This textbook approaches innovation and innovators as two elements of an equation with business application. It discusses creativity, methods to develop creativity, design thinking, the lean startup and minimum viable product (MVP), personal development for entrepreneurs, charisma, franchising and cases from the UAE. It is designed to be a practical and up-to-date resource for an innovation and entrepreneurship course. It contains practical information about the innovation frameworks and their applicability, explanation of creativity and creative mindset, methods of innovation, design thinking in practice, lean startup methodology, charisma, setting up a business, go-to-market strategies, growth and change as well as franchise management. It comes with worksheets to help the reader in practicing. The book solves the need of having innovation resources in one place, well explained and exemplified for students, aspirant and existing entrepreneurs as well as innovation enthusiasts.
Author(s): Alexandrina Maria Pauceanu
Publisher: Palgrave Macmillan
Year: 2023
Language: English
Pages: 217
City: Singapore
Preface
Author’s Note
Note from the Editor
Contents
List of Figures
List of Tables
1 Fundamentals of Innovation
1.1 What Is Innovation?
1.2 Why Is Innovation Important in Organization?
1.3 Vezeeta
1.4 Innovation and Entrepreneurship
1.5 Why Do We Need Innovation?
1.6 What Is Social Innovation?
1.7 Ocean Heights Tower
1.8 Innovation Frameworks
1.8.1 Disruptive Innovation Framework
1.8.2 Business Model Innovation Framework
1.8.3 Open Innovation Framework
1.8.4 Closed Innovation Framework
1.8.5 Digital Innovation
1.8.6 Digitizing a Business
1.8.7 Case Study: UAE’s Government Innovation
1.8.8 Agile Innovation Framework
1.8.9 Doblin Innovation Framework
1.8.10 Case Study: Emirates Airlines’ Process Innovation
References
2 Creativity, Innovation and Performance
2.1 The Difference Between Creativity and Innovation
2.2 Factors that Influence Creativity
2.2.1 Creative Mindset
2.2.2 Organizational Culture
2.2.3 Leadership
2.2.4 Creative Teams and Organizational Performance
2.3 Forecasting the Potential Creativity of Early Ideas: The Importance of Foresight
2.4 SMART Goals
2.4.1 Case Study: Developing a New National Brand
References
3 Methods of Innovation in Business and Entrepreneurship
3.1 Product and Service Innovation
3.1.1 The Concept-Knowledge Method of Innovation
3.1.2 The Technological Readiness Level Method
3.1.3 Case Study: SpaceX and Technological Readiness Level (TRL)
3.2 The Design Thinking Method
3.2.1 Empathize
3.2.2 Problem Definition
3.2.3 Ideate
3.2.4 Prototype
3.2.5 Testing
3.3 The Lean Startup Method
3.3.1 Lean Startup Principles
3.3.2 Case Study: Uber’s Lean Startup Innovation
3.4 Blue Ocean Innovation Method
3.4.1 Case Study: Amazon’s Blue Ocean Strategy
3.5 Innovation and the Purpose of Business
References
4 Design Thinking for Innovation
4.1 General Overview of Design Thinking for Innovation
4.2 Design Thinking Process
4.2.1 Empathize
4.2.2 Define
4.2.3 Ideate
4.2.4 Prototype
4.2.5 Test
4.3 Idea Generation Techniques
4.3.1 Design Service Goals (DSG)
4.3.2 Empathy Map
4.3.3 Customer Journey Map (or Simply Journey Map)
4.3.4 The 5 Why’s Analysis or Root—Cause Analysis Method
4.3.5 A/B Test (Often Referred as Split-Run Testing or Bucket Testing)
4.3.6 Attribute Analysis and Gap Analysis
4.4 Approach to Innovation and Leading Innovation
4.4.1 Schumpeter’s Approach to Innovation
4.4.2 The 11 Steps to Innovate in the Business
4.5 Leading Innovation
4.5.1 Exceptional Strategic Vision
4.5.2 Have a Strong Focus on the Customer
4.5.3 Develop an Environment of Reciprocal Trust
4.5.4 Fears Loyalty to the Customer and the Organization
4.5.5 Create an Open Communication Culture
4.5.6 Be Persuasive and Lead by Example
4.5.7 Motivate and Inspire Through Action
4.6 Market Analysis and Segmentation
4.6.1 Market Analysis
4.6.2 Market Segmentation
4.6.3 High Confidence-High Passion
4.6.4 Low Confidence-High Passion
4.6.5 Low Confidence-Low Passion
