etc.) and the digital
creation, the major components of a business plan are mission and infrastructure (networks, bandwidth, etc.).
vision statement, goals and objectives, capital requirement, a 7. Services: The startup ecosystem must have access to the
description of products and services, etc. necessary services to function effectively. These services include
Resourcing: The third step in the entrepreneurial process is legal, accounting, banking, and marketing services.
resourcing, wherein the entrepreneur identifies the sources from 8. Community: This ecosystem requires a community of people
where the finance and the human resource can be arranged. Here, who are passionate about startups and are willing to help them
the entrepreneur finds the investors for its new venture and the succeed. This includes other entrepreneurs, investors, mentors, and
personnel to carry out the business activities. service providers.
Managing the company: Once the funds are raised and the 9. Mentorship: Startups are hard, and mentors are the ones
employees are hired, the next step is to initiate the business guiding new entrepreneurs to find their way. They provide essential
operations to achieve the set goals. First of all, an entrepreneur guidance and support to the startups by helping them overcome
must decide the management structure or the hierarchy that is challenges and make better decisions.
required to solve the operational problems when they arise. 10. Network: This system requires a strong network of people who
Harvesting: The final step in the entrepreneurial process is can help the startups connect with the right resources. This includes
harvesting wherein, an entrepreneur decides on the future investors, customers, and service providers.
prospects of the business, i.e. its growth and development. Here,
the actual growth is compared against the planned growth and then How Does The Startup Ecosystem Work?
the decision regarding the stability or the expansion of business The elements of a startup ecosystem are not centrally controlled,
operations is undertaken accordingly, by an entrepreneur. but they are interconnected. This means that the players in the
ecosystem are connected and mutually dependent on each other.
1. The problem arises, and entrepreneurs build a business model
Startup Ecosystem to solve them. This business model is a new startup.
A startup ecosystem is an interdependent system of communities, 2. The startup grows and expands by taking help from incubators,
organisations, resources, and service providers that support the accelerators, and accredited investors. It also hires new employees
growth of startups in a particular geographical area. to solve problems better.
It is a closed system in which every element is connected and 3. The startup becomes successful and raises more capital from
mutually dependent. investors to grow even more. This is where other infrastructures
and service providers connect with the startup,
The ecosystem is usually divided into three components: 4. The startup becomes a major player in its industry and disrupts
1. The Startup: This high-growth fueled business disrupts the the status quo. It develops communities and a strong network, and
industry it operates in. Examples include Uber, Airbnb, and the entrepreneurs become mentors for the next generation of
Snapchat. startups.
2. The Enablers: These people or organisations make it possible for
the ecosystem players to do their job. These include accelerators, Business Opportunity
incubators, investors, and universities.
3. The Ecosystem Partners: These organisations collaborate with What Is A Business Opportunity?
and support the startup ecosystem. These include the government, A business opportunity, also called bizopp, is the chance to take
corporations, and service providers. advantage of an occurrence in the market to begin a business. It
involves some kind of favourable condition which exists in the
Elements Of Startup Ecosystem market. A good example of a business opportunity in the market
Consider the ecosystem as a well-oiled machine that requires today is e-books. Amazon was one of the first companies in the
several tools to function correctly. Just like a car requires spark online bookselling business who initiated an e-book reader that
plugs, oil, and a gas tank to run, a startup ecosystem requires the made it possible to read books by means of a digital device that
following elements. looks more or less like a tablet pc.
1. Problems and Ideas: A startup ecosystem cannot exist without
new problems and ideas. The businesses in the ecosystem must Importance of business opportunity
constantly innovate and create new products and services to solve 1. The chance to build a business: A business opportunity can be
these problems. an existing unsolved problem in the market or a new problem
2. Entrepreneurs: These are the people with the ideas and the arising from current trends, which is the chance to build a business.
drive to make them a reality. They are the lifeblood of a this 2. The chance to avoid failure: A business is likely to fail without
ecosystem. opportunities. This is because they are essential for implementing
3. Investors: These are the people who provide the financial ideas and innovations that can make a business successful.
backing for a startup to grow. They take on a high risk by investing 3. The chance to grow: Opportunities allow businesses to create
in these businesses, but they believe in the potential payoff. and implement ideas and innovation and building a more efficient
4. People: A startup cannot exist without people. The people in the business model.
ecosystem must be able to provide the talent, skills, and resources 4. The chance to maximise profits: A business opportunity involves
that the startup needs to grow. They include startup founders, favourable conditions that can be used to increase profits.
employees, investors, mentors, and service providers.
5. Capital: Capital is the fuel that powers a startup. It allows them Characteristics of A Good Business Opportunity
to expand, hire new employees, and grow their business. 1. Clarity: Good opportunities are clear, well defined, and
6. Infrastructure: A startup ecosystem requires the infrastructure straightforward. They allow businesses to accurately and
necessary for businesses to operate. This includes the physical

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completely identify problems and create solutions that can 5. Product Development Stage Once a business opportunity is
maximise their potential. confirmed, the next step is to develop a product or service that will
2. Relevance: Good opportunities are relevant to the scenario in solve the problem.
which they exist. They provide added value to customers, markets,
and industries. This means they do not only represent potential but Business Opportunity Examples
also relevance for solving existing problems or creating added value Airbnb: Airbnb introduced the concept of sharing economy by
for others. allowing people to rent out their homes as an alternative to hotels
3. Feasibility: Good opportunities are realistic and feasible. They or motels. This is a perfect example of a new market opportunity
help businesses achieve their goals while making them more because hotels were the only service providers for this kind of
efficient, productive, and profitable. accommodation before Airbnb came along.
4. Profitable: A good opportunity is capable of providing returns GoPro: GoPro is a new camera brand that saw an opportunity to
on investment. It is able to achieve its objectives while capitalising introduce a unique product in the market where smartphone
on the available resources, strategies, and assets more efficiently. cameras and existing digital cameras were already popular. It
5. Scalable: A good opportunity is scalable. This means it can be catered to a repressed demand of capturing high-definition videos
expanded to a big or a wide scale. It can extend to various markets of sports activities, something traditional cameras were not capable
and industries while maximising the results of investments in terms of doing.
of time, human resources, and money. TikTok: TikTok saw an opportunity in the music and video streaming
market by introducing a unique take that allows users to create 15-
Types Of Business Opportunities second videos set to music. It found a repressed demand of getting
1. New market opportunity: A new market opportunity involves an recognised and untapped technology of user-generated video
untapped market, which gives businesses the chance to create content.
without facing much competition.
2. Untapped resource opportunity: An untapped resource
opportunity is a type of business opportunity that involves under The Innovation Ecosystem
utilised or unexploited resources. Merriam Webster defines “ecosystem” as the complex of a
3. Repressed demand opportunity: A repressed demand community of organisms and its environment functioning as an
opportunity capitalises on existing demands that the current ecological unit. An “innovation ecosystem” is the term used to
offerings don’t cater to. For example, Uber capitalised on a describe the various players, stakeholders, and community
repressed demand for an on-demand cab system in the existing cab members that are critical for innovation.
industry. An innovation ecosystem includes universities, government,
4. Technology opportunity: A technology opportunity is a type of corporations, startup accelerators, venture capitalists, private
business opportunity that allows businesses to introduce new investors, foundations, entrepreneurs, mentors, and the media.
technologies that can be used in existing markets. Each plays a significant role in creating value in the larger ecosystem
5. Competitive opportunity: A competitive opportunity allows by transforming new ideas into reality through access and financial
businesses to introduce new products or services that can provide investment. Local, state, and federal entities can and should play a
more value than their competitors while solving the problems of the part in developing the ecosystem. Understanding growth, water,
target market better. electricity, transportation, and affordable housing are critical to
6. Strategic partnership opportunity: A strategic partnership growth, and our partners in the public sector know this all too well.
opportunity involves the chance to collaborate with businesses
from complementary industries, allowing them to access new The Importance of the Innovation Ecosystem
resources, strengthen their product offerings, and increase their 1. Create an active flow of information and resources for ideas to
competitive advantage. transform into reality.
2. Building a process by which more innovators and entrepreneurs
How To Identify A Business Opportunity? can develop and launch solutions to solve real-world problems,
Here’s the business opportunity identification process: faster.
1. The Customer Research Stage The first step is to research 3. Creates expertise in new areas, helps to diversify the economy,
customers and their problems by asking questions related to the and allows businesses to meet their customers where they are.
customer’s needs, goals, and expectations. 4. Provides the means to create economic stability and resource
2. Problem Hypothesis Stage In this stage, businesses search for sharing.
problems by identifying issues and concerns from customer 5. These startups are also creating jobs and opportunities.
feedback and other sources of market research. The first step is to 6. Building new technologies that apply across industries and
define the problem. audiences.
3. Product Hypothesis Stage Businesses should determine what 7. They are speaking with everyone in the ecosystem, identifying
kind of product or service will solve customers’ problems or address their key partners, and turning these in-kind and financial
their needs. The product or service should target specific customers investments into tangible products that impact the way we all live,
based on the information gathered during the customer research work, and play.
stage. 8. Access to resources for the startups and the flow of information
4. Market Hypothesis Stage The market hypothesis stage involves for the ecosystem’s stakeholders. More investment opportunities
testing certain key assumptions about the business opportunity for the right institutions to connect with the right ideas for their
with customers to determine the demand for a particular product businesses and portfolios, at the right time, for the right reasons.
or service in the real world, and how it solves problems in the
specified market. What attributes and make an innovation system better?

