Innovation and Entrepreneurship
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This talk was delivered on 15th September (Engineers Day) at BML Munjal University. It covers differences between invention, innovation, entrepreneurship, and startup. It discussed innovation landscape, types of innovation, and three important types of innovation in today's world. Innovator's method and innovators skills are also provided. In Entrepreneurship section, who are entrepreneurs, types of entrepreneurs, entrepreneurial mindset and effectual thinking are discussed. Future of organization is discussed briefly along with why its necessary to learn entrepreneurship. Idea to launch (#flow_with_ramesh), why startup fails (#flow_with_ramesh), are you a startup kid? (#flow_with_ramesh) And challenges of entrepreneurship are discussed. In the end, what three interesting things you can do from learning, mentors, and work is discussed. Lastly, I describe my experiences with innovation and entrepreneurship is discussed.
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Innovation and Entrepreneurship
- 2. PROGRAM DETAILS • Date: 15th September, 2018 (Engineer’s day) • Venue: Auditorium, BML Munjal University, Gurugram, Haryana 122413 • Time: 10:30 AM to 01:30 PM
- 3. “ ” INSPIRE OTHERS RATHER THAN WAIT TO BE INSPIRED. - Former President Mr. Pranab Mukherjee at 3rd convocation day BML University
- 4. “ ” HERO IS SYNONYM FOR INNOVATION & ENTREPRENEURSHIP IN INDIA. MUNJAL FAMILY IS A FAMILY OF ENTREPRENEURS.
- 6. TYPICAL FLOW • Wish • Imagination Idea • Feasibility • Creativity Invention • Viability • Entrepreneu rship Innovation • Desirability • Leadership Business
- 7. INNOVATION
- 8. “ ” INNOVATION DISTINGUISHES BETWEEN A LEADER AND A FOLLOWER. - Steve Jobs
- 10. TYPES OF INNOVATION Product Introduction of new or significantly improved products or services Example: Apple Phone Process Implementation of new or significantly improved manufacturing, logistics and distribution processes Example: Assembly line manufacturing Organization Implementation of new organizational methods within the business practice, work organization and/or external relations Example: Special Purpose Task Force Marketing Implementation of new marketing methods, involving significantly improvements on product or package design, price, placement and promotion Example: Digital Marketing http://www.econ-it2.eu/en/training/5-innovation-management/5-2-types-of-innovation
- 11. TEN TYPES OF INNOVATION https://creatovate.files.wordpress.com/2014/11/doblin_ten_types_155111.jpg
- 12. TODAY’S WORLD OF INNOVATION • Product (Visible to Customer) • New Product (Kindle) • Improved Product (Digital camera resolution) • New Feature (power window to car) • Process (Visible within Organization) • Changes in equipotent (manual to robot) • Changes in methods/tools (paper based book keeping to digital) • Changes in technology (12 nm to 7 nm semiconductor chips) • Business model (Experienced by Customers) • How products and services brought to the market • How to make money from it
- 15. “ ” INNOVATION COMES OUT OF GREAT HUMAN INGENUITY AND VERY PERSONAL PASSIONS. - Megan Smith
- 16. SKILLS OF INNOVATOR https://i.pinimg.com/originals/45/de/f3/45def3d11afc436c03648180cabb9e71.png
- 18. ENTREPRENEURSHIP
- 19. WHO ARE ENTREPRENEURS? Entrepreneurs are innovative, opportunity- oriented, resourceful, value creating change agents. - Dees, Economy, 2001
- 20. TYPES OF ENTREPRENEURS Innovators Hustlers Imitators Researchers Money Magnet Prodigy Buyer Solopreneur Short termer Rebels https://www.feedough.com/types-of-entrepreneurs/ https://businessandfinance.expertscolumn.com/what-are-various-types-of-entrepreneur
- 22. ENTREPRENEURIAL MINDSET Effectual Thinking A mindset is the ideas and attitudes with which a person approaches a situation https://www.effectuation.org/sites/default/files/documents/what-makes-entrepreneurs-entrepreneurial-sarasvathy.pdf
