Innovation and entrepreneurship
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Transcript of Innovation and entrepreneurship
Innovation and Entrepreneurship
Sources of Business Opportunities-II
Venkatesh SarvasiddhiHead-Direct Marketing
HCL Technologies
Analysis of Existing Entrepreneurs
• Truly new, novel and innovative ideas: 3-4%
• Rest 96%
– Enhancement -- improvement / refinement of features – cheaper, better, faster, more user-friendly
– Extension to features
– Specialization -- niche’ creation
Enhancement, Extensions and Specializations
Enhancements Extensions
Specialization
Examples of Enhancement
• DOS to Windows
• Mechanical watch to quartz watch
• Ordinary TV to a flat screen TV
• Desktop PC to a laptop PC to a tablet PC
• Propeller engine to a jet engine
Most industrial innovations
Examples of Extensions• Toothbrush with a built in
toothpaste
• Pen with a torchlight
• Mobile handset with camera, FM radio,MP3 player ….
• Memory sticks with MP3 players
• Wristwatch with a calculator
• Cinema Multiplexes
Examples of Specialization
• Low cost airlines (Ryanair, Easyjet, Air Deccan)
• Boutique financial advisory services
• Super-specialty hospitals
• Finishing schools
• Executive search firms (CxOs only, finance professionals only)
Possible Service Opportunities
• Schools• Restaurants• Travel agency and tour
operators• Pet shops• Bookshops• Gyms / weight loss clinics
Critical Factors• Enhancement, Extension,
Specialization
• Basic value proposition
• Competition
• Market size
• Critical success factors
• Customer acquisition strategy
• Team skill set