HEMANTH M

1MS17IM017
1
A)
Sustainable Development Goals. more conventional approaches.
Hybridization can occur, for example, when initiatives created at the grass-roots level, or through
pro-poor innovation processes, for example, subsequently receive support (for example, in the form
of investment, joint research and development and marketing) from more conventional science and
technology institutions. The emergence of a large, successful commercial global wind energy
industry, for example, has roots in the development of small-scale wind turbines and energy
cooperatives in Denmark in the 1970s.
However, general policy recommendations are noted in the following areas:
• Infrastructure and network facilitation
• Financing and incentives
• Regulation Facilitating infrastructure and networks for innovation
Collaborative innovation involving commons-based peer production requires both digital
infrastructure and material infrastructure to permit face-to-face encounters (coordinated or
fortuitous) between innovation actors, such as through hackathons or other spaces for open
collaboration (Smith and Stirling, 2016.
Partnerships between Governments, the private sector and academia should also include the
financial sector. Efforts in this area should increase access to financial resources and improve their
allocation. Financing research and innovation based on specific missions can act as an important
incentive for hybrid innovation and incentivize collaboration between different stakeholders. Under
such circumstances, the generation of a vision and the formation of a community of actors
committed to shared goals enhance the possibility of innovation.
Beyond this, non-monetary benefits, such as recognition through awards (raising the profiles of
innovators and providing them with legitimacy or access to networks) can play a role.

B)
Problem Introduction one of the main growth factors of economies is development of new
technologies (Dew & Sarasvathy, 2007; Ács, 2006). Moreover, technology innovation and
introducing those innovations into the market is an important element in firms’ growth (Mazzarol,
2002) and a source of sustainable competitive advantage (Hall, 1993), nine major factors are
educed and furthermore 46 constituents of those factors are derived.
2. Method A quantitative method is used to rank the major factors and their constituents in terms of
importance of the influence that they have on technology innovation and its commercialisation. A
questionnaire was designed which consisted of two parts. The first part was designed to collect
demographic data of the participants (gender, age and working experience) and the second part to
 collect the ranking data regarding the major factors and their constituents. The second part
consisted of 10 segments of questions. In each segment a number of items were listed and the
participants were asked to rank them in terms of importance by assigning a rank number to each
item (1 being the rank of the most important item and incrementing by 1 for each less important
item. Repetitive ranks were not allowed). First segment was to rank the nine major factors in
technology innovation and its commercialisation by assigning ranks from 1 to 9 to each factor.
Each one of the remaining nine segments was to rank each major factor’s constituents.
3. Results show a summary of the demographic information of the faculty members who
participated in this research.
4. Discussion Based on Friedman test statistics the major factors have meaningful difference in the
influence they have on technology innovation and its commercialisation. ‘Support’ factor is
considered to be the most influential one while ‘ideology’ factor is the least influential one. The
interesting matter is that the ‘support’ which a firm shows for technology innovation and its
commercialisation is considered to be even more influential than ‘technology’ factor itself. Also, it
shows that the force which the firm puts behind supporting the innovative spirit and pushing
innovations toward the market is more important than what market landscape and its trends and
needs are. In short, it demonstrates that it matters less what a firm does and what the external
environment looks like in comparison to how much the firm is supportive of innovating spirit and
offering the results of its innovation to the outside world. Another interesting point is that
‘ideology’ of a firm is considered the least important factor..
Finally the top management or the entrepreneur will be the one to weigh the innovation vs he
problems caused by that particular innovation on the society and the environment

2
A) Innovation inovolves the following stages:

1.Idea: collection of innovation potentials, derivation of ideas, evaluation and release of ideas.

2.Concept: Extensive analysis and derivation of concepts for the solution, implementation and
marketing.

3.Solution: Development and testing of the solutions to the finished product.

4.Market: Arouse and fulfill a customer's needs by implementing in procurement, production and
logistics as well as marketing and sales.

The five discrete and essential stages of successful innovation

Stage 1: Idea Generation and Mobilization
Stage 2: Advocacy and Screening
 Stage 3: Experimentation
Stage 4: Commercialization

Stage 5: Diffusion and Implementation

Types

Based on the sector

 Technology – Fuel injector, GPS

 Managerial – Outsourcing, MBO
 Istitutional – Network, homestay
 Social – Facebook, Linkedin
 Biological – GE Seeds, Cloning

B)
1.Technology fusion aims at creating knowledge value-added by exploring, and understanding
knowledge about the causes, processes, and patterns of convergence innovation through a review of
eight papers included in this issue.
2.It argues that the process of convergence innovation is a continuous disequilibrium between
reference technology and its matching technology, which adjusts optimal balance between the
functions of the two technologies.
3. The process of convergence innovation is also featured as a learning process that requires both
vertical and horizontal convergence. Types of convergence innovation such as outside-in and
inside-out, depending on market situation are discovered in some case explorations.
4.Convergence innovation has been taking place mainly by applying IT technologies to vast areas
of conventional technologies. This is because individuals or firms get benefit from the convergence
between IT and conventional technologies.
5.Such innovations made possible by convergence ultimately improve the welfare of human beings
as companies can solve diverse problems or increase employment.
Many examples are found in Asian industries, for instance, biochemical companies of Indonesia
were able to increase their market shares in biofertilizer and biopesticide products through bio-
based technological convergence. Textile machinery firms of Korea have survived by achieving
convergence innovation on their core competences.