- 23. •Expert Entrepreneurs don’t set out with brilliant ideas or insights about the future •Start with means: •Who I am, What I Know, and Whom I know •Imagine possibilities that originate from their means
- 24. •Limit the risk •Understand what can be an afforded loss at each step
- 25. •Built future in partnerships (Customers, suppliers and even competitors) •Pre-commitment early on in venture life • Reduce uncertainty • Concrete the new market
- 26. •Invite the surprise factor •See New opportunities in • Surprises • Bad news
- 27. •Suspicious of predictive information •Strong Belief: • Activities within control leads to desired outcome • Control the Future so no need to predict
- 30. “ ” THE HEART AND SOUL OF THE COMPANY IS CREATIVITY AND INNOVATION. - Bob Iger
- 31. WHAT IS THE FUTURE? STARTUPS OR ORGANIZATIONS • Innovate or Die (5th Industrial revolution) • 52% fortune 500 company disappeared (last 15 years) • Average life expectancy of companies is 15 years • Today’s new product & Service; Tomorrow Obsolete https://www.forbes.com/sites/jacobmorgan/2015/01/14/the-14-principles-of-the-future-organization/#37ce705d3ec2
- 32. WHAT IS THE FUTURE? STARTUPS OR ORGANIZATIONS • Future of Organization: • More Adventurous • Entrepreneurial in its thinking & Culture • Nimble in executing new strategies • Fast-moving. Risk-taking. Rapid-fire innovation • Future Organisation = Bunch of start- ups + Bunch of existing business https://workdesign.com/2018/04/building-startup-culture/ https://www.futureofeverything.io/ask-thought-leaders-whats-future-company-culture/
- 33. WHAT’S IN IT FOR YOU?
- 34. WHY IT’S NECESSARY TO LEARN ENTREPRENEURSHIP? You will find your self in Entrepreneurial Role wherever you go 1 Nurtures Personal Growth and Development 2 Benefits Society and humanities 3 https://www.europeanentrepreneurship.com/need-study-learn-entrepreneurship-education/ https://www.eship.ox.ac.uk/why-you-student-need-learn-entrepreneurial-skills
- 37. CHALLENGES OF ENTREPRENEURSHIP • Uncertainty in Income • Risk of losing your entire investment • Long hours and hard work • Lower quality of life until business gets established • High level of stress • Complete responsibility • Discouragement
- 38. ARE YOU A STARTUP KID? https://www.linkedin.com/feed/update/activity:6424850238749630464/ https://image-store.slidesharecdn.com/552802a4-d5e7-46f9-826d-6e6589a03dde-original.png
- 39. WHAT ARE 3 INTERESTING THINGS THAT YOU CAN DO? •Learning • Udacity courseby Steve Blank (https://in.udacity.com/course/how-to-build-a- startup--ep245 ) • Innovator’s Dilemma by Clayton Christensen; Lean Startup by Eric Ries • Totally different skill like photography, calligraphy, theatre
- 40. WHAT ARE 3 INTERESTING THINGS THAT YOU CAN DO? •Mentor (Easy part is to find, hard part is to continue) •Find senior technical mentor •Find senior business mentor •Find peer mentor
- 41. WHAT ARE 3 INTERESTING THINGS THAT YOU CAN DO? •Work •Take your idea and try to convert it to business model first and then products •Get feedback (participate in hackathons Tech+Business) •Keep trying on multiple ideas (take startup internship)
- 42. MY EXPERIENCES • It’s not that hard • It’s going to be testing times (Physical, Mental, Emotional, and Relationships) • Learn from everything, from everywhere at all times • Go outside building &talk to your customers • Talking vs. Doing is a huge difference • Ego is your enemy • Your initial Idea is most probably wrong • Seek help actively • Joy of Discovery is speechless! • At the end, you will love it.
- 43. HOW TO REACH ME? • Email: • parmarmanojkumar@gmail.com • manojkumar.Parmar@bosch.com • Linkedin: • https://www.linkedin.com/in/manojkumarparmar/ • Twitter: • @mparmar47 • Orcid Profile: • https://orcid.org/0000-0002-1183-4399
- 44. “ ” INNOVATION = INSPIRATION + PERSPIRATION + PERSEVERANCE - Juan Roman, NASA