...Quiz 2 Summary Topic 7: Entrepreneurship and development By the grace of invention Author: Julia Novy-Hildesley Thesis: Invention and innovation are critical drivers of prosperity and growth in society. Inventiveness is an essential human characteristic. * Innovation Engine * Engage youth in science/engineering education programs. * Focus on early intervention, out-of-school programs, and generation perceptions of engineering as fun, collaborative and relevant to making a difference in the world. * Ashoka’s youth venture program engages teens from developed/non-developed countries and offer prizes to reward most creative idea/invention. * WGBH-Boston made a public TV show called ‘Design Squad’ that inspires teens to invent by showing real-time invention challenges tackled by teen teams. * President Obama’s Educate to Innovate program has helped increase investments by private corporations in science/engineering education * In-school programs that support Science, Technology, Engineering, and Math (STEM) are essential. * Ensuring these programs attract and retain a diverse population of young people. Fresher ideas. * Encouraging female and minority participation. * MESA (Math Engineering Science Achievement) engages girls by creating collaborative student teams that tackle multiple invention challenges over a period of several years. * Increasing initiatives to inventors...
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...Sustainable Innovation as a Corporate Strategy M. Rashid Khan and Mohammed Al-Ansari Intellectual Assets Management, Saudi Aramco, Dhahran 31311, Saudi Arabia. 1. Introduction Something amazing happened in the corporate world. The idea to innovate has captured our imagination. As an example, in 1996, Lucent Technologies’ award winning “Creativity Center” was industries state-of-the art that provided leadership, passion, outstanding marketing, training and communication. Similarly, Enron was the industry “darling” for its innovation program; Enron’s major intranet program “eThink” was recognized with awards for excellence in communication. Yet four years later Enron went bankrupt, the programs of many companies were in ruins joining the ranks of Polaroid, DuPont, Reynolds, Ford and many others. What happened? We watched many companies failed while other organizations remained successful. What made the difference in the innovation process? While many companies failed, others were successful adding value fostering innovation and creativity. Many companies such as 3M, IBM, Disney, Microsoft, and Sony continued to innovate. This paper attempts to explain the reasons behind the failures and successes. 2. What is Innovation? Innovation is discovering new ways of creating value. Innovation serves as the lifeblood of many organizations whose survival and growth depend on developing new technology, products and services. A successful organization is a creative organization because creativity...
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...ECONOMIC DEVELOPMENT IS CAUSED BY ENTREPRENEURSHIP AND INNOVATION HAS TO BE SUSTAINABLE Economic development is separate to entrepreneurship and innovation as it is usually the result of both products together. It refers to changes in living standards or welfare over time. Entrepreneurship and innovation are interlinked and if one of them is achieved, the other must also be. Entrepreneurship is defined as one who introduces “the carrying out of new combinations,” (Schumpeter, 1934, p.74) whereas, innovation is the introduction of a new good or service into the market and can be split into two types: “the first refers to a gradualistic movement as tastes and populations change and refinements in business are developed. The second refers to spontaneous, discrete or discontinuous, internally generated changes which cannot be progressively associated with other causes,” (Binks & Vale, 1990, p.23) therefore, the first is gradual and is described as incremental innovation and the second is spontaneous which would be regarded as radical innovation. Radical innovation is classed as more significant for economic development. It is the idea of a discrete product that changes living standards more so. For example, for the camera industry in 2004: “Kodak and Fuji were among the first to embrace digital imaging technology and currently dominate the digital camera industry. Polaroid, on the other hand, faltered in the introduction of a digital camera.” (Danneels, 2004, p.252) So, this...
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...Importance of Innovation has been discussed for decades and continues to be the most talked about management issue these days. Today, knowledge in all its forms plays a crucial role in economic processes. Organizations with more knowledge systematically outperform those with less. Within the knowledge-based economy, innovation is seen to play a central role. It was believed that an enterprise can maintain competitive advantage through quality and price. However, the research at the Ernst Young Centre for Business Innovation (CBI) has revealed that innovation isone of the most valuable differentiator for sustainable competitive advantage. Firms innovate to defend their competitive position as well as to seek competitive advantage. Innovation is at the heart of economic change. In Schumpeter’s words, “radical” innovations shape big changes in the world, whereas “incremental” innovations fill in the process of change continuously. Innovation is the motor of the modern economy, turning ideas and knowledge into products and services. 1 Apple, Google, 3M, Toyota, Microsoft, GE, and P&G were the most innovative companies in the year 2006 as per the annual list of the world’s 25 innovative firms. Innovation has been mostly discussed related to technology, product and processes. It has been argued that product and process innovation are not the main bottleneck to progress. The bottleneck is management innovation. But what is management innovation? Why is it so important? And how...