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1. Transparent communication vehicles from startups to investors idea’s future. Companies looking to develop a culture can establish
including angels, VCs, and corporates. a few best practices. For instance, Employees should have plenty of
2. Preparing innovators (both university and novice) to be more avenues to receive advocacy and feedback. Also, organizations
skilled in the startup lifecycle and funding process to make investor must understand the difficulties involved in evaluating truly
engagements more productive and meaningful. innovative ideas. Also, organizations need to build transparent
3. Assist large corporations in identifying critical technologies for evaluation and screening protocols.
piloting, partnering, acquisition, projects, or investment to help Step 3: Experimentation – The experimentation stage tests the
them innovate faster. sustainability of ideas for an organization at a specific time.
4. Help VCs find the best companies for their portfolios to invest Experimentation generates new ideas with the information that is
in a more timely and efficient manner. gathered on the results and feasibility of the original idea. For
5. Highlight innovation wins from startups and corporations with instance, when Amazon tested its grocery delivery service in certain
the more media attention to increase awareness. Seattle suburbs. After this, Amazon Fresh expanded to Los Angeles,
6. Create an ecosystem that drives and diversifies the economy San Diego, and New York City.
allowing companies to go from concept to seed to growth and Step 4: Commercialization – Commercialization develops market
Series A – all in its backyard. value for an idea by focusing on its impact. An important part is
establishing the specifications of any given idea. Commercialization
Innovation Process is the stage that involves the change of focus developments to
persuasion. After the idea is clarified and a business plan is
Innovation refers to the introduction of a new quality of a good or developed, it will be ready for diffusion and implementation.
a new good, market, method of production, source of supply, and Step 5: Diffusion And Implementation – Diffusion is the company-
organization in an industry. The most promising thing about the wide acceptance of an innovative idea, and implementation sets up
innovation process is being able to actualize an idea into a everything needed to develop the innovation. Diffusion and
successful concept. implementation allow the organization to determine the next set of
needs for customers. Receiving feedback, indicators for success
I. Importance of Innovation metrics, and other benchmarks enable the organization to stimulate
1. Solving Problems If your business provides services, you might the innovation process.
realize that your customers do not have an avenue to share their
opinions, complaints, and compliments. So, to solve the problem, III. Types and Examples of Innovation
you could decide to operate a virtual office where customers’ needs Product Innovation – Product innovation is either the development
can be attended to within a short time. The customers will be happy of a new product, such as the Fitbit or Amazon’s Kindle, or an
and as a result, your sales will go higher. improved version of the existing product, such as an increase in the
2. Adapting To Change Change is inevitable and innovation is the digital camera resolution of the iPhone. It could also be a new
method to not only keep your business afloat but also ensure that feature to an existing product, such as power windows to a car.
it remains relevant and profitable. So, when you develop an Examples of product innovations:
innovation culture, you remain relevant at all times. • The first electric vehicles introduced in the car’s market were
3. Maximizing On Globalization Markets all over the world also innovative, and new batteries with longer ranges that keep
becoming more interlinked and greater opportunities are emerging coming out are also an example of innovation.
in these new markets. For instance, if your company hopes to tap • Lego has been changing the materials of its bricks to
into this market share, innovation is a must to enable you to biodegradable oil-based plastics.
capitalize on the opportunities opening up.
4. Facing Up The Competition To retain or establish your Process Innovation –
company’s cutting edge, you can compete strategically by having a The process involves a combination of skills, facilities, and
dynamic business that can make strategic and innovative moves technologies used to produce, support, and deliver a product or
and thus cut above the rest. service.
5. Evolving Workplace Dynamics The demographics in the Examples of Process innovations:
workplace are constantly changing. Innovation is therefore critical • Henry Ford’s invention of the world’s first vehicle assembly line.
to ure the smooth running of the company. Customers’ changing This process changed the vehicle assembly and shortened the time
tastes and preferences: The current customer has a great variety of necessary to produce a single vehicle from 12 hours to 90 minutes.
products and services available to him. Hence, the company must • The Differential company built a mobile sales dashboard for the
keep itself abreast of these evolving tastes and also forge new ways leading Grupo Bimbo. Having a mobile sales dashboard gives the
of satisfying the customer. team quick access to the sales information and other KPI’s for each
country.
II. Steps of Innovation Process
Step 1: Idea Generation And Mobilization – New ideas are created Business Model Innovation –
during idea generation. Successful idea generation should involve In a Business model innovation capabilities, or processes optimized
the pressure to compete and the freedom to explore. Mobilization to make a company successful and profitable will become the
occurs when the idea is moved to a different logical or physical targets for transformation.
location. For instance, how Apple waited three years after MP3 Examples of Business Model innovations:
players were introduced to create the iPod, which was attractive,
• Amazon found a new channel through technology by
intuitive, and offered capacity for up to 1,000 songs.
eliminating the traditional retail distribution channel and
Step 2: Advocacy And Screening – Advocacy and screening help to
developing direct relationships.
evaluate the feasibility of a business idea with its potential
• IBM has managed changes in customer offers from mainframes
problems and benefits. Hence, a decision can be made about an
to personal computers to technology services.

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opening up a restaurant. So firstly, you need to identify what
Organizational Innovation- question you need to answer. Let’s assume you want to decide
Organizational innovation refers to the development of a new upon a name for the restaurant. Now you will use different
organizational strategy. This involves changes in the company’s techniques (brainstorming, mind mapping, etc) to come up with
business practices, organization of work, and relationship with ideas for names. In the last step, you will choose the most
external stakeholders. appropriate name from the different names you came up with
Examples of organizational innovations: within the second step.
• The companies adopted a four-day week working schedule.
• The companies that started to use the power of digital and Idea Generation Techniques
allowing employees to skip the office and work from home. 1. Mind Mapping It’s a visual way of presenting the information. For
example, let’s suppose you want a name for your new application.
Marketing Innovation – You will start by writing the main topic in the center of a paper,
Marketing innovation means developing a new marketing strategy which here is the name for your new application. From the center
that produces changes. For instance, designing, packing, and other point, you will have arrows pointing out. These arrows will point to
decisions regarding the price or promotion of a product. the main things to be kept in mind while thinking of a name like
Example of marketing innovation: guidelines, visualization, productivity, etc.
Touch Packaging Design has partnered with Nestlé Ice Cream to 2. Reverse Thinking. Instead of working on the problem in front of
create a reusable, durable container for its Häagen-Dazs brand that us, we work on the exact opposite of it. For example, let us assume
can be used in the new Loop circular shopping platform. you want to know ‘how to increase your followers on social media
platforms. According to this technique, you will instead think of
IV. Risks of the Innovation Process ‘how will I not increase my followers on social media platform’.
Technological Failure Of The Innovation – The biggest risk any 3. Brainstorming This technique is quantitative meaning that you
company takes in the innovation process is whether or not the new come up with a large number of ideas. For example, if you along
product or idea will work once it is launched. To manage this risk, with some of your colleagues are trying to come up with a tagline
the company may carry out trials on a small scale to test its for your product. And each one of you gives your ideas, then that is
effectiveness. called brainstorming.
Financial Strain – The innovation process is faced with the challenge 4. SCAMPER Technique The word SCAMPER is an acronym.
of draining out the company resources. This is because of the S -Substitute, C – Combine, A – Adapt, M – Modify, P – Put to
returns that are usually long-term as opposed to immediate. another use, E – Eliminate, R – Reverse
Market Failure – Failure in the introduction of new products or 5. Synectic. George M. Prince and Willian J. J. Gordon developed
technology to the market means that demand would be low and this technique. In this technique, we take apart a thing and then put
therefore the innovation is not viable commercially. it back together. This helps us get a better understanding of how
Redundancy – With trends in the market, a profitable innovation things work.
today may be redundant shortly. Therefore, there must be constant 6. Role-Playing In this technique, the participants take up roles to
research on how to improve the existing systems, and the factors play. These roles are different from the ones they usually play. It
influencing them to stay a step ahead. adds an element of fun and helps get innovative ideas. For example,
Lack Of Capacity For Implementation – Lacking the structural and you could take up the roles of customers and discuss your
financial capacity to roll out the innovation is always risky. You may expectations and what you want from products. This could lead you
choose to look for partners who will assist in your area of lack and to stumble upon some good ideas.
thus overcome the challenge. 7. Storyboarding Storyboards use pictures, illustrations, and other
Organizational Risks – These risks involve the structuring and information to better present the ideas. For example, suppose you
running of the business. So, following proper planning and are working on an idea for an advertisement. You can portray the
allocation of resources helps to ensure this does not happen. different scenes in the form of a storyboard.
Unprecedented Risks – They may involve changes in policies or 8. Brainwriting In this technique, a group of people writes their
political instability whose ripple effect spills over hindering the ideas on a piece of paper. After the designated time for writing is
effectiveness of the innovation. Therefore, the business needs to over the paper is given to a different person. Now this person reads
keep a contingency plan to buffer it against such unseen events. the ideas on the paper they got and adds their ideas on the paper.
This continues until everyone has put their ideas on all the papers.
And following this, there is a discussion on each idea.
Idea Generation & Prototype 9. Forced Relationship This technique helps to come up with unique
ideas. Here you take two unrelated things and imagine putting them
Ideas form the base from which we start building up. They could be together to see what new thing you can come up with. For example,
abstract, concrete, or visual. An idea generation technique is a take a calculator and a pencil, these are unrelated to each other.
creative process of coming up with solutions and ideas. It also Now try putting them together. You might get some interesting
involves developing these ideas and communicating them. ideas like a calculator with a touch screen and a pencil to write on
it and a lot more.
Idea Generation Process
The process may be different for different organizations and 10. Collaboration If you collaborate with a diverse group of people
different people. But there are three main steps in the process. It your ideas will be more unique. This happens because every person
starts with the identification of the question or the problem we brings a different perspective. For example, if you want to increase
need to solve. After which we need to come up with ideas and the sale of a particular product you might want to collaborate with
probable solutions. Finally, in the third stage, we select the most industry experts, specialists, or people working in domains other
suitable idea and execute it. For example, let’s suppose you are than sales.

