Innovation in enterpreneurship

1. INNOVATION IN
ENTREPRENEURSHIP
SESSION BY IIC - IIMT
21 SEPT 2021

2. BOHITESH MISRA
 Bohitesh.misra@gmail.com
 http://www.linkedin.com/in/bohitesh
 B. Tech (CS), MBA (Marketing), Data Science Executive Management,
25+ years of IT Industry experience
 Top 100 CIOs of India, Smart Innovator Award, Eminent CIOs of India,
Cyber Sentinel award, ITNext100 CIO award, Change Agent CIO
 PMP Certified, AC 3-tier design, Indian Railways Reservation System
developer, Solar IOT, Fintech Startup, Edutech Startup.
 IoT, Mobility, Data Science, Cloud, Security
 Manufacturing, Travel, Edutech, Fintech, Transportation, Solar
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3. SESSION AGENDA
 This session explores
 types and extent of innovation,
 incremental and radical innovation.
 Entrepreneurial tips
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4. IMPORTANCE OF INNOVATIONS
 Why are innovations important?
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5. In a galaxy long time ago…2007
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6. ◼ Innovation is a word with many definitions, many applications, many
promises and challenges. It is generally accepted that innovation is an
essential driver of social, economic, cultural and ultimately human
development.
◼ Innovations in ICT have changed the way we live from the widespread
adoption of mobile banking to social networking, distance learning, online
shopping and video conferencing.
◼ Innovations can produce an annual GDP output of more than $50B. Big
enough to eradicate the poverty and hunger problems of several Countries
of world. (World Bank)
What is innovation?
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7. THE MOST INNOVATIVE COMPANIES 2008
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8. THE MOST INNOVATIVE COMPANIES 2015
 What do you think?
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9. ACCORDING TO FORBES…
More on: http://www.forbes.com/innovative-companies/
Alternatively: http://www.fastcompany.com/section/most-innovative-companies-2015
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10. AND IN 2020
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11. Changing Dynamics of Innovations
◼ The needs and technologies of present times have changed and are new to our
generation. Its meaning, dynamics, expectations are changing. Everybody wants
everything. Hunger for more and more speed, data, volume
◼ Hence need for new approach for innovations.
◼ Earlier innovations was primarily coming from developed Countries, Microsoft, Apple’s
iPHONE, iPad, Touch screen Cell Goggle, Web, Internet and several others
◼ Now in global seamless world, the need for innovations is more felt in developing
Countries and they have joined the race.
◼ Innovation not a one time invention ..….Rather continuous and constantly
evolving….2G, 3G, 4G and so on, higher and higher speed 1 Gbps
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12. Why innovate?
◼ Innovation- an important source of competitive advantage:
Nokia, Intel, Sony, Seiko, Corning & Motorola, Converges, 3M, have all generated sustained
competitive advantage. These firms have generated about 50% of their revenue through
new products.
◼ Slowly by passage of time, the core competency of companies without innovation become
core rigidities.
◼ Innovation need:
◼ Strong leadership desire to promote and encourage innovations, which may appear to be
absurd or out of box
◼ Making innovations a part of Company philosophy
◼ Recognition and incentives for suitable successful innovations
◼ Managing creativity and risks
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13. Asian Countries leading Innovation markets
◼ Developing Countries like India, China, South Africa have come up with
several Innovative ideas and have immense manpower waiting to be
harnessed and capitalized.
◼ India, China…the two largest populated Countries with similar characteristics
of large demand and cost sensitive.
◼ Emerging markets BRIC (India Brazil China Russia) are the new mass
markets of the world. They now generate half of global GDP and more than
40% of world exports. Yet, the customers in these new mass markets are
fundamentally different from those in developed markets. Contrast the
average per capita income in the U.S. $44,000 vs India $1,000
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14. Indian Government promotes Innovation
◼ 2010-2020 declared as Decade of Innovation to focus on inclusive growth to
cover Governance, Service Delivery, Environment, Land, Education, S&T,
Health, Finance etc.
◼ A National Innovation Council with State Innovation Councils and Sector
Innovation Councils.
◼ Startup India / Standup India promotes Innovations
◼ Technology Incubation and Development of Entrepreneurs (TIDE 2.0)
◼ MeitY Startup Hub (MSH)
◼ Multiplier Grant Scheme (MGS)
◼ Science, Technology & Innovation Policy, 2020
◼ MeitY recently awarded #AatmaNirbharApp innovation apps by Startups under
Entertainment, Games, News, eLearning, Business, Social, Health
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15. India…..Known for Innovations
◼ Earlier:
Number System Zero in 100 BC, Ayurveda Medicine system 2,500
years before, Yoga, rotation and correct speed of earth in 499 AD,
art of navigation 6000 years before, value of pie etc.
◼ In recent times
◼ Tata Nano Car 2,000 USD. Tata Europa for world market.
◼ Cheapest 100 cc Bike: Rock-100 at USD 365 & mileage of 100 kmpl
◼ World's cheapest electric car 8500 Euro Mahendra Reva E 20
◼ Prosthetics Jaipur foot: Affordable prosthetics @ US$28.
◼ Hepatitis Vaccine – now COVID-19 vaccine
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16. Indian Jugaad Technology - the need of the hour
◼ Definition: The most innovative, economical and quality method to
accomplish the desired task by unusual / unimaginable means and ways.
◼ Indian Jugaad is Most Happening Technology
◼ The scope to do ground breaking innovations is immense
◼ Example: A washing-cum-exercise machine, hand operated water lifting
device, portable smokeless stove, automatic food making machine, solar
mosquito killer, shock proof converter, a floating toilet soap
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17. Unleashing Indian Telecom Innovations
◼ World’s highest monthly addition, second largest base in world,
◼ $ 40 Bn. for Pan-India Broadband rollout and augmenting transmission network.
◼ New innovative ways of doing business - First to introduce Managed Services and Infrastructure
sharing
◼ Lowest acquisition cost for new connection ..half dollar for life time.
◼ Missed call, Caller Back Ring Tone, Dynamic discounting, Battery life, World’s smallest recharge
and lowest cost cell phone
◼ SMS based earnings due to TV games, greetings, jokes, social networks, VAS contents