Recent developments would become the most useful is they are having recent technology
 3
A) The R&D may take months or years to yield fruitful results. Manufacturers of a variety of
products utilize this process for new product development and innovation. Though each company
or industry may have its own unique research methodology, a basic research process will form the
framework for it.

Foster Ideas
At this point the research team may sit down to brainstorm. The discussion may start with an
understanding and itemization of the issues faced in their particular industry and then narrowed
down to important or core areas of opportunity or concern.

Focus Ideas
The initial pool of ideas is vast and may be generic. The team will then sift through these and locate
ideas with potential or those that do not have insurmountable limitations. At this point the team
may look into existing products and assess how original a new idea is and how well it can be
developed.

Develop Ideas
Once an idea has been thoroughly researched, it may be combined with a market survey to assess
market readiness. Ideas with true potential are once again narrowed down and the process of
turning research into a marketable commodity begins.

Prototypes and Trials

Researchers may work closely with product developers to understand and agree on how an idea
may be turned into a practical product. As the process iterates, the prototype complexity may start
to increase and issues such as mass production and sales tactics may begin to enter the process.

Regulatory, Marketing & Product Development Activities

As the product takes shape, the process that began with R&D divides into relevant areas necessary
to bring the research product to the market. Regulatory aspects are assessed and work begins to
meet all the criteria for approvals and launch. The marketing function begins developing strategies
and preparing their materials while sales, pricing and distribution are also planned for.

Launch
The product that started as a research question will now be ready for its biggest test, the
introduction to the market. The evaluation of the product continues at this stage and beyond,
eventually leading to possible re-designs if needed.
At any point in this process the idea may be abandoned. Its feasibility may be questioned or the
research may not reveal what the business hoped for. It is therefore important to analyze each idea
critically at every stage and not become emotionally invested in anything.
 A formal R&D function adds great value to any organization. It can significantly contribute
towards organizational growth and sustained market share. However, all business may not have the
necessary resources to set up such a function. In such cases, or in organizations where a formal
R&D function is not really required, it is a good idea to foster an R&D mindset. When all
employees are encouraged to think creatively and with a research oriented thought process, they all
feel invested in the business and there will be the possibility of innovation and unique ideas and
solutions. This mindset can be slowly inculcated within the company by following the steps
mentioned below.

Assess Customer Needs

It is a good idea to regularly scan and assess the market and identify whether the company’s
offering is doing well or if it is in trouble. If it is successful, encourage employees to identify
reasons for success so that these can then be used as benchmarks or best practices. If the product is
not doing well, then encourage teams to research reasons why. Perhaps a competitor is offering a
better solution or perhaps the product cannot meet the customer’s needs effectively.

Identify Objectives
Allow your employees to see clearly what the business objectives are. The end goal for a
commercial enterprise is to enhance profits. If this is the case, then all research the employees
engage in should focus on reaching this goal while fulfilling a customer need.

Define and Design Processes

A definite project management process helps keep formal and informal research programs on
schedule. Realistic goals and targets help focus the process and ensures that relevant and realistic
timelines are decided upon.

Create a Team
A team may need to be created if a specific project is on the agenda. This team should be cross
functional and will be able to work towards a specific goal in a systematic manner. If the
surrounding organizational environment also has a research mindset then they will be better
prepared and suited to assist the core team when ever needed.

Outsource
Whenever needed, it may be a good idea to outsource research projects. Universities and specific
research organizations can help achieve research objectives that may not be manageable within a
limited organizational budget.

B) 7 easy ways to create a culture of innovation

First, seven simple ways to enhance the culture of innovation are presented. They are simple
because they can be implemented without a great deal of resources or change in the organization.
Above all, they require management commitment and the commitment of those responsible for
 innovation. Then they can be implemented without a few hurdles and have a very positive effect on
the innovation culture.

1. Communication of the innovation strategy

The innovation strategy sets the direction and framework conditions. The expectations and goals
regarding innovation should be clear to every employee. Therefore, a first important step is to
communicate the innovation strategy across all functions and hierarchy levels, for example by
means of an information campaign.

2. Cascade workshops for active employee involvement

The communication of the innovation strategy raises awareness, but is very one-sided. Even more
important, however, is the dialogue with employees and their involvement.

