Entrepreneurial Innovation

1. PRESENTATION
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• Entrepreneurial innovation is the process of developing and
putting into practice new concepts, ideas, goods, services,
procedures, or business models that significantly improve and
add value to an entrepreneurial endeavor.
• It entails using fresh perspectives, questioning the existing quo,
and proposing cutting-edge solutions to fill market gaps or cater
to client wants.
What is Innovation in Entrepreneurship?

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Definitions for Innovation in
Entrepreneurship
• Afuah (2015)
– Innovation is the creation of
new products, services, or
processes that create value for
customers.
• This definition emphasizes
the creation of something new
that brings value to
customers. It highlights the
importance of developing
novel offerings that meet
customers’ needs and
provides them with benefits
and value.

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Definitions for Innovation in
Entrepreneurship
• Carayannis and Campbell
(2018)
– Innovation is the process of
creating new value through the
application of new knowledge.
• This definition highlights the
role of new knowledge in the
innovation process. It
suggests that innovation
involves leveraging new
knowledge or insights to
generate value by introducing
novel ideas, products,
services, or processes.

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Definitions for Innovation in
Entrepreneurship
• Damanpour and Schneider
(2020)
– Innovation is the
implementation of a new idea,
product, service, or process
that results in improved
efficiency, effectiveness, or
competitive advantage.
• This definition emphasizes
the implementation of new
concepts or solutions that
lead to improved outcomes
such as increased efficiency,
effectiveness, or competitive
advantage. It underscores the
practical aspect of innovation
and its impact on
organizational performance.

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Definitions for Innovation in
Entrepreneurship
• Scharmer (2017)
– Innovation is the process of
creating new value by bringing
together different perspectives
and insights.
• This definition highlights the
role of diverse perspectives.
Also, insights into the
innovation process. It
suggests that innovation
involves combining different
viewpoints, and knowledge.
Also, ideas generate new
value and bring about positive
change.

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Definitions for Innovation in
Entrepreneurship
• Tedesco (2018)
– Innovation is the ability to
create new and better ways of
doing things.
• This definition focuses on the
ability to generate new and
improved approaches or
procedures. It underscores
the notion that innovation
involves finding alternatives. It
means innovations find more
effective ways of
accomplishing tasks or
achieving desired outcomes.

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• 1. Driving Competitive Advantage
• 2. Identifying Opportunities
• 3. Creating Value
• 4. Enhancing Efficiency and Productivity
• 5. Solving Societal Challenges
Role of Innovation in
Entrepreneurship

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Driving Competitive Advantage
• Entrepreneurs may set
themselves apart from
competitors by acquiring a
competitive advantage in the
market through innovation.
• Entrepreneurs can draw
customers and establish a
dominant position in the market
through innovation.
• It can be done by providing
distinctive goods, services, or
business strategies.
Tesla has established itself as a
superior in the sustainable
transportation sector. They did it by
developing their electric vehicles and
cutting-edge battery technology.

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Identifying Opportunities
• Innovation allows
entrepreneurs to identify and
seize market opportunities
that others may overlook.
• By staying attuned to
customer needs, market
trends, and emerging
technologies, entrepreneurs
can spot gaps and unmet
demands.
Airbnb identified the opportunity to
disrupt the traditional hospitality
industry by connecting travelers with
unique accommodations offered by
individuals

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Creating Value
• The creation of value for
consumers, stakeholders, and
the economy as a whole is
one of the main roles of
innovation.
• Entrepreneurs innovate to
create goods, services, or
procedures.
• It caters to the demands of
customers and offers them
improved advantages.
Apple completely changed the
mobile phone market by providing
users with a new level of
convenience, functionality, and use

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Enhancing Efficiency and
Productivity
• Innovation can lead to
improved efficiency and
productivity within
entrepreneurial ventures.
• By adopting new
technologies, processes, or
management approaches,
entrepreneurs can streamline
operations and achieve
higher levels of efficiency.
Shopee key metrics, namely Sales,
Orders, Conversion Rate, Visitors,
Page Views and Sales per Order, will
provide you with an overall
understanding of your shop’s sales,
conversion rates, and traffic.

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Solving Societal Challenges
• Entrepreneurship innovation
can address pressing societal
challenges and contribute to
positive social impact.
• Entrepreneurs leverage
innovation to develop
solutions for healthcare,
renewable energy, education,
poverty alleviation, and more.
Affordable infant warmer to address
the high infant mortality rates in
developing countries where access to
traditional incubators is limited.

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• 1. Market Differentiation
• 2. Increased Market Share and Revenue
• 3. Improved Efficiency and Cost Savings
• 4. Enhanced Customer Experience
• 5. Sustainable Business Growth
Benefits and Advantages of Innovation
in Entrepreneurship

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Market Differentiation
• Innovation allows
entrepreneurs to differentiate
themselves from competitors
by offering unique products,
services, or business models.
This differentiation creates a
competitive advantage and
attracts customers.

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Sample Companies with innovative processes
Easy Bank is the second-largest direct bank in Austria.
Secret Sauce: Easy Bank offers a wide range of financial products via online
banking and without a branch network. By keeping the infrastructure costs to a
minimum, the bank is able to offer services without transaction and account
fees.
Alibaba Group is the largest (online) retail company in
the world.
Secret Sauce: Alibaba Group has no inventory. Long-tail competitors like
Amazon buy merchandise and sell these to their customers by using their
own infrastructure. Alibaba`s main focus is to connect buyers with sellers.
Momentarily, it mainly relies on bringing together Chinese sellers with
buyers around the world. The value of Alibaba lies in the software
interface, not in the products.

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Increased Market Share and
Revenue
• Market share gains and
revenue expansion are
possible as a result of
innovation.
• Entrepreneurs can gain a
bigger share of the market by
delivering new goods or
services that better satisfy
customer wants than
competitive items already on
the market.
• Example: the ride-sharing
service Uber disrupted the old
taxi business by providing a
practical and effective
substitute. It led to its swift
development and global
spread.

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Improved Efficiency and Cost
Savings
• Innovation often results in
improved efficiency and cost
savings for entrepreneurs. By
implementing new
technologies or processes,
entrepreneurs can streamline
operations, automate tasks,
and reduce costs.
robotic process automation (RPA)
has enabled companies like UiPath
to automate repetitive tasks, leading
to increased efficiency and reduced
operational expenses.

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Enhanced Customer Experience
• Innovation allows
entrepreneurs to enhance the
customer experience by
providing new and improved
solutions.
• By identifying pain points and
addressing them through
innovative offerings,
entrepreneurs can build
customer loyalty and
satisfaction.
• Airbnb transformed the travel
experience by offering unique
accommodations and
personalized experiences,
providing customers with
more choices and a
memorable stay.

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Sustainable Business Growth
• For a firm to thrive
sustainably, innovation is
crucial.
• Entrepreneurs may keep one
step ahead of the competition
with innovation.
• Also, take advantage of new
possibilities by constantly
inventing and adjusting to
changing market
circumstances.
• Google, for example, has
been able to extend its
product range beyond search
engines by stepping into
markets like cloud computing,
artificial intelligence, and self-
driving vehicles. They are
dedicated to innovation and
ongoing development.