4.6.6 High Confidence-Low Passion
4.7 Design Thinking and Disruptive Innovation
4.8 Case Study: Airbnb in the Middle East
4.8.1 Introduction
4.8.2 Innovation
4.8.3 Status Report
References
5 Lean Startup Methods and Lean Philosophy
5.1 Why Startups Fail
5.2 Understanding the Lean Startup Innovation Approach
5.3 Principles of the Lean Method
5.3.1 A Series of Untested Hypotheses
5.3.2 Customer Development for Hypotheses Testing
5.3.3 Agile Development
5.4 Business Model Canvas and Scaling
5.4.1 Customer Segments
5.4.2 Value Propositions
5.4.3 Channels
5.4.4 Customer Relationships
5.4.5 Revenue Streams
5.4.6 Key Resources
5.4.7 Key Activities
5.4.8 Key Partners
5.4.9 Cost Structure
5.5 Agile Innovation for Lean Startups and Innovator’s Method
5.5.1 Understand How Agile Innovation Works
5.5.2 Understand Instances in Which Agile Works
5.5.3 Begin Small
5.5.4 Allowing Experienced Teams to Customize Agile Practices
5.5.5 Practicing Agile at the Top Management Level
5.5.6 Eliminate Hindrances to Agile Behavior
5.5.7 Innovator’s Method
References
6 Being an Inspiration—Charisma Development
6.1 Introduction
6.2 Charisma and Its Components
6.3 Exercises for Developing Charisma
6.4 The Imposter Syndrome
6.5 Storytelling as a Sale Pitch
6.6 Compelling Pitches in Entrepreneurship
References
7 Identifying Ideas and Opportunities
7.1 How to Identify a Business Idea/Opportunity
7.2 Testing Business Ideas
7.3 Turning Your Idea into Reality
7.4 Business Models (BM) and Their Advantages
References
8 Setting Up a Business
8.1 Business Vision, Mission, and Strategy
8.1.1 The Golden Circle Model
8.1.2 Why
8.1.3 How
8.1.4 What
8.2 Common Legal Forms of Business
8.2.1 Startup
8.2.2 Ownership
8.2.3 Profit Sharing
8.2.4 Taxation
8.2.5 Skillset
8.2.6 Sustainability
8.2.7 Liability
8.2.8 Finances
8.2.9 Sole Proprietorship
8.2.10 Partnership
8.2.11 Limited Partnerships
8.2.12 Corporation
8.2.13 Limited Liability Company (LLC)
8.2.14 E-business
8.3 Sources of Financing for Entrepreneurs
8.3.1 Personal Investment
8.3.2 Friends and Family (So-Called Love Money)
8.3.3 Venture Capital
8.3.4 Government Grants
8.3.5 Bank Loans
8.3.6 Equity Offering
8.3.7 Angel Investors
8.3.8 Lease
8.4 What is Next After Setting Up a Business?
8.4.1 Conducting Market Research
8.4.2 Developing the Brand
8.4.3 Retaining Loyal Customers
8.4.4 Monitor and Review the Marketing Strategy
References
9 Go-To-Market Methods and Human Capital Aspects
9.1 Importance of Selecting the Appropriate Go-To-Market Methods
9.2 Burning Need
9.3 Market Size and Potential
9.4 Sustainable Positioning
9.5 Scalable Business Model
9.6 Right Team and Right Moment
9.7 Source of Motivation
9.7.1 Autonomy
9.7.2 Mastery
9.7.3 Purpose
9.8 Compensation and Rewards
9.9 Leading a Team in a Startup
9.9.1 Provide a Clear Roadmap
9.9.2 Confidence and Passion
9.9.3 Create a Culture that Supports Performance
References
10 Growth, Change, Success and Failure in Large Organizations
10.1 Premortem Analysis
10.2 Managing Change in the New Organization: An Integrative Perspective
10.3 Establishing an Innovation Culture
10.4 Leadership and Management
10.5 Innovation and Intrapreneurship
References
11 Negotiation, Commercialization and Franchise Management
11.1 Negotiation in Entrepreneurship
11.2 Commercialization in Startups
11.3 Understanding Franchising
11.4 Franchise Management
11.4.1 Case Study of Kentucky Fried Chicken (KFC) in UAE
References
Appendices
Appendix 1: Entrepreneurship Worksheet—Adapted from Howard Stevenson, Harvard University
Appendix 2: Design Thinking Worksheet
Appendix 3: Failure Analysis
Appendix 4: SWOT Analysis Worksheet
Appendix 5: Business Canvas Model Worksheet
Appendix 6: Innovation Budget Worksheet
Appendix 7: Team’s Professional Development Action Plan Worksheet
Appendix 8: Personal/Professional Development Plan for ..... (Timeframe)
Appendix 9: Action Plan Worksheet
Appendix 10: Franchise Comparison and Selection Worksheet
Appendix 11: Buyer Avatar or Buyer Persona
Index