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...46th Engineers’ Day Celebrations Institution of Engineers (INDIA) HOW FRUGAL ENGINEERING LEADS TO SUSTAINABLE DEVELOPMENT? Er. Darapu Srikanth Satish Kumar, M.Tech., AMIE MISTE, MIGS, MIAENG, MIAHS, MEWRS Asst. Professor, GITAM Institute of Technology, GITAM University Visakhapatnam, A.P., INDIA ABSTRACT Unless sustainability aspects are mandatorily incorporated at all levels of development across varied fields and regions, with specific attention to rapid temporal changes and with legal sanctity, we cannot think of happy future generations, for which we, the humans are to be blamed undoubtedly and mother Earth shall not forgive us. The innumerable effects of unsustainable development, as we are already experiencing, are quite adverse and mostly irreversible like Climate Change, Global Warming, La Niña, El Niño, Ecological Imbalance, Water Scarcity, increased levels of Atmospheric Pollution, Soil Contamination etc. Even though these detrimental effects cannot be mitigated completely, they can be contained using frugal engineering which in turn helps in achieving sustainable development. The various aspects of how frugal engineering leads to sustainability are explained in this paper. KEY WORDS Frugal Engineering, Sustainable Development, Mitigation Measures, Ecological Balance, PROLOGUE As I was reading the theme for this write up, one thing that hinted me is a very fancy mobile which is bought anew for around 50,000 by one of my friends, and which has got lot of features...
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...was based on growth which was achieved through offering variety and convenience at low costs to keep an ongoing customer experience. Initially it was only based on a three pillar strategy that is; selection, pricing and convenience along with innovation. It had aimed at investing in technological advancements as a growth indicator. In 2007 Amazon launched a number of new websites serving customers with specific needs. Amazon strategy changed from just serving web retail customers to now serving consumer customers, seller customers and developer customers. Amazon was going through expansion and diversification. It started acquiring companies to serve its need for technological development, products and services. Amazon divided the company into three functional areas; product development, technological content and development, supply chain and distribution. From originally serving only the retail customers, in 2009 Amazon served three distinct groups that is consumer customers, seller customers and developer customers. Distinctive capabilities included its technological innovation capacity. Amazon had built the virtual sales person for its customers, by leveraging off information from millions of users. In the long term these innovations helped them achieve lower operating costs even though it cost heavy investments. Amazon was the price leader in a wide variety of products and was continuously able to please it customer by providing convenience. Core competences that Amazon had...
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...SUBSTITUTION OF PLASTIC BAG BY JUTE BAGCASE COMPANY REDQ Support on Sustainable Environment Thesis Tania Afrin Degree Programme in International Business International Marketing Management Accepted ___.___._____ __________________________________ SAVONIA UNIVERSITY OF APPLIED SCIENCES Business and Administration, Varkaus Degree Programme, option Degree Programme in International Business. BBA, International Marketing Management. Author(s) Tania Afrin Title of study SUBSTITUTION OF PLASTIC BAG BY JUTE BAG -CASE COMPANY redQ Support on sustainable development Type of project Date Pages Thesis April 2011 70 + 5 Supervisor(s) of study Executive organisation Anneli Savolainen Business and Administration Abstract Sustainable development is one of the most important issues in the world today. People can play an important role in the sustainable development in different ways regardless of their own position. This study focuses on finding out how plastic bags could be substituted by jute bags and how it would contribute to the sustainable development. In addition, the study focuses on answering the question if the idea of substituting plastic bags by jute bags would be a profitable business innovation. For the study, it was examined how some Finnish customers liked the jute bag as a shopping bag and what was their attitude towards sustainable issues. The information collected in connection with this thesis work will...