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11. The 5 W’s Who, What, Where, When, and Why are the five W’s. Step 3: Creating A Prototype
Answering these five W’s helps us achieve a very holistic view of the Step 4: Initial evaluation by the user
topic under discussion. And it is an efficient way to come up with Step 5: Prototype refinement
solutions and ideas. For example, suppose you want to create a new Step 6: Implementation of the product
product or a service. You can do so by asking questions like, who
would use the product, why would people buy it, what would it do,
etc. Incubation Process
12. Listening People prove to be a very good resource when you are Startup incubation is a process in which a business or organization
trying to generate ideas. Even those who aren’t your employees and provides resources and guidance to help startups develop, grow,
customers can be very resourceful. So, you must always go beyond and succeed. Incubators can provide a variety of services such as
your immediate circle and invest in listening. Socializing with people mentorship, access to capital, office space, and more. The goal of
in your immediate social circle and even those beyond it can be very incubation is to help startups become successful businesses.
effective. The incubations stages comprised of;
13. Accidental Genius. This idea generation technique believes that a) Pre-incubation Stage (3-6 months)
writing can help you come up with good ideas. Here writing is b) Incubation Stage (6-12 months)
believed to be a trigger for ideas. This technique asks you to write c) Accelerator Stage (3-6 months)
freely without any editing. So, whatever problem you are facing just
start writing the answer without being concerned about the right or Pre-incubation Stage It is the period of time before entering an
wrong aspect of it. incubator program, when entrepreneurs focus on building the
14. Visualization In this technique, we approach the problem necessary foundations for their business idea. During this stage,
visually. This is because visualization makes things easy to entrepreneurs must take the necessary steps to prepare for
understand. And as a result, we can come up with ideas and incubation, ensure their business concept is viable and create a
solutions easily. For example, suppose you want a new setup for comprehensive business plan that outlines their goals and
your production unit. You can have pictures taken of the current strategies.
setup and work on it. Looking at the pictures will give you a better Early Incubation Stage The early incubation stage is all about
idea. You will be able to make changes to the setup so that it testing the market and developing an initial business plan. Its
increases productivity and saves on time. important to be creative and flexible at this stage, as you want to
15. Removing Assumptions explore different avenues and consider different approaches to
There are a lot of assumptions about how things work. This your business. You may need to adjust your original ideas
technique requires us to list all the assumptions and then start depending on feedback from potential customers or even the
removing them one by one. These assumptions work as stimuli for market itself.
us to come up with new ideas. For example, suppose you want to Middle Incubation Stage The middle incubation stage of any
open a new school with innovative features. First list down all the startup is an important one, as this is when the business begins to
assumptions you have about a school, hit its stride. During this time, the business owners should be
• There should be physical classrooms focusing on building their customer base, refining their product or
• A fixed curriculum decided beforehand service, and developing a profitable business model.
• More emphasis on theoretical knowledge Late Incubation Stage The late incubation stage marks the end of a
Now remove each assumption one by now. Let’s remove the need startups journey. This is the time where the company is preparing
for a physical classroom. You could open a school that has online to launch, or they have already launched and are working to solidify
classes or has classes outdoors. In this way doing away with an their position in the marketplace. This stage involves making sure
assumption will help you explore new ideas. that all aspects of the business are running smoothly, and that any
potential issues are addressed.
Prototype Development
The prototype is an initial stage of product development and fixes Accelerator stage The focus of accelerator stage shall be on rapid
can occur before the final release of the project. This also growth and to sort out all organizational, operational, financial and
sometimes refers to beta phase or beta testing where a small class strategic difficulties that may be facing the business.
of users evaluates the initial project before the final development.
Developing a prototype is a complex process where you need to Customer Segmentation
create an economically viable and profitable product to satisfy
Segmenting customers is far more than just putting people into
customer needs. It is a kind of draft product that makes you capable
categories. Customer segmentation allows you to learn about your
of exploring and evaluating your ideas and it can be demonstrated
customers on a deeper level. With this information, you can tailor
before investing in final product development.
your content to each group's unique needs and challenges. You'll
also be able to create targeted campaigns and ads that resonate
Minimum Viable Product
with and convert certain segments of customers.
A minimum viable product, or MVP, is a product with enough
features to attract early-adopter customers and validate a product
Benefits of customer segmentation
idea early in the product development cycle. In industries such as
1. Improving your customer service and customer support efforts.
software, the MVP can help the product team receive user feedback
2. Helping internal teams prepare for challenges different groups
as quickly as possible to iterate and improve the product.
are likely to experience.
3. Communicating with segments of customers through preferred
Stages of Prototype development
channels or platforms.
Step 1: Gathering and Analysis of Requirements
Step 2: Quickly Designing the Prototype

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4. Finding new opportunities for products, support, and service success. In this article, we define business competition, discuss the
efficiently. types and benefits of business competition and offer a list of tips to
help you promote healthy business competition.
Customer Segmentation types
1. Demographic Segmentation Examples of segmentation by What is business competition?
demographic include: age, gender, income, education, and marital Business competition is the contest between organizations that
status. provide similar products or services or that target the same
2. Geographic Segmentation Examples of segmentation by audience of consumers. Businesses compete to convert and retain
geography include: country, state, city, and town. customers, increase revenue and gain more market share.
3. Psychographic Segmentation Examples of segmentation by A high amount of business competition may be a sign of a healthy,
psychographics include: personality, attitude, values, and interests. profitable marketplace and often enhances the overall quality of
4. Technographic Segmentation Examples of segmentation by available products and services by encouraging organizations to
technographics include: mobile use, desktop use, apps, and improve their operations, fulfill the needs of their customers and
software. develop their client relationships.
5. Behavioral Segmentation Examples of segmentation by
customer behavior include: tendencies and frequent actions, Types of competition in business
feature or product use, and habits. Direct competitors are brands or businesses that sell the same
6. Needs-based Segmentation Examples of segmentation by products or services to the same target audience. Like Airtel Jio and
customer needs include: product or service must-haves and needs VodafoneIdea.
of specific customer groups. Indirect competitors provide products or services that are not the
7. Value-based Segmentation Examples of segmentation by same but that satisfy the same consumer needs. A great example of
customer values includes: the economic value of specific customer indirect competitors would be two different styles of restaurants.
groups for the business. For example, a fast-food restaurant and a buffet restaurant do not
provide the same type of product, but they satisfy the same
Target Customer Segment customer need of hunger.
1. Niche Marketing One is that we could engage in niche Replacement competitors are brands and businesses that have the
marketing. That is targeting one single segment that we think we ability to completely replace existing organizations by producing
can meet their needs the best. We can identify that one group that new products or services that better satisfy the needs of their target
fits best with what we offer and target them. The idea here is that audience. For example, mobile phone manufactures eventually
we would really expect to meet their needs very well because replaced manufacturers of landline phones because they fulfilled
everything we're doing is to target them. the same need in an improved, more convenient way.
2. Multiple Segment Marketing We could serve multiple
segments by creating different strategies in order to serve different Benefits of competition
groups. This is a good option in the case where our product can 1. Addressing the needs of customers
serve different purposes or meet different needs. 2. Analyzing strengths and weaknesses
3. Combining Market Segments Another option would be what's 3. Increasing demand
called combined segments. This is an approach where we believe 4. Encouraging innovation
that we can essentially target more than one segment with the 5. Revealing competitive advantages
same strategy. In other words, we can lump different groups 6. Promoting business development
together and meet their needs with one marketing mix or one
marketing strategy.
4. Cost as a Consideration One major consideration in which Commercialization of Innovation
approach to choose is costs. If we have multiple different strategies Not every idea in your innovation pipeline has the makings of a
it's going to be more expensive. Whereas, if we have one strategy viable commercial offering that is valuable to your end customer.
or we're targeting one segment, we can lower our cost in some Commercialize any new technologies, extend physical product
ways. portfolios, develop digital tools that will expand your value
5. Customer Needs as a Consideration Another consideration is proposition, or launch new adjacent service offerings.
that there may be trade-off between how well are meeting the One firm that knows all about that journey is business innovation
needs of the customer. Usually, if we target one group and develop and product design company Apple. They have a methodology that
a marketing strategy just for them, we can really meet their needs has seen the firm commercialize around 95% of its new product
well. Conversely, if we try to meet lots of different people's needs innovations, a figure that towers above the manufacturing industry
with one strategy (like in a combined segment situation), we might average of 5%. So, what’s the secret behind their success? What
not be meeting needs quite as well. exactly does their methodology look like? And, crucially, how can
manufacturers use it to turn their own ideas into real competitive
advantage? Through our work together, these are the eight steps
Business Competition we have found to commercialize innovation:
Healthy completion is often a great way for organizations to
motivate themselves and their employees to strive for excellence. 1. Understand the “noise” in the system. Too many companies
There are several types of business competition, and each has an still get caught up in developing ideas without any real concept of
important part in increasing customer satisfaction, promoting how, why or where they will make a difference. This is a recipe for
innovation and revealing marketplace advantages. As a marketing, failure. Before the ideation process even begins, it is vital to invest
sales or advertising professional, understanding competition in the necessary time and resources into understanding the “noise” in
business may help you improve your efforts and maximize your
10 | P a g e CMATking Innovation & Entrepreneurship Management