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18. India….as a Centre for Innovations
◼ India has a vast pool of innovative and talented human resource. India
produces over 200,000 engineers every year. The Government proposes to
enhance the number of post graduates and PhD, so that abundant manpower
is available for electronics industry to grow and flourish.
◼ Estimated production of electronic in India is expected to reach USD 104 Bn.
by the year 2022. This creates a unique opportunity for companies in the
Electronic System Design & Manufacturing sector
◼ Time to look at India to set up Innovation Centers, manufacturing units and
explore opportunities in electronics by joining hands with local entrepreneurs.
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19. INNOVATION - WHAT IS IT?
 Innovation is the introduction of new ideas, goods, services, and
practices which are intended to be useful. The main driver for
innovation is often the courage and energy to better the world. An
essential element for innovation is its application in a commercially
successful way. Innovation has changed human history (consider the
development of electricity, steam engines, motor vehicles, et al).
 en.wikipedia.org/wiki/Innovation
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20. BILL FORD ON INNOVATION
 “..if we want to succeed as a company – and as an industry – we
must drive innovation into everything we do: into technology, into
safety, into design and into real-world solutions for environmental
issues, like the impact of energy usage on our world.”
 Chairman Bill Ford's speech, NATIONAL PRESS CLUB WASHINGTON, DC
 “Innovation is going to be the compass by which this company sets its
direction.”
 Bill Ford, Remarks On Innovation, Dearborn, Michigan
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21. TYPES OF INNOVATION
1. Product innovation, which involves the introduction of a new good or service that
is substantially improved. This might include improvements in functional
characteristics, technical abilities, ease of use, or any other dimension.
2. Process innovation involves the implementation of a new or significantly improved
production or delivery method.
3. Marketing innovation is the development of new marketing methods with
improvement in product design or packaging, product promotion or pricing.
4. Organizational innovation (also referred to as social innovation) involves the
creation of new organizations, business practices, ways of running organizations
or new organizational behavior.
5. Business Model innovation involves changing the way business is done in terms
of capturing value e.g. Compaq vs. Dell.
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22. WHAT IS CREATIVITY?
According to social psychologist Teresa Amabile, there are three basic ingredients to
creativity:
 Domain skills - Domain skills are developed as one becomes an expert in a field. To
be a creative mechanical engineer, one must first master the fundamentals of the
discipline.
 Creative thinking skills - Creative thinking skills include seeking novelty and diversity,
being independent, being persistent, and having high standards.
 Intrinsic motivation - Intrinsic motivation implies that the reasons for doing things
come from within - from passion and pleasure, not as a result of external demands,
pressures, or rewards.
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23. PORTRAIT OF A CREATIVE PERSON
 “Creative people pay attention to their world, see things
differently, challenge assumptions, take risks, are not afraid
to fail, and strive to generate multiple solutions to problems.
They are passionate about creativity and seek opportunities
to innovate.”
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24. SIX TIPS TO HELP YOU ENHANCE YOUR CREATIVITY
1. Open Your Mind - Have one new experience every day; no matter how small. New
experiences stimulate the brain and help you make new and original connections;
critical for boosting breakthroughs.
2. Diversify - Involve others in your problem-solving efforts who bring a different
perspective or cultural experience than yours.
3. Mental Floss – Relax; Stress, exhaustion, boredom and even pain can block our
pathways to creativity.
4. Stop Looking For the Right Answer - Look for many right answers.
5. Discover Your Creative Rhythm - Start paying attention to when you get your best ideas.
6. Health Makes Wealth - Regular exercise not only benefits your body, it boosts brain
performance as well.
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25. … AND ANOTHER ONE: FIND WHAT YOU LOVE TO DO
 “We know that people do their most creative work when they
love doing what they’re doing. There’s no substitute for
intrinsic motivation, that is, motivation that comes from
within. Although such motivation doesn’t guarantee creativity,
dislike or lack of interest in work practically guarantees non-
creativity.”
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26. A SUGGESTED
ENTREPRENEURIAL
FRAMEWORK
Problem
and/or
Opportunity
•Do not be afraid to fail
•Take risks
•Move your idea forward
Just
Do It
•Seek novelty in design
•Diversify
•Stop looking for the right answer; look for many right
answers
Seek
Novelty
in Design
•Define clearly your goals and objectives
Set Goals and
Objectives
•Challenge all assumptions
•Seek opportunities to innovate
Identify Problems
and/or
Opportunities
•Open your mind
•Mental Floss
•Discover your creative rhythm
•Health Makes Wealth
Seek Opportunities
•Become an expert in a field
you love
•Become passionate about
your field
Find what you love to do
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27. SOURCES OF INNOVATION
 Internal
 Own research and development
 Technical departments – projects,
technology, construction
 Production units
 Marketing and selling
 Logistics (purchasing and supply)
 Servicing
 Owners
▪ External
▪ Customers, Suppliers, Consultants
▪ Competition
▪ Universities and other research
institution
▪ Expert publication and journals
▪ Internet
▪ Exhibitions
▪ Investors
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28. BARRIERS OF INNOVATION
▪ Fear of failure
▪ Lack of Leadership – weak entrepreneurial skills of leader
▪ Lack of resource / capacity
▪ Lack of collaboration
▪ No clear processes
▪ Business model is not customer centric – lack of urgency
▪ Innovation is not institutionalized – poor employee motivation
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29. FRUGAL INNOVATION
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30. “I THINK FRUGALITY DRIVES
INNOVATION, JUST LIKE OTHER
CONSTRAINTS DO. ONE OF THE ONLY
WAYS TO GET OUT OF A TIGHT BOX IS
TO INVENT YOUR WAY OUT.”
— JEFF BEZOS
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31. (C) BOHITESH MISRA 31