Through cascaded workshops on innovation across all functions and top-down through all
hierarchy levels, the employees are picked up. Jointly, initiated by the manager, it is to be defined,

 what innovation means for their field,

 what role they play in the innovation process and

 what they can contribute to the success of innovation.

In the best case, this results in role models and action plans or influences the job descriptions.

3. Innovation Crash Courses

Everyone talks about innovation, but often employees can't explain what that means for the
company and for them and what they can contribute. Being creative and innovative also requires
information and skills. Here, broad-based crash courses on innovation are recommended, in terms
of content and scope adapted to the needs of the employees. For example, the content and scope of
a production worker's information needs are different from those of a group leader in marketing.
Contents of the crash courses can be for example:

 Definition of innovation

 How to get ideas

 How and where to submit an idea

 Innovation process - what happens with an idea and what you can contribute
yourself

 Creativity techniques.

The optimum length should be between one and three hours and reach and appeal to the widest
possible audience.

4. Innovation days

An annual Innovation Day can focus and activate attention on the topic of innovation. All
employees should be able to participate. Possible focal points and contents can be the following:

 Presentation of the latest innovations

 Word of the Executive Board on Innovation

 Open day in the innovation department

 Hackathons and idea workshops

 Barcamps on innovation topics

 Information events on innovation, e. g. innovation process, innovation methods

 Awards ceremony for innovation.

The Innovation Day can also take place online. Above all, it is recommended for internationally
active companies because it is not possible to bring all employees together in one place. Whether
offline or online, the visibility of top management is a very important success factor.

5. Creativity workshops

In addition to providing information and raising awareness of innovation, it is recommended that

employees be directly involved in the innovation process in the form of creativity workshops.
Teams working together across all functions work on innovation questions and develop new ideas
and solutions. If the workshops are well moderated and the topics are exciting, an immense
attraction will be created and people will be inspired and mobilized for innovation. Of course, it is
also very important that the ideas don't end up in a drawer, but rather have an effect, otherwise
every commitment will be lost. 

6. Pitching contests
In the form of a competition, all employees are asked to develop ideas. They can then be piped in
front of the management. In addition, there is a pre-pitching training to get the best possible result.

A jury consisting of management and internal as well as external experts nominates the top ideas.
However, the winning ideas can also be selected by employee voting. The best ideas are then
awarded and processed further.Pitching contests have very many advantages, such as visible
management commitment, broad internal media effectiveness, ideas are discussed and developed,
employee mobilization, fun and of course the development of excellent ideas.

7. Innovation Awards

Innovation contests, whether in the course of a pitching contest or whether the best innovation
ideas, innovation teams or innovation projects are awarded, always have a very strong impact and
attention. But above all not because of the objective prize, but because of the public recognition
that the employees receive from the company. In addition, prizes and awards mobilize other
employees and encourage them to think about innovations. 

And 3 further possibilities for a positive innovation culture

These three options are very effective, but rather demanding and difficult because they require
significant change and change in the organization. They can only be implemented with full
commitment across all levels and require additional resources.

8. Corporate venturing

Based on the pitching contests or within the scope of an idea management, every employee can
contribute his business idea to the company. In the course of corporate venturing, employees
receive budget in the form of money and time and support from management and experts, enabling
them to pursue their business idea within the company.

If the business plan developed in the first step is released, the employees are removed from their
departments and can set up their company for the company.

9. Working time for innovation

3M and Google are among the most innovative companies and are known for the fact that every
employee spends around 20 percent of his or her working time on innovation and working on his or
her own ideas.

This measure is very effective, on the one hand, on the culture of innovation, because it
demonstrates impressively from above how important innovation is for the company and, on the
other hand, it mobilizes an enormous potential for innovation.

10. Innovation Labs

Innovation Labs are outsourced innovation forges. They are decoupled from day-to-day business.
As a result, the resources dedicated to innovation are not consumed by day-to-day business, and the
usual obstacles and barriers to thinking are removed by distance under the motto "everything is
possible and permitted".

Innovation Labs can be organizational innovation units, but also a physical place where everyone
can go, use the infrastructure and develop their creativity. Creative rooms, tools such as 3D printers
and workshops are available for the development of ideas and prototypes.4

A) 1. Entrepreneurial Functions:

The major entrepreneurial functions include risk bearing, organizing, and innovation. Since these

are already discussed under the heading 1.2 Evolution of the Concept of Entrepreneur, the same is,

therefore, not discussed here again for the sake of repetition.

2. Managerial Functions:

In simple words, management is getting things working with and through others. Different experts

have defined term management differently. According to Henri Fayol (1949) who is considered the

father of ‘principles of management,’ “management is to forecast, to plan, to organize, to

command, to co-ordinate, and to control.”