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the system - identifying their precise pain point that you are trying 2. Angel investors present less risk for the borrower.
to solve. 3. Angel investors have ample business knowledge.
2. Run a divergent innovation session. Feature targeting a group 4. They require a large stake in your startup
of around 10 people from different areas of the organization (think 5. Entrepreneur have less control over managing the business.
marketing, sales, design, engineering or any others who have
insight to share from a unique perspective). This is a highly creative, What is a venture capitalist VC?
no-holds-barred session. Rather than answers, what you are looking A venture capitalist is an individual or group that invests money in
for here are as many ideas as possible. But it is also not a free-for- high-risk startups. Typically, the potential for the startup to grow
all. rapidly offsets the potential risk for failure, thus incentivizing
3. Hold a convergent innovation session. This is the filtering stage venture capitalists to invest. After a set period, the venture
during which the myriad concepts brought up by the divergent capitalist may fully buy the company or, in the event of an initial
innovation session are consolidated and evaluated in more detail. public offering (IPO), a large number of its shares. Example
The task here is to separate the ideas that are either impossible and Softbank.
improbable from the one (or more) that stands the best possible
chance of making it all the way through to commercialization. Crowdfunding
4. Build a works-like prototype. This is what Apple calls a In this funding model, the entrepreneur convinces a large number
“Frankenstein prototype,” one in which aesthetics and design are of people (crowd) to each donate or invest a small amount,
set aside in favor of developing the core nuts and bolts that can turn anywhere from $10 to $100 to $1,000. If the crowdfunding effort
the new product into a functional reality. can attract hundreds, or thousands, of donors, the entrepreneur
5. Develop a looks-like prototype. Here, the designers get can assemble as much seed money.
involved, packaging the idea into something that will be visually and
stylistically capable of cutting through in the market. If it is a
product, this means getting consensus on the look and feel. Some benefits / issues of venture capitalists:
6. Combine into a full prototype. At this point, steps 4 and 5 come 1. Venture capitalists supply startups with large investment sums.
together, combining the works-like prototype with the looks-like 2. Venture capitalists present low risk to entrepreneurs.
one. As well as evaluating the concept in its entirety, now is the 3. Venture capitalists provide ample knowledge and connections.
moment to run focus groups and testing sessions with the relevant 4. They allow entrepreneurs less control over managing the
stakeholder segment. business.
7. Start scaling. Once you have addressed any issues or concerns
that arise during the full prototype trials, it is time to create a larger What are the differences between angel investors and venture
lot size — normally around 10 to 12. As well as allowing you to capitalists?
perform more testing, this offers a chance to discover what is 1. An angel investor works alone, while venture capitalists are part
needed to deliver the product or process at scale. After all, being of a company.
able to produce, store and distribute it promptly and cost effectively 2. Angel investors and venture capitalists invest different amounts.
is key to long-term commercial success. 3. Angel investors and venture capitalists have different
8. Conduct a soft launch. Before going into widespread release, it responsibilities and motivations.
is highly advisable to launch your innovation with a more targeted 4. Angel investors primarily offer financial support while VC help
customer segment or in a specific location. This is a step many build successful companies, which is where they add real value.
manufacturers miss but one that can actually make or break the 5. Angel investors only invest in early-stage companies. VC any time.
journey to commercialization. Why? Because it is a final chance to 6. Angel investors do less due diligence, VCs do more
test (and refine) its usability, price and effectiveness without the
potentially negative financial and reputational effects of launching
unsuccessfully to the mass market. IPR Intellectual Property Rights
Patent
Investment A patent is an exclusive right granted for a product or a process that
When starting a business, entrepreneurs often don’t have enough provides a new way of doing something or offers a new technical
of their own money to bankroll their endeavor and must look to solution to a problem.
third parties for financing. If you don’t want to apply for a business A patent is regarded as a property right which can be issued
loan, you’ll need to find an equity investor. There are various types nationally and/or in other countries where the company wants to
of equity investors, including angel investors and venture protect its solution. The patent gives the company exclusive right to
capitalists. manufacture, to use and to sell the product within a limited time
period (20 years; can vary from country to country). As it is a
What is an angel investor? property it could be sold or licensed to others or be subject to
An angel investor provides a large cash infusion of their own money contracts and/or other agreements. Once a patent is issued it is
to an early-stage startup. In return, the angel investor receives possible to make profit on it especially for the person(s) who is the
equity or convertible debt. Many angel investors are accredited, inventor.
though not all are. Angel investors must have annual earnings of at Copyright Copyright (or author’s right) is a legal term used to
least $200,000 per year for the past two years. They must have a describe the rights that creators have over their literary and artistic
total net worth of at least $1 million, regardless of marriage and tax works. Works covered by copyright range from books, music,
filing status. Example Shark Tanks. paintings, sculpture, and films, to computer programs, databases,
Some benefits and Problems of angel investor: advertisements, maps, and technical drawings.
1. Angel investors invest where and how they want.