32. MODEL OF INNOVATION PROCESS
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33. (C) BOHITESH MISRA 33

34. KEY ACTIVITIES AND SUCCESS FACTORS OF THE INNOVATION
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35. FRUGAL INNOVATION KEEPS INNOVATION SIMPLE AND FOCUSES ON
WHAT CUSTOMERS ACTUALLY NEED
 Frugal Innovation targets customer’s hidden aspiration or unvoiced
problems.
 Frugal Innovation supports a move from a linear model to circular
models of innovation.
 Frugal Innovation builds on a collaborative approach to innovation.
 Frugal Innovation is a complementary approach to traditional R&D.
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36. FRUGAL INNOVATION CAN BE SPLIT INTO TWO BROAD CATEGORIES
Jugaad innovation unlocks business
creativity in resource-constrained
environments.
Frugal Innovation complements and
simplifies existing technology.
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37. DIGITAL TECHNOLOGY BOOSTS FRUGAL
INNOVATION
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38. DIGITAL TECHNOLOGY BOOSTS FRUGAL INNOVATION
Feature-phone
based solutions
Mobile internet
Affordable
smartphones
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39. DIGITAL TECHNOLOGY BOOSTS FRUGAL INNOVATION
Mobile banking
Open source
hardware
Biometric
authentication
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40. FRUGAL INNOVATION TURNS PHONES INTO MICROSCOPES AND
OTHER MEDICAL TOOLS
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Digital stethoscope
Digital Ultrasound m/c
Instant Diagnosis Device
Mobile Medical Diagnostic lab
Digital first aid kit

