The document discusses different approaches to entrepreneurship and innovation. It presents four models:
1) Occurrences - unexpected events that create new needs and opportunities for business ventures. Examples include 9/11 which increased demand for taxis and flights.
2) Incongruities - inefficiencies or inconsistencies within industries that can be remedied, such as different switches on appliances or using keys to open cars.
3) Missing links - obvious shortcomings known by many, such as limitations in battery life, fuel mileage, or travel length that solutions are readily accepted for.
4) Innovations - new technologies that reform existing processes and products, such as the internet enabling ecommerce and
2. Entrepreneurial Role
• Empathy with customer needs is the primary, crucial condition for the
success of a new business venture.
• The unsurpassable product idea can rarely muster the same
competitive force as a concept originating in creative market
understanding.
• The function of the entrepreneur is precisely to uncover what has
been overlooked.
3. Conceptual or Perceptual ones.
• Conceptual things are more fascinating than perceptual ones.
• Perhaps it is more motivating to think about a product idea and
a functional possibility than to trace a need and see the world
through the eyes of customers?
• The inventive venture Infra
• The ideas of replacement of windows in Denmark.
• It would be fair to claim that behind any innovative product idea or
invention there is always a well-considered supposition that the design will
solve a particular problem for particular users: a need exists and that the
creative feeling for needs is exactly the distinctive mark of the skilful
inventor.
4. • To be had: Solution. Wanted: Problem.
• Drucker(1986), for instance, stresses time and again that because
entrepreneurial problems seem ill structured, entrepreneurship does not
start with an attempt to solve a problem, but with an attempt to define the
problem and to assess why it is a genuine problem.
5. Changing the perception
• The story ofSoren Louis Pedersen
• Soren Louis Pedersen is an engineer and one of the world's greatest
developers of hearing aids.
• He has had a brilliant career at Oticon, the global market leader
• Some years and a few jobs after the Oticon years, Soren decided to go it
alone.
• He knew that an ever growing part of the population (mainly men) suffer
from impaired hearing. So much so, that they find it difficult to hear what is
said in large assemblies or groups, on television, in rooms with a lot of
background noise and poor acoustics, and the like.
• a hearing aid signals old age and a series of visits for
its adjustment.
6. Solution
• Soren founded Microsound Inc.
• He was convinced that those with a slight hearing impairment are
ready to wear a personal communication device, if it looks like a
cordless headset, can by bought like any other product and can be
individually adjusted according to the do-it-yourself method.
• To Microsound, the question is in what the customers problem
consists.
• Microsound addresses a positioning problem — the idea that a new
product concept can change people's perception of a hearing aid
from being an aid to being a snazzy headset.
10. Occurrences in a Diagnostic Perspective
• Occurrences are special type of change
• Sudden, or overlooked, subject to dissemination over time and place
providing a chance of gaining a lead or unique interpretation
• Unexpected events may lead to new needs and prepare the ground
for new business ventures
• It is not just natural catastrophes, business opportunities, epidemics,
disasters, wars, new legislation, etc., creating demand and thereby business
opportunities
• Unexpected events can also come in the form of success, failures or
external events, which might put you on the trail of a differentiated
market insights
• For complementary products or substitutes or completely unrelated services
11. Occurrences Examples
• After 9/11
• Market for taxi and chartered flights flourished because passengers grew
wary of travelling with the big air carriers
• Covid19
• E-learning and video conferencing
12. Incongruities as a source of ideas
• Incongruities are found in all industries which are unknown to all
• They are just waiting to be discovered and remedied
• Inefficiencies like a billionaire driving a broken car
• Different switch for every electric appliance
• Using key to open car
• Difference password for every account
13. Innovation as a Problem Detector
• Birth of Some new Technology give birth of new business ideas
• Existing processes and products are reformed for new technology
• Birth of Internet & WiFi
• eCommerce, eLearning, eBanking
• Revolution of Smart-Phones
• Mobile Apps
14. Missing Links
• Obvious shortcomings, weak links, and the like, known to us all
• Shortcomings in industries known to all and accustomed
• Solutions are accepted easily
• Battery Life
• Fuel Mileage
• Long Travel