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Utility model It happens quite often that someone has made some may go into this section include production and manufacturing
kind of simpler technical invention, but getting a patent is not processes, any patents the company may have, as well as
possible (lower innovation level) or it would be too costly and proprietary technology. Information about research and
timeconsuming to make a patent application, especially this might development (R&D) can also be included here.
be the case for SMEs or for individuals. One alternative for making 3. Market analysis: A firm needs a good handle on its industry as
a patent application is to have it classified as a “Utility model”. The well as its target market. This section of the plan will detail a
utility model protects a technical invention that fulfils the criteria of company's competition and how the company fits in the industry,
novelty, invention and application, but the invention is more along with its relative strengths and weaknesses. It will also
broadly defined than what is needed for a patent. The requirements describe the expected consumer demand for a company's products
regarding novelty differ from country to country. or services and how easy or difficult it may be to grab market share
Trademark A trademark, trade mark, or trade-mark is a distinctive from incumbents.
sign or indicator, used by an individual, business organization, or 4. Marketing Plan: This section describes how the company will
other legal entity, to identify that the products or services with attract and keep its customer base and how it intends to reach the
which the trademark appears originate from a unique source, and consumer. A clear distribution channel must be outlined. The
to distinguish its products or services from those of other entities. section also spells out advertising and marketing campaign plans
Industrial Design Industrial design is the use of a combination of and the types of media those campaigns will use.
applied art and applied science to improve the aesthetics, 5. Financial Plan: This section should include a company's financial
ergonomics, and usability of a product, but it may also be used to planning and projections. Financial statements, balance sheets, and
improve the product's marketability and production. The role of an other financial information may be included for established
industrial designer is to create and execute design solutions for businesses. New businesses will include targets and estimates for
problems of form, usability, physical ergonomics, marketing, brand the first few years plus a description of potential investors.
development, and sales. Example can be from technical and medical 6. The Operations and Management Plan: Describes how you will
instruments to watches, jewelry, and other luxury items; from manage the core processes of your business, including use of
house wares and electrical appliances to vehicles and architectural human resources.
structures; from textile designs to leisure goods.
Trade Secrets Trade secrets are intellectual property (IP) rights on Business Expansion
confidential information which may be sold or licensed. In general,
to qualify as a trade secret, the information must be: Diversification is going into different businesses. Eg an airline
• commercially valuable because it is secret, branching into setting up a hotel chain (related diversification) or a
• be known only to a limited group of persons, and supermarket setting up a bank (rather unrelated diversification).
• be subject to reasonable steps taken by the rightful holder of Differentiation is staying in or entering a particular business but
the information to keep it secret, including the use of confidentiality producing a product or delivering a service which is better than your
agreements for business partners and employees. rivals. So, Apple could have produced ordinary laptops, but in fact it
produces rather special ones. Toyota cars producing the Prius
model that uses hybrid fuel is also differentiation: still in cars, but
Business Planning something that makes the product different and for which
Business Plan customers will pay more.
A business plan is a document created by a company that describes Merger. A merger is a business restructuring technique that allows
the company's goals, operations, industry standing, marketing two companies to merge and operate as one legal entity. The
objectives, and financial projections. The information it contains companies that agree to merge are usually comparable concerning
can be a helpful guide in running the company. What's more, it can the scope and size of activities.
be a valuable tool to attract investors and obtain financing from Amalgamation An amalgamation is a form of merging. The Income
financial institutions. Tax Act of 1961 (ITA) defines amalgamation as the merging of one
or more companies with another business or combining two or
Why Need a Business plan more companies to establish a single company. The result of
1. To attract investors. amalgamation is the formation of a wholly new corporation. The
2. To see if your business ideas will work. companies involved in amalgamation are similar in size. The
3. To outline each area of the business. corporations participating in the merger process, on the other hand,
4. To set up milestones. are distinct since an absorbing company is expected to be bigger
5. To learn about the market. than an absorbed business.
6. To secure additional funding or loans. Acquisition The acquisition is a procedure of takeover in which a
7. To determine your financial needs. company is purchased by an acquiring firm with the intention of
8. To attract top-level people. incorporating the purchased business into its operations. Merger
9. To monitor your business. acquisitions both are ways to consolidate companies. However,
10. To devise contingency plans. mergers are the joining of two firms to form a single entity, whereas
acquisitions are the taking over of one company by another.
Components of a Business Plan Joint Venture A joint venture is a partnership among multiple
1. Executive summary: This section outlines the company and businesses, usually to launch a new commercial venture. Each party
includes the mission statement along with any information about contributes assets to the joint venture and decides how income and
the company's leadership, employees, operations, and location. expenses will be shared.
2. Products and services: Here, the company can outline the
products and services it will offer, and may also include pricing,
product lifespan, and benefits to the consumer. Other factors that

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5. Engineering services- Engineering services comprise of tool and
Startup & Venture development equipments that are used in pumps, tractors, pipes and fittings,
From the very moment one decides to set up a business, they repairs, etc.
inevitably enter into what is called a ‘business cycle’. No matter how 6. Forest-based industries- Forest based industries are involved in
an entrepreneur decides to conduct their business, the ultimate bamboo products, honey making, beedi industry, supply of wood
goal remains the same – to make the company big. and wood products, etc.
Startup Every venture or endeavor starts with an idea. Hence, the The reasons for rural entrepreneurship can be well-understood
startup phase follows after the phase of ‘seed and development’, from points discussed below: –
where your business is just a thought or idea, essentially signifying 1. High potential of creating employment- Rural entrepreneurship
the birth of the business. brings in large number of employment opportunities for people
Growth Reaching this phase means that your startup has a steady living in rural areas. Industries in rural parts are mostly labor-
source of income and is taking new customers consistently. The intensive where many people are engaged in distinct activities both
entrepreneur should start noticing an improvement in the cash flow directly and indirectly. Rise in unemployment is one of the basic and
with a slow but steady upward movement in the income most highlighted problem of every nation in today’s era. Rural
entrepreneurship can be very effective in tackling this problem in
Establishment Reaching this phase means that your business has positive way by bringing in more job opportunities for people.
been successful in becoming a thriving company that has a steady 2. Brings down income disparity- Rural industries possess a high
flow of income along with a solid grounding in the market and a potential of generating large amount of income for rural
loyal customer base. For the successful CEO and their employee, population. When people living in non-urban areas get equal
business becomes more of a routine job, where everyday situations opportunity for earning income as similar to one living in urban
are mostly predictable. areas, the disparities in income earned gets reduced. Establishment
Expansion This phase is characterised by growth into new markets of new business setup and industries result in giving better job
and distribution channels. An entrepreneur no longer has to poke opportunities with adequate salaries and wages.
their nose into smaller matters since there are people assigned to 3. Proper utilization of resources- The rural entrepreneurship
take up different problems. Every company at this phase tries to helps in effective utilization of resources available in remote areas.
capitalise on newer possibilities and ventures. The resources are present in sufficient quantity among rural areas
Maturity and possible exit Although sales and profits remain stable which may remain lie idle if rural entrepreneurship does not exist.
over the years, competition keeps increasing. This phase is mostly When industries will run via rural entrepreneurship programme,
marked by consolidation, where the entrepreneur is faced by a then the use of all these resources will enhance productivity
dilemma of having to choose between whether to keep expanding thereby favoring nation in some way. In addition to this, labor
or make an exit. available in villages also get some work in these types of
entrepreneurships.
Rural Entrepreneurship 4. Reduce migration of villagers- Migration of people from rural
areas to urban areas is one of the critical issues being faced by every
nation in today’s time. People migrate to cities in search of job
Rural entrepreneurship is a term that relates to the establishment
opportunities, better life and various other infrastructural facilities
of new business units and industries in rural areas. It involves
which are missing in rural areas. Rural urbanization works on
carrying out entrepreneurship activities in the rural economy which
removing this gap in terms of development among urban and non-
results in the overall development of the nation. Rural
urban areas. It helps in creating similar growth and development
entrepreneurship has its root lying in non-urban areas and has a lot
opportunities for peoples of villages as are available in urban areas.
of potential for undertaking numerous endeavors in business,
When people have access to job opportunities in their native areas,
industry, agriculture, etc. Generally, industries and business
they would like to remain at their home instead of migrating to
enterprises in rural areas are involved in agriculture and its allied
some other places.
activities. These activities support the livelihood of the majority of
5. Earns foreign exchange- Rural market serve as an important
the population living in rural areas.
source of earning foreign revenue for nation. The products which
are manufactured in rural areas are in high demand and exported
Types of Rural Entrepreneurship
to several countries all over the world. These products comprise of
1. Agro based enterprises- Agro based enterprises are one which
handicrafts, artifact, handlooms and various other agricultural
are engaged in processing and selling of agricultural products. These
products. All transactions are settled in international currencies
products include fruit juice, sugar, wheat, rice, dairy products,
which leads to increase the foreign currency reserve of country.
jaggery, oil from oil seeds and many more.
6. Enhance traditional culture- Rural entrepreneurship not only
2. Mineral based industries- Mineral based industries uses
protects but also promote the art, creativity and culture of
minerals ores as primary raw material for producing their range of
particular region on wider scale. It is seen that people from rural
products. Iron and steel industry, cement industry, aluminum
areas have great talent in terms of culture and tradition. Also, all
industry, wall coating powders etc. are included in mineral based
sort of historic artistic activities were originated from rural areas
industries.
only. Rural entrepreneurship paves the way for promotion of these
3. Handicrafts- Handicrafts are artistic items which are made from
activities, thereby enabling villagers to create wonderful handicraft
glass, jute, bamboo, soil, wood etc. In addition to this, antiques,
items and earn their bread and butter via selling them.
traditional decoration items and toys are also covered here.
7. Foster economic development- The economic development of
4. Textile industry- Textile industries include all those industries
remote areas across the nation is increased to great extent by rural
which are involved in spinning, weaving, tie and dye, and coloring
entrepreneurship. It focuses on achieving equitable growth and
and bleaching of textile.
development in both urban and rural areas. More capital is brought
into the rural market by establishing new ventures and industries.