41. FRUGAL INNOVATION OFFERS MORE AGILE AND
CUSTOMER-FOCUSED INNOVATION
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42. FRUGAL INNOVATION IS NOT LIMITED TO BASIC PRODUCTS
Customer-centric innovation New customer segments
Customer-centric innovation
Increased productivity through minimum
asset input and easy-to-use
Modified Scooter for Divyang Amphibious Cycle
MittiCool fridge
Pedal Operated Washing Machine
Appachan’s tree climbing apparatus Hand operated milking machine
Coffee maker
Solar LED Mosquito killer
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43. FRUGAL INNOVATION IS NOT LIMITED TO BASIC PRODUCTS (CONT.)
Lower production
costs
Reduced innovation
budgets
Talent attraction and
retention
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44. WHAT IT MEANS
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45. FRUGAL INNOVATION OFFERS MORE AGILE AND CUSTOMER-FOCUSED
INNOVATION
 Develop more cost effective and customer-centric offerings.
 Listen to less-well-off customers during product development.
 Involve customers more in the innovation process.
 Boost an experimentation culture at work.
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46. FRUGAL INNOVATION OFFERS MORE AGILE AND CUSTOMER-FOCUSED
INNOVATION
 Learn from digital companies and startup mentalities.
 Open new sales channels.
 innovation is not simply about striped-down versions of products.
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47. PUT IN PLACE A COLLABORATIVE
INFRASTRUCTURE FOR FRUGAL INNOVATION
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48. BOOST INVOLVEMENT AND INTERDISCIPLINARY COLLABORATION
 Test out opportunities for frugal innovation in IT.
 Support lateral thinking both internally and externally.
 Design technology solutions that are intuitive to use for everybody.
 Create a (part-time) position responsibility for frugal innovation
support.
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49. TOOLS TO INFLUENCE INNOVATIONS
Systematic innovation management
Corporate strategy
Collection of innovative incentives
Seeking for innovation ideas and creation of innovation specification
Discussion on the specification
Feasibility study & Decision
Processing of the project
Realization of innovation
Innovation work evaluation
Investment into the R&D?
higher R&D spending does not guarantee more creativity, higher profit or a greater market share
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50. INCREMENTAL AND RADICAL INNOVATION
 Incremental Innovation
 Is the usual case for innovation in
organizations.
 Provides small increments in current
product lines.
 Improves existing knowledge and
processes.
 Can create value.
 Radical Innovation
 Is rare because of difficulty and
risk.
 Provides significant technological
breakthroughs.
 Creates new knowledge and
processes.
 Can create value.
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51. Incremental versus Radical Innovation
Incremental Radical
Emphasis Cost or feature
improvements in existing
products and/or processes
Development of new
businesses, products and/or
processes
Technology Existing New
Uncertainty Low High
Trajectory Linear and continuous Sporadic and discontinuous
INCREMENTAL AND RADICAL INNOVATION
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52. STARTUP – WWW.XPAY.LIFE
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Example of
Incremental
Innovation

53. STARTUP – SIMPA ENERGY
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Example of Frugal
Innovation

54. KEY TAKEAWAYS
Frugal Innovation specifically targets this
customer segment.
Frugal Innovation opens opportunities to cater to
people “at the bottom of the pyramid.”
Frugal Innovation will add a new approach to
drive innovation.
Frugal Innovation is complementary to
traditional R&D, not a substitute.
The Frugal Innovation mindset sees constraints
not as a disadvantage, but an opportunity.
Frugal Innovation requires a change of mindset
and a different approach to innovation.
(C) BOHITESH MISRA 54

55. STARTUP / ENTREPRENEURIAL TIPS

56. STARTUP TIPS
 Startup should have a new product or service to be offered or a new idea which
addresses an existing challenge and it should be scalable over time
 Team capabilities - Startup needs six personalities to be successful
 A technocrat and a superstar, an operation leader, a industry veteran, Sales / marketing and
finance
 Register your Intellectual Property (IP) or patent of your idea and solution at the right
time
 Startups have to reinvent themselves constantly with changing times
 Startups loose their money too fast as the world changes business requirements
quickly
 Appropriate office space is a challenge for startups; so take help of incubation centers
 Effective use of data and analytics for business decisions.

57. STARTUP TIPS
Some mistakes that kill startups:
 Single founder
 Selecting wrong platform
 Slowness in launching or launching too early
 Having a specific user group as target
 Raising too little or raising too much money
 Half hearted efforts & Not wanting to get hands dirty
 Fight between founders
 Startups have no sales experience; hence revenue generation is a challenge.

58. Suggestions
◼ We owe to our future generations for a better world
◼ Need for free flow of available knowledge and instruments, so that these
innovations can reach the masses globally and become affordable.
◼ Developing Countries have different kinds of necessity—starting from mobile
phones to efficient billing of electricity, water, and gas, or for disbursal of
food grains or cash transfer for the poor. Electronics has an important role
to play, not only to reduce the paper work, but also to ensure that food and
money reach the designated beneficiary.
◼ Cooperation between Industry, Research Institutes, Associations required
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59. (C) BOHITESH MISRA 59
Thank you !