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.
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
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
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
25. •Built future in partnerships (Customers, suppliers
and even competitors)
•Pre-commitment early on in venture life
• Reduce uncertainty
• Concrete the new market
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/
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.