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All this also results in eliminating the differentiation among areas as of their encouragement are different for each sex, the tasks to be
slums, town, cities etc. performed, the game to be played are different.
Problems of Rural Entrepreneurship 4. Role Conflict Indian women find it difficult to adjust themselves
There are lots of challenges and hardships which are faced while to the dual role that they have to play as traditional housewives and
rolling out entrepreneurship programmes in rural areas. They are as compete with men in the field of business and industry.
listed below: – 5. Cultural Values
1. Lack of funds- Absence of adequate amount of funds is one of The problems that women faced in entrepreneurship career are
the major issues faced by rural entrepreneurs. Finance is termed as resistance, apathy, shyness, conservation, inhibition, poor response
backbone of every business and no business can perform if there is which are products of cultural traditions, value systems and social
no availability of funds. Entrepreneurs in rural areas face great sanctions.
hardships in securing external funds due to the absence of credit in 6. Finance
market as well as tangible security. The foremost difficulty of women entrepreneur is arranging finance
2. Poor infrastructure facilities- Entrepreneurs in rural areas and capital. Money is the blood steam of any enterprise.
suffered a lot due to the poor infrastructure facilities. They are 7. Locational Issues
unable to attain better growth rate in absence of basic Locational disadvantages are not uncommon for some women
infrastructure such as transport, communication and power supply entrepreneurs, because of their rural background and location.
which all are very bad when compared with cities facilities. All these They are not having access ability to good markets.
are much needed things in order to run a business in smoothly 8. Knowledge about marketing Common problems for all
manner. entrepreneurs are how to market the product. They don’t know
3. Competition- Rural entrepreneurs faces a tough competition in how to contact and whom to contact. Here the middlemen try to
market from large scale organizations and urban enterprises. They exploit women entrepreneurs.
lack in terms of products quality, effective branding and proper 9. Raw Material
standardization. All these factors make rural entrepreneurs The non-availability of raw material within their region is also a
inefficient in competing with these large-scale organizations. main problem to the entrepreneurs. They do not know from where
4. Unavailability of skilled labor- Absence of skilled labor in they can get it at cheap rate.
remote areas is another critical issue faced by rural entrepreneurs. 10. Price Competition
It is difficult to find skilled personnel in non-urban areas as most of Those entrepreneurs who are doing embroidery, garments,
them are willing to work in urban areas where they get high salaries painting, etc., are facing still price competition from the agencies
and access to better amenities. sponsored by the government like Rural Development Agencies.
5. Poor quality of products- Rural entrepreneurs lack in better
standard tool and equipments for regulating the product quality. Remedial Measures for Women Entrepreneurs
This results in production of inferior quality of products. Customers To overcome all such problem efforts are being taken by all the
are more quality sensitive in today’s era and may boycott the brand agencies on the following lines:
which is not focusing on quality control. A. Promotional Help: To formulate project in a proper form and
6. Exploitation by middlemen- Rural entrepreneurs largely get also in drafting project
exploited by middlemen. In order to perform the marketing of report, getting concurrences from various authorities for different
products, rural entrepreneurs are heavily dependent upon purposes.
middlemen who charges a huge profit. Absence of storage facilities B. Training: Achievement of motivation and training in the
and adequate transport services are another marketing issues faced particular industry are also being imparted.
in remote areas. C. Selection of Machinery and Technology: Suitable assistance in
7. Legal formalities- A rural entrepreneur need to fulfill several the choice of appropriate
legal formalities prior to establishing a business unit. These machinery and equipment must be provided.
formalities include attaining a business license, pollution certificate D. Finance: Banks and other institutions agencies are adopting
and various other forms of clearance. The entrepreneur may find special schemes for rendering
difficulty in completely all these tasks due to the low-level of assistance women entrepreneurs. Concessions and preferences are
education. also given to them.
E. Marketing Assistance: Providing information relating to the
market condition, price level competition and other things too,
Women Entrepreneurship women entrepreneurs will greatly relieve them from too much of
torture.
Problems of Women Entrepreneurs F. Besides that, they too should possess certain qualities to
“For starting and running the unit women have to face various become successful entrepreneurs by overcoming the problem as
problems. These problems are classified under two categories. women.
1. Poor self Image of Women All prevailing socio-cultural norms

conspire and combine to perpetuate the image of women as a Social Innovation & Entrepreneurship
weak, submissive, non aggressive daughter, an obedient, dutiful, "Social innovation is the process of developing and deploying
dependent and faithful wife and a self sacrifising mother. effective solutions to challenging and often systemic social and
2. Discrimination The perception of the states hierarchy based on environmental issues in support of social progress […] Solutions
the concept of men as ‘Superior’ and women as inferior has made often require the active collaboration of constituents across
the women subservient. government, business, and the nonprofit world". Social innovation
3. Faulty Socialisation Right from early childhood when the is a: "a process, product or program that profoundly changes the
educational conditioning begins, the attitudes comments and plans way a given system operates, changing it in such a way that reduces

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the vulnerability of the people and the environment in that system. the aim of transforming India into a global manufacturing and
As a consequence of a positive social innovation, a system grows design export hub.
more resilient". Today, India boasts of being the third-largest startup ecosystem
What is the Difference Between Social Innovation and Social across the globe. The country has over 100 unicorns and more than
Entrepreneurship? 60,000 startups operating within the territory. This success can be
1. Social innovation is about creating ideas for change; social partly attributed to the active support provided by the Indian
enterprise is about the business model (for-profit or non profit); government to startups and entrepreneurs through its various
finally, social entrepreneurship is all about the mindset. schemes and programs. All of the aforementioned programs were
2. In the article Social Innovation vs Social Enterprise (2014), Kayla accompanied by various government schemes and resources to
Kurin states that "while a social entrepreneur is focused on solving provide financial assistance and working capital to startups. For
a problem through business, a social innovator could be looking to instance, startups are eligible for a variety of benefits under the
solve the problem through a number of different mediums". Startup India Action Plan, including tax incentives and exemptions,
3. In one of its publications, the Stanford Social Innovation Review loans at reduced interest rates, skill development programs,
(2008) is being provocative by stating that social enterprises are prioritization of startups in public procurement, etc. This article
lacking a full understanding of all the manifestations of social aims to cover few of the numerous schemes launched by the Indian
change. The article suggests there is cross-contamination between government.
non profits, governments and businesses.
Top 10 Schemes are:
Types of Social Innovation 1. ASPIRE – A Scheme for Promotion of Innovation, Rural
Generally speaking, social innovation can be categorised into three Industries and Entrepreneurship This scheme was introduced to set
main groups, namely "product-based, process-based and socially up a network of technology centers and incubation centers across
transformative": India with the objective to accelerate entrepreneurship and
Dutch philosopher Herman Dooyeweerd designed a systemic encouraging innovations for unmet social needs in the agro-
framework identifying ten types of social innovation: socio-juridical, business industry. It provides financial aid for setting up livelihood
socio-cultural, socio-political, socio-ideological, socio-ethical, socio- business incubators and/or technology business incubators, by way
economic, socio-organisational, socio-technical, socio-ecological of one-time grant of 100% (hundred percent) cost of plant &
and socio-analytical. Initiatives within the social innovation sphere machinery (apart from land and infrastructure) or a sum up to INR
can include one or several of these typologies as one might lead or 100 (Indian rupee hundred) lakhs, whichever is less.
require another one to exist. In India, a large portion of the population is still dependent on
agriculture for their livelihood and a substantial number of Indians
The Process of Social Innovation live in rural areas. As such, this scheme was launched with the
1. Prompts, inspirations and diagnoses: highlight the need for and purpose of generating employment and establishing enterprises in
inspiration behind innovation; the agriculture industry. It provides knowledge to entrepreneurs for
2. Proposals and ideas: draw insights and generate ideas through establishing their own businesses, to emerge as employers, and to
creative methods; ensure their self-sustainability. This program intends to foster
3. Prototyping and pilots: test and refine ideas; district-level economic growth from the ground up.
4. Sustaining: sharpen your idea by identifying ways of sustaining
it in the longer term (e.g.: income streams); 2. Pradhan Mantri Mudra Yojana Under this scheme, Micro Units
5. Scaling and diffusion: expand your idea (e.g.: ‘organisational Development and Refinance Agency Ltd. (“MUDRA”) is an non-
growth, through licensing and franchising to federations and banking financial company which supports development of micro
widespread dissemination’); enterprise sector in India. MUDRA provided refinance support to
6. Systemic change: the ultimate goal of social innovation - the banks and/or microfinance institution for lending to micro units
creation of new frameworks or architectures made up of many who have loan requirement up to INR 10 (Indian rupee ten) lakhs.
smaller innovations (e.g.: new technologies, supply chains, The loans have been divided into categories of Tarun, Kishore, and
institutional forms, skills, and regulatory and fiscal frameworks). Shishu, depending on the stage of development, funding needs and
age of the business and the amount of loan that can be availed by
Five Stages of Social Innovation: these businesses. There is no collateral security for these assets and
1. Diagnose the organisation or network holistically. loans up to INR 10 (Indian rupee ten) lakhs can be provided to small
2. Identify a new vision and strategy for impact. businesses which are non-corporate and non-farm micro or small
3. Realign the organisation around the strategy. enterprises. This loan is granted for a variety of activities which
4. Design a system-wide change process. provide income generation and employment creation. It is mostly
5. Lead, communicate, and engage. offered to street vendors, store owners, traders, and other service
providers. Additionally, working capital, travel vehicle, and working
capital loans are offered. Thus, it is a unique scheme that is devised
Govt. Schemes in Startup to empower Indian entrepreneurs.
Startup India is a flagship initiative of the Government of India with
the agenda to actively support startups and entrepreneurs. The 3. Support for International Patent Protection in Electronics and
primary objective of the program is to create a strong ecosystem Information Technology (SIP-EIT)
that nurtures and protects innovation and startups in India, The SIP-EIT scheme was launched by the Department of Electronics
ultimately generating large-scale employment opportunities and and Information Technology (“DeiTY”) with the aim of providing
leading to the sustainable economic growth of the country. government funding to technology startups and Micro Small and
Subsequently, the Indian government also launched the Medium Enterprises (“MSME”) in India for filing international
Aatmanirbhar Bharat mission and the ‘Make in India’ program, with patents. This encourages innovation, builds brand recognition, and