3. Promotional Functions:
1. Identification and Selection of Business Idea:

Every intending entrepreneur wants to start the most profitable and rewarding project. The

selection of the most suitable business project involves a process. The intending entrepreneur,

based on his /her knowledge, experience, and information gathered from friends and relatives,

generates some possible business ideas which can be examined and pursued as a business

enterprise.

This process is also described as ‘opportunity scanning and identification’. Then, the generated

ideas are analysed in terms of costs and benefits associated with them. Having made cost-benefit

analysis of all the ideas, the most beneficial idea is finally selected to be pursued as business

enterprise.
2. Preparation of Business Plan or Project Report:

The entrepreneur prepares a statement called ‘business plan’ or ‘project report’ of what he / she

proposes to take up. In other words, business plan is a well evolved course of action devised by

entrepreneur to achieve the specified objectives within a specified period of time.

In this sense, business plan is just like an operating document. The preparation of business plan is

not must, but it is very much useful for the entrepreneur to establish his / her enterprise in an

effective and smooth manner. But, it is must for those entrepreneurs who intend to apply for

financial assistance from the financial institutions and banks for their enterprises.

It contains information about the intending entrepreneur, location of enterprise, requirement for

land and building, plant and machinery, raw material, utilities, transport and communication,

manpower, requirement for funds including working capital along with its sources of supply, break-

even point and implementation schedule of the project.

3. Requirement for Finance:

The entrepreneur prepares requirement for funds with its detailed structure. The financial

requirement is also classified into short-term and long-term separately. Then, the sources of supply

to acquire the required fund are also mentioned. How much will be the share capital in terms of

equity and preference shares and how much will be borrowed capital from different financial

institutions and banks are clearly determined.

4. Commercial Functions:
 1.  Production / Manufacturing:
Once the enterprise is finally established, it starts producing goods or offering services, whichever
be the case. Production function includes decisions relating to the selection of factory site, design
and layout, types of products to be produced, research and development, and design of the product.
The ancillary activities include production planning and control, maintenance and repair,
purchasing, store-keeping, and material handling. The effective performance of production
function, to a large extent, depends on the proper production planning and control.
2. Marketing:
All production is basically meant for marketing. Marketing is the performance of those business
activities that direct the flow of goods and services from producer to consumer or user. Thus,
marketing essentially begins and ends with the customers. It is important to note that marketing is
not just selling. In fact, marketing includes much more than selling. Selling is the last function in
marketing activities.
The examples of marketing activities are market or consumer research, product planning and
development, standardization, packaging, pricing, storage, promotional activities, distribution
channel, etc. The success of marketing function is linked with an appropriate ‘marketing mix’.
Traditionally, marketing mix referred to 4 Ps, namely, product, price, promotion, and physical
distribution. Of late, 3 more Ps namely, packaging, people, and process are also added to
‘marketing mix’.
3. Accounting:

The main objective of any business enterprise is to earn profits and create wealth. Whether the
business is fulfilling its objective or not is ascertained through accounting. What is accounting?
According to the American Institute of Certified Public Accountants, “Accounting is the art of
recording, classifying and summarizing in a significant manner and, in terms of money,
transactions and events which are, in part at least, of a financial character and interpreting the
results thereof.”

B) 1. Idea generation

The entrepreneur begins to wonder why there is not available a product or service, why not
improve certain things, how to generate income to cover their expenses, etc. Thousands of
questions might rise, so them will help to identify opportunities to meet the market needs. In
previous years, there where not enough amount of goods and services. It was a little bit easier to
position a business, however now it requires a search for information and market analysis to see the
possibility of success. It is possible that at this point in the entrepreneurial process, there are many
people, since the generation of ideas can be much easier. However, the step towards a decision
making is where many can stop and perhaps even abandon the idea from the starting a business.

2. Decision making and business planning

A critical point in the entrepreneurial process is deciding to start the project. Be active and stay
motivated are the main factors for the entrepreneur to start landing his idea. Asking what resources
are needed and where he will get them, is vital to generate at least one way forward for the
entrepreneur. The development of the business plan will mark only a guide that can be used as
reference.

3. Project creation

The project is conducted when the entrepreneur decides to seek and obtain resources. Getting
financiation is difficult, and perhaps one of the main obstacles to start a business. When the
entrepreneur begins to invest the resources and and begin operating, it is a point release of stress, as
the entrepreneur will see the first steps of his company.

4. Management and control

After having pass through the first months of operation, the company will see if it decreases,
maintains or increases in sales. The entrepreneur should strive to maintain revenue growth before
worrying about having a nice office. Managing a business is not easy, but the experience that
entrepreneurs acquire over time will surely ease the handling of all resources. Perhaps one could
say that the entrepreneurial process ends here, but I think it is no longer an entrepreneur, and he
becomes a full businessman or businesswoman.