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...Government and Innovation Government and Innovation Innovation is not only time consuming but it also costs. It is important to have good investors behind a great idea, in order for that idea to come alive. Sometimes it is important for the government to step in and support the development of an innovation in order for things to happen. One might wonder how important government support is to innovation. If it is maybe even impossible for innovation to happen in some cases if the government is not behind it. If one looks over some of the innovations over the past few years that the government has been involved in, it is hard to imagine that the world would be where it is at without the government support. It is undeniable that the government plays a big role when it comes to innovation, it can be with direct funding on set policies. The U.S government has been very much involved in science and technology innovation that will help benefit the military. However, in most cases these innovation do not only benefit the military, but the society as a whole. The abundance of new inventions resulting from government funding, such as the Internet, did not just benefit the military. These inventions also drove economic growth. The emergence of venture capital financing and entrepreneurial communities in places like Silicon Valley turned ideas into world-changing products. (Estrin, 2009, p. 55) It is good for the society and the economy as a whole that the government gets involved...
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...strategic competitiveness in 2007. You will have a 10 minute meeting with Buckley to highlight your findings, so you should prepare 3-5 Power Point slides to provide an overview of your written report and to summarize the results of your analysis and supporting exhibits. Your report and overview should address the following key strategic issues: 1. Establish criteria for judging strategic performance by comparing past successes and strategies. Use a Balanced Scorecard framework to make sure that both financial and strategic controls are used to assess performance. 2. Define the company's core competency. 3. Determine if the company has a sustainable competitive advantage. If you determine that a sustainable advantage exists, support your claim. If you find it lacking, recommend actions that would secure a sustainable competitive advantage. 4. Identify any external environmental forces that have strategic implications in the future. 5. Evaluate the success of 3M's strategy in 2006 based on the criteria identified for judging strategic performance. 6. Evaluate 3M's Acquisition strategy. 7. Recommend an integrated and coordinated set of commitments and actions which will exploit the company's core competencies, strengthen its competitive advantage, and maximize value. STRATEGIC MANAGEMENT INPUTS 1. Establish criteria for judging strategic performance by comparing past successes and strategies. Use a Balanced Scorecard framework...
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...Title: Mongolia Innovation Commons Partners (M•ICP) Signs Landmark Agreement with M-CAM Date: August 20, 2010 Charlottesville, Virginia, USA. Today, M•ICP, Mongolia and M-CAM, USA entered into an agreement which will offer M•CAM’s financial and innovation infrastructure products to public and private sector entities in Mongolia and Central Asia. The combined entity will work to expand intangible asset finance and national development strategy in a way that brings lasting value to the Mongolian economy, sustainable development of Mongolia in particular. Bringing M•CAM’s innovative suite of financial solutions, including new strategies using trade credit offsets, to the Mongolian market has the potential to accelerate the market engagement strategies of this culturally rich, resource endowed Mongolia. The M-ICP (www.m-icp.com) is a newly established company in Mongolia which provides ethical, innovative business, finance, and policy advisory services to businesses, communities, government and other development stakeholders. A core mission of M-ICP is the promotion and support of global innovation and technologies, innovative financing, global innovation commons and heritable innovation knowledge in a breakthrough ways. The M-ICP founded by four Mongolian professionals and Ms. Nergui Dorj is a Founding Chief Executive Director. She is an economist, banking and finance specialist and development practitioner - graduate of Moscow Financial Academy, Australian National...
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...underway – a new business plan targeting significant growth over 3 years, new directors and ownership and a marketing strategy targeting increasingly large complex projects of a Design and Build nature. To achieve this, some form of change is required and much of this change may come through innovation. This assignment will distinguish between product, process and organisational innovation and discuss which is likely to be the most important for the growth of Read Construction Holdings over the next three years. In order to distinguish between the different types of innovation, the essay will begin by setting out a clear definition of innovation. The main discussion will go on to discuss limitations, barriers and enablers of innovation and how that might impact on the organisation, summarising which type is likely to be the most important for the business in support of its goals, the essay will also evaluate the potential for consecutive innovative approaches and what limitations and barriers / enablers may be encountered. What is Innovation? In defining innovation, it is important to clearly differentiate between innovation and invention. Fagerberg (2004) suggests that invention is the first occurrence of an idea...