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recognizes the importance and potential of having global objective of CRG is to help research labs, academic institutions and
intellectual property protection. The financial assistance is provided other R&D organizations carry out research in all frontier fields of
to the information communication technologies and electronics science and engineering. Thus, it encourages upcoming and
sector. The eligible entities can apply for this scheme at any stage eminent scientists for an individual-centric competitive method of
of the international patent filing process. The reimbursement limit research funding.
is set at either 50% (fifty percent) of the total expenses incurred
during filing and processing of the application, or INR 15 (Indian 8. High Risk and High Reward Research This scheme aims to
rupee fifteen) lakh for every invention, whichever is lesser. support and invite new ideas and proposals which carry the
potential to have a broad impact in the domains of science and
4. Multiplier Grants Scheme (MGS) technology. It lays emphasis on proposals that are new and risky,
This scheme was again launched by DeitY with the objective of but if successful, can be highly rewarding for the field of science.
encouraging industries to collaborate with premier academic and Such proposals may include theoretical and experimental advances,
government R&D institutions for the development of packages and challenges to existing hypotheses, scientific breakthroughs, an ‘out
products. This would strengthen the link between industries and of the box’ solution for an important problem, or the formulation of
institutes, accelerate the development of indigenous products and a new hypothesis that brings about new technologies. There is no
packages, and bridge the gap between proof-of-concept and prescribed budget limitation for these projects and the research
globalization. Under this scheme, if an industry supports the R&D of grant shall cover consumables, contingencies, equipment, and
products that are capable of commercialization, the government travelling costs apart from the overhead grants. The funding is
would provide funding up to twice the amount provided by that provided for 3 (three) years which may be extended to 5 (five) years
industry. The grant amount for an individual industry is restricted to in exceptional cases.
2 (two) crores per project and the preferred duration of each
project is less than 2 (two) years. For a consortium of industries, the 9. Design Clinic Scheme The Indian government has recognized the
granted limit is 4 (four) crores with the duration of 3 (three) years. importance of innovation and design in the growth of any brand and
decided that every MSME and startup should build a design-centric
5. Credit Guarantee Fund Trust for Micro and Small Enterprises approach for fueling their startup. In order to encourage small
(CGTMSE) To implement the Credit Guarantee Fund Scheme for businesses to experiment with new and innovative designs for their
Micro and Small Enterprises (“MSE”), the Ministry of MSME, the goods, the Ministry of MSME established the Design Clinic scheme
Government of India, and the Small Industries Development Bank to create a sustainable design eco system through ongoing training
of India (“SIDBI”), established the Credit Guarantee Fund Trust for and skill development. Under this scheme, the government shall
Micro and Small Enterprises (CGTMSE). This scheme strengthens extend up to INR 60,000 (Indian rupee sixty thousand) for attending
the credit delivery system and facilitates flow of credit in the MSE seminars on design and up to INR 3.75 lakhs or 75% (seventy-five
sector. It provides loans at highly subsidized rates and with zero percent) of the seminar’s cost, where the seminar is conducted by
collateral to startups, small-scale industries, and micro-level the startup or MSME.
businesses. The scheme covers fund and non-fund-based credit
facilities up to Rs. 200 lakhs for every eligible borrower and the 10. Zero Defect Zero Effect (ZED) scheme This mission seeks to
funds are dispersed by the SIDBI. The scheme is primarily for service motivate manufacturers to create better products, have zero
or manufacturing businesses and the loan can be availed in the form defects and high quality, as the name suggests. It is a handholding
of a term loan or working capital. scheme that provides an opportunity to MSMEs to embrace world-
class manufacturing processes, use new technology and
6. Single Point Registration Scheme (SPRS) SPRS is a developmental consistently improve their products. The scheme provides tools,
scheme managed by the National Small Industries Corporation technology as well as financial assistance to startups and MSMEs for
(NSIC) for supporting MSE. Undoubtedly, the Indian government is ensuring zero defects in their goods. ZED also offers a holistic
the single largest purchaser of a large array of goods. The objective certification, assesses enterprises for ZED, and supports startups in
behind this scheme was to increase the number of purchases from climbing up the maturity assessment model of the scheme.
the small-scale sector. By opting for this scheme, NSIC registers the
eligible MSEs for participation in government purchases without 11. Atal Innovation Mission AIM is Government of India’s flagship
any Earnest Money Deposit (EMD), which is the money taken from initiative to create and promote a culture of innovation and
bidders before they place any bid, as a security deposit for ensuring entrepreneurship across the length and breadth of our country.
their seriousness in the project. Thus, under SPRS, MSEs having an AIM’s objective is to develop new programmes and policies for
NSIC registration will be exempt from paying the EMD.. Further fostering innovation in different sectors of the economy, provide
benefits include advantages in tender participation, free of cost platforms and collaboration opportunities for different
tender, and procurement from MSEs. As an additional benefit, 358 stakeholders, and create an umbrella structure to oversee the
(three hundred and fifty-eight) categories of goods are reserved for innovation & entrepreneurship ecosystem of the country.
being purchased exclusively from the MSEs and the government has
also prescribed a minimum limit of 25% of the total yearly MSME
purchases made by central ministries, departments, and public Micro, small, and medium enterprises, or MSMEs, are
sector undertakings from MSEs only. the foundation of any developing economy. The
MSMED Act was created by the Indian government to
7. Extra Mural Research or Core Research Grant (CRG)
CRG was originally named Extramural Research funding scheme. It encourage and promote MSMEs through different
was launched more than four decades ago, after the establishment subsidies, programmes, and incentives. Udyog Aadhar
of the Science and Engineering Research Board (“SERB”) but or MSME Registration is required to receive benefits
continues to be one of the most relevant and useful schemes. The

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under the MSMED Act from the Central or State given to small companies and startups. The main aim
Governments, as well as the Banking Sector. is to fund the underfunded through the concept of
low-cost credit.
The Central Government, hereby notifies the following
criteria for classification of micro, small and medium 2. MSME Business Loans in 59 Minutes
enterprises, namely:— SIDBI or Small Industries Development Bank of India
(i) A micro enterprise, where the investment in Plant launched “MSME loan in 59 minutes” as one of the
and Machinery or Equipment does not exceed one unique Government Schemes for new businesses,
crore rupees and turnover does not exceed five crore wherein a loan is approved in 59 minutes flat.
rupees;
(ii) A small enterprise, where the investment in Plant 3. Credit Guarantee Fund Scheme for Micro and
and Machinery or Equipment does not exceed ten Small Enterprises (CGTMSE).
crore rupees and turnover does not exceed fifty crore The CGMSE was first launched in the year 2000 as a
rupees; monetary support scheme for micro and small
(iii) A medium enterprise, where the investment in enterprises. Launched by the Ministry of Micro, Small
Plant and Machinery or Equipment does not exceed and Medium Enterprises (MSME Ministry) and Small
fifty crore rupees and turnover does not exceed two Industries Development Bank of India (SIDBI), CGTMSE
hundred and fifty crore rupees. Scheme offers collateral free loans to small
enterprises and businesses that satisfy its eligibility
Benefits of Registration as MSME (Udyam) criteria .
1. MSME enterprises can get finance facilities
from Banks without collateral requirements 4. Emergency Credit Line Guarantee Scheme
2. Schemes by the Central Government for the The Emergency Credit Line Guarantee Scheme (ECLGS)
development of MSMEs is a new initiative introduced by the Modi government
3. Subsidies and Government Schemes to under the budget 2021 in order to re-energise the
promote specific industries MSME sector. The scheme forms a part of the Rs. 20
4. Reservation of Products to be produced by lakh crore package for existing MSMEs or businesses
MSMEs only to help them meet their daily operational expenses
5. Concession/ subventions on Bank Interest and and maintain a healthy working capital or cash flow
Debt servicing and invest in avenues to keep their businesses
6. Concession on Taxation functioning.
7. Preference in procuring Government tenders, Gk in Entrepreneurship Trends
8. Stamp duty and Octroi benefits,
9. Concession in electricity bills Famous VCs Angel investors in India
10. Reduced fees for Trademark registration 1. Accel 1. Girish Mathrubootham.
11. Reservation policies to manufacturing/ 2. Andreessen Horowitz 2. Sanjay Mehta.
production sector enterprises 3. Benchmark 3. Gokul Rajaram.
4. Index Ventures 4. Ratan Tata.
12. No more delayed payment troubles
5. Sequoia Capital 5. Amit Somani.
13. Time-bound resolution of disputes with 6. Bessemer Venture 6. Anupam Mittal.
Buyers through conciliation and arbitration Partners 7. Anand Chandrasekaran.
14. Reimbursement of ISO Certification expenses 7. Founders Fund 8. Sandeep Tandon.
15. Foreign Business Expo 8. GGV Capital
9. IVP
16. Facilities for Upgradation of Technology used
in the industry
Indian Unicorns
Government-backed loan schemes for MSMEs:
1. MUDRA Loans for Small Business Company
Micro-units Development and Refinance Agency Name Founders
(MUDRA) is an organisation established by the Flipkart Sachin Bansal, Binny Bansal
government of India that provides business finance to Paytm Vijay Shekhar Sharma
micro-business units. The loans under the scheme are Zomato Deepinder Goyal

