Tale of Two Entrepreneurs

Tale of Two Entrepreneurs

Roma Mitra Debnath (Indian Institute of Public Administration, India), Shyamli Singh (Indian Institute of Public Administration, India) and Astha Gupta (IMT Ghaziabad, India)
Copyright: © 2015 |Pages: 23
DOI: 10.4018/978-1-4666-8259-7.ch007
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Abstract

The chapter highlights the innovation of two entrepreneurs. The significance of the innovation on our society regarding the health issues has been focused. Two entrepreneurs and their innovation have been studied very closely. They were interviewed as well as their websites were studied thoroughly. The result of the study shows a close bonding between innovation and creativity.
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Introduction

Innovation is a continuous process associated with evolution of life. Population explosion necessitates acceleration of more and more innovations. India is a developing country. Hence, it is facing challenges in every field, from education to environment. This brings up the need of innovation ecosystem consisting of institutions, technological up gradations, and hassle free environment. Here, it should also be noticed that innovation is different from invention. (Fagerberg, 2006), “Invention is the first occurrence of an idea for a new product or process; while innovation is the first attempt to carry it out into practice.”

Entrepreneurs, on the other hand, are the risk takers. They are decision makers as well as good managers. They are capitalists and have a bend to explore the market opportunities. They have the ability to combine various products creatively.

According to R. David Lankes’ Atlas of New Librarianship, innovation is further defined by entrepreneurial activities. In the text his example centers around the capital or resources needed by an entrepreneur to successfully implement an innovative idea. Thus entrepreneurship demonstrates the innovation by putting the idea or concept into practical use with the infusion of resources, be it capital or support of institutional leadership.

In one of the research papers “Entrepreneurship and Open Innovation in an Emerging Economy” the authors stated that entrepreneurship is a creative process in which individuals engage in some form of generative and open learning. This activity permits the acquisition of new knowledge (Miller & Friesen, 1983; Popper & Lipshitz, 1998). New knowledge when linked with individual’s existing understanding and business experience results in the generation of new ideas (Oguz, 2001). The importance of individuals and organizations being engaged in innovative learning can be enhanced through generation of new ideas.

Kirton (1976) suggested that individuals approach to solving problems is located on a continuum ranging from adaption to innovation. Western firms are giving more and more importance to creativity, innovation, and shared knowledge for individual and organizational development. Leading companies such as AT&T, American Express and United Airlines have recognized the importance of employees learning from each other and from customers to develop innovative solutions to organizational problems.

Eric von Hippel in his classic book, Sources of Innovation, identifies end-user innovation as the driving force for ideas and solutions that can bring a change to processes, products and services. Innovation takes different directions as it impacts products and processes. This includes changing the method that a process takes in how it is delivered to the end-user, changing what services are offered and this might include discontinuing outdated services or support. These types of innovations are observed in businesses as they change to meet customer demands, with modifications in offerings as per vendors’ interest, or methods that improve the efficiency of the individuals involved (Crumpton, 2012).

Innovation is not a new phenomenon in the evolution of society, but it is a process inherent to human development. Ancient societies searched those elements that not only increase those means of subsistence obtained from natural resources, but also reduce the effort necessary to carry out their work and to facilitate the transport of individuals and products. According to Sternberg & Lubart (1999), creativity is related to entrepreneurship since they define entrepreneurship as a form of creativity that can be labeled as business or entrepreneurial creativity because often new businesses are original and useful. Studies have found that entrepreneurship and innovation are positively related to each other and interact to help an organization to flourish (Zhao, 2005; Flynn et al., 2003). More over, a significant line of research argues that cities and regions function as incubators of creativity and innovation (Lee et al., 2002, 2004; Thomson, 1965; Park et al., 1925).

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