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...Marketing and Innovation, the same fate. Sandor Luis Miranda. Student Number: 20145716003 ABSTRAC In this paper a literature review on the development of the innovation process in the course of the years and the importance of SMEs for the same is made. Turn reference to the relevance of the innovation process presented in the marketing strategy of companies to succeed in an increasingly dynamic, demanding and competitive market is. The article also different classifications of innovation are explained according to their degree of implementation, degree origin effect of innovation and its origin, as well as generations or models that have characterized the process of innovation over time. Key words: Innovation, Marketing, Management INTRODUCTION. In an era of globalization and high competitiveness of products, as it is in the changing world of marketing you need to be alert to the demands and expectations of the market, it is vitally important innovation factor. Competitiveness and the need to innovate to continue and grow in the current and future market are concepts used daily in many institutions. The marketing of innovation is a novel approach to technology management to solve the problem of linking research, technological development and the world of new business efficiently. Innovation and marketing are, in competitive markets today, two fundamental tools for business differentiation. Two tools capable of supporting a company as a market leader. The...
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...BP DIVERSION INTO RENEWABLE ENERGY SOURCES Table of Contents DEFINITIONS 1 OVERVIEW; BP 1 STRATEGY 2 ISSUE OF GLOBALISATION 2 ENVIRONMENT 2 CHALLENGES 2 Cost 2 Economic Growth 2 Risk 2 Technology 2 NEW PRODUCT DEVELOPMENT 2 Current Status of Renewable Energy 3 ADVANTAGES AND DISADVANTAGES 3 ORGANISATION 4 RISK MANAGEMENT 4 Political Risk 4 Economical Risk 4 Financial Risk 4 CONCLUSION 4 DEFINITIONS Innovation Innovation can be defined as the application of knowledge in a novel way, primarily for economic benefit. Innovations have two main characteristics. First, innovations break the mould by applying knowledge in some novel way. Second, innovations are the result of a chain of events that starts with the original idea, invention or discovery, and then proceeds through prototype construction, financing, customer demonstration, field trials, engineering, and production, marketing. Only by successfully completing this obstacle course can an invention be considered innovation. Apart from skill and resources, the most important requirements are clear head, an ability to improvise and dogged determination. Creativity Entrepreneurship Intrapreneurship OVERVIEW; BP BP is one of the world’s established and leading oil and gas companies. They grind to provide customers with fuel for transportation, energy for heat and light, lubricants to keep engines moving and petrochemicals products use in making everyday items such as paints, clothes...
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...edges of environmental, financial and social catastrophe. Growth models have failed to deliver humanity’s major wishes that include; full employment, prosperity and stability. Economic growth is dependent on the environment. Natural resources and ecosystems upon which humans depend on are dying out as a result of economic growth. The future is at risk if economies continue to harm the environment. This paper wishes to prove that there is prosperity without growth; through environmental sustainability programs. Aim a. To identify conditions that may define a sustainable economy and how they affect CEOs of Colorful Corporations. b. Providing future vision and strategies that should be considered for a sustainable Colorful Corporation by addressing the following issues: Ecology and sustainability, population and demographics, science and technology, and economy. Discussion Conditions that may defines a sustainable economy Achieving prosperity without growth seems impractical for many people....
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...of 3M. In term of strengths, 3M has a diversified business because of their broad range of products and 6 different types of business segments provided. For example, the various products include Post-It Notes, Scotch Tape, high-tech LCD films and so on while the business segments include Healthcare, Industrial & Transportation, Consumer & Office, Display & Graphics (D&G) and so on to figure 1 in appendix list. Besides, 3M has also a strong Research and Development (R&D) where they spend more than a billion dollars on R&D in a year, around 20% of this budget supports its 32 technology centers. At the same time, 3M also employed approximately 1000 researchers that work in each of the technology centers to improve new product development (Gerybadze n.d.). In addition, there are various R&D centers established such as central research function in 1937, Technical Forum in 1951 and so on based on the 3M case study. Furthermore, another strength of 3M Company is that it has strong innovation and made 3M included in the list of 50 most innovative companies in the world according to the...
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