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Sahil Barua, Mohit Tandon, Bhavesh Niraj Singh, Ramanshu Mahaur, Ganesh
Delhivery Manglani, Suraj Saharan, and Kapil Bharati Spinny Pawar, Mohit Gupta
Paytm Mall Vijay Shekhar Sharma CureFit Mukesh Bansal, Ankit Nagori
PolicyBazaar Yashish Dahiya, Alok Bansal, Avaneesh Nirjar Zeta Bhavin Turakhia, Ramki Gaddipati
ReNew Mamaearth Varun Alagh and Ghazal Alagh
Power Sumant Sinha
Droom Sandeep Aggarwal
Quikr Pranay Chulet
Hike CoinDCX Sumit Gupta, Neeraj Khandelwal
Messenger Kavin Bharti Mittal Rivigo Deepak Garg, Gazal Kalra
V. S. Sudhakar, Hari Menon, Vipul Parekh, Naveen Tewari, Mohit Saxena, Amit Gupta
Bigbasket Abhinay Choudhari, V. S. Ramesh InMobi and Abhay Singhal
Nykaa Falguni Nayar Licious Abhay Hanjura, Vivek Gupta
Sanjay Sethi, Sandeep Aggarwal, Radhika NoBroker Akhil Gupta, Amit Agarwal, Saurabh Garg
ShopClues Aggarwal
Snapdeal Rohit Bansal, Kunal Bahl
Freshworks Girish Mathrubootham, Shan Krishnasamy VerSe
Icertis Samir Bodas, Monish Darda. Innovation Virendra Gupta
Abhinav Shashank, Kanav Hasija, Sandeep Physics
Innovaccer Gupta Wallah Alakh Pandey
Moglix Rahul Garg OneCard Anurag Sinha, Rupesh Kumar, Vaibhav Hathi
Byju's Byju Raveendran, Divya Gokulnath 5ire Pratik Gauri
Swiggy Nandan Reddy, Sriharsha Majety
Oyo Ritesh Agarwal
Famous Indian Taglines
Dream11 Harsh Jain, Bhavit Sheth
The Taglines of Indian brands (or localised MNCs) that rock!
Razorpay Harshil Mathur, Shashank Kumar
1. HDFC – We understand your world
Ola Cabs Bhavish Aggarwal, Ankit Bhati 2. Dish TV – Wish karo Dish Karo
CRED Kunal Shah 3. Coca Cola – Thanda Matlab Coca Cola
PharmEasy Siddharth Shah 4. Parle-G – G for Genius
PhonePe Sameer Nigam, Rahul Chari 5. Dollar Club – Fit hai boss!
Bhuvan Gupta, Vasant Sridhar, Ruchi Kalra,
6. Dettol – Be 100% Sure
OfBusiness Nitin Jain, Asish Mohapatra
7. Nirma – Naye Zamane Ke Ziddi Daagon Ke Liye / Doodh si
Ola Electric Bhavish Aggarwal safedi
Meesho Vidit Aatrey, Sanjeev Barnwal 8. Ponds –Every woman is worth it!
BrowserStack Ritesh Arora, Nakul Aggarwal 9. Lifebuoy –Lifebuoy hai jahaan…tandurusti hai wahaan!
Ankush Sachdeva, Bhanu Pratap Singh, Farid 10. Surf Excel –Daag acche hain! / Surf Excel hai na!
ShareChat Ahsan
Digit 11. Eveready – Give me red
Insurance Kamesh Goyal 12. Amul – Utterly Butterly Delicious
Vikram Chopra, Mehul Agrawal, Gajendra 13. Bagpiper – Khoob Jamega Rang Jab Mil Bhaitenge Teen Yaar.
CARS24 Jangid and Ruchit Agarwal Aap, Mein Aur Bagpiper
Unacademy Gaurav Munjal 14. Britannia – Good Day!
15. Brooke Bond Taj Mahal Tea: Wah Taj; Sirf Chai nahi ye hai
Udaan Vaibhav Gupta, Amod Malviya, Sujeet Kumar
Taj
Lalit Keshre, Harsh Jain, Ishan Bansal, Neeraj
Groww Singh 16. Fevicol – Fevicol Ka Mazboot Jod Hai Tootega Nahi!
Pine Labs Lokvir Kapoor, Rajul Garg, Tarun Upaday 17. Cadbury – Kuch meetha ho jaye
Ravi Kumar, Kavitha Subramanian, Shrini 18. Coca Cola – Thanda Matlab Coca Cola!
Upstox Viswanath 19. Frooti – Mango Frooti Fresh ‘N’ Juicy
BharatPe Ashneer Grover 20. Ghari – Pehle Istemal Kare Fir Vishwas Kare
Infra.Market Aaditya Sharda, Souvik Sengupta 21. HDFC Life – Sar Utha Ke Jiyo
Peyush Bansal, Amit Chaudhary, Sumeet 22. Fevicol: Jis Desh Mein Ganga Behti Hai, Us Desh Mein Fevicol
Lenskart Kapahi Bhi Behta Hai!
CoinSwitch Ashish Singhal, Vimal Sagar Tiwari, Govind 23. Hero Honda: Desh ki dhadkan / Fill it, shut it, forget it
Kuber Soni
M.N. Srinivasu, Ajay Kaushal, Karthik 24. Hutch: Wherever You Go, Our Network Follows
BillDesk Ganapathy 25. Amul: The Taste of India

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26. Bosch: Invented for life 72. Vicks: Vicks Ki Goli Lo Khich Khich Dur Karo
27. Tata AIG: With you always 73. Cadbury 5 star: Jo Khaaye, Kho Jaye
28. Thumbs up: Taste the thunder / Aaj Kuch Toofani Kartey 74. 7up: I feel up
Hain
29. Raymond: The Complete Man
30. Idea: An idea can change your life / What an idea sirji!
31. Cafe Coffee Day: A lot happens over coffee
32. Kingfisher: The king of good times
33. Mentos: Dimaag ki batti jala de
34. LIC: Zindagi ke saath bhi, zindagi ke baad bhi
35. Pepsi: Yehi hai right choice, baby / yeh dil maange more /
yeh pyaas hai badi
36. Asian Paints: Har Ghar Kuchch Kahta hein.
37. Air Deccan: Simplifly.
38. Rasna: I love you Rasna.
39. Aaj Tak: Sabse tez
40. Kit Kat: Have a break, have a Kit Kat / Kit Kat break banta hai
41. Accenture: High performance delivered
42. Lays: No One Can Eat Just One
43. Alpenliebe: Meethe Mein Atka, Spicy Ka Jhatka
44. L’Oreal: Because I’m worth it
45. Amul Macho: Bade Aaram Se
46. Axis Bank: Badti ka naam zindagi
47. Bajaj: Hamara Bajaj
48. MDH: Asli Masale Sach Sach MDH MDH
49. Boost: Boost is the secret of my energy
50. Ceat: Born tough
51. Maggi noodles: Fast to cook, good to eat.
52. Tata salt: Desh ka namak.
53. Kurkure: Tedha hai par mera hai.
54. Center Fresh: Zubaan Pe Rakhe Lagaam
55. Close Up: Taazgi Jo Paas Laye
56. Colgate: Kya Aapke Toothpaste Mein Namak Hai?
57. Complan: I am a Complan boy
58. Melody: Melody Hai Chocolaty / Melody Khao Khud Jaan Jao
/ Yeh Melody Itni Chocolaty Kyun Hai?
59. Mirinda: Zor Ka Jhatka Dheere Se Lage
60. Mountain Dew: Darr Ke Aage Jeet Hai
61. Navratna: Thanda Thanda Cool Cool
62. OLX: Yahan sab kuch bikta hai
63. Onida: Neighbour’s, envy, owner’s pride
64. Paytm: Paytm karo
65. Perk: Thodi si pet puja
66. Radio Mirchi: Mirchi Sunne Wale Always Khush!
67. Red FM: Bajate raho
68. Reliance: Karlo Duniya Mutthi Mein
69. Star Plus: Rishte Wahi, Soch Nayi
70. The Indian Express: Journalism of Courage
71. Uncle Chipps: Bole Mere Lips, I Love Uncle Chipps

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Innovation &

1|Page CMATking Innovation & Entrepreneurship Management

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1. Poor self Image of Women All prevailing socio-cultural norms

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