Innovation in Business &Enterprise

Assignment A

1. Write a brief note on the following:
a. Simplicity and innovation

b. Creativity and innovation

2. How would you promote innovation at the grass-root level? Support your understanding of relevant examples.    

4. Explain the concept of Disruptive Innovation. How would you implement this technique in an entrepreneurial venture? Support your answer with relevant examples.

5. You are successfully running a new venture in the telecom sector. How would you innovate in the space of using reverse innovation? Support your answer with examples.

6. Create a Customer-centered innovation map for an industry of your choice. Explain the difference in approach while implementing this strategy as compared to the Producer centered innovation.    

7. What do you understand by the Discovery-driven planning process? How does it differ from the conventional planning process? Support your answer with relevant examples.

8. How does team-building impact the innovation strategy of an organization? Support your answer with relevant examples.

Assignment B

Case Detail:-
Mansukhbhai Prajapati, a potter living in rural Gujarat, is completely untaught in English. But the lack of formal education has not hindered this grassroots entrepreneur from building a thriving business using just clay. Prajapati, who belongs to Nichimandal, a village in Rajkot, Gujarat, is the founder of Mitticool Clay Creation, a company that makes refrigerators, water filters, cookers, hot plates and other such items of daily use from clay. It all began when Prajapati first built a clay refrigerator that naturally cools the food inside, and does not depend on conventional sources of energy. This cooling process can keep water, fruits, and vegetables fresh for a week, while milk can be preserved for three days. The product now is priced at just `2,000 — almost one-tenth of the basic refrigerator models from LG, or Whirlpool. 

"This fridge also preserves the original taste of vegetables and fruits," says Prajapati. Mitticool's products have captured the imagination of the rural areas. Today it has revenues of around `30 lakh and has sold over one lakh product in just six years since it started. Prajapati is among the new breed of several hundred grassroots innovators in India who are using imagination and innovation to solve basic issues of deprivation at the bottom of the pyramid. 

Such innovations are finding a market not just in India but also in other emerging markets and even developed nations. For instance, while Prajapati sells to Indian retailers such as Big Bazaar, he says that the same products have also reached customers in London, America, Singapore, and Africa, thanks to the National Innovation Foundation (NIF). "We are reversing the model of globalization. It is now emerging from India," says professor Anil Gupta, a faculty member at the Indian Institute of Management, Ahmedabad, and executive vice-chairman of NIF. "This model is not about business to consumers, but grass-root to global markets." 

"India's rural market spread along 600,000 villages, covering 110 million rural households and over 700 million people. This offers a huge market for low-priced utility products," says Paul Basil, founder, and CEO, Villgro Innovations Foundation, an NGO that focuses on rural markets. These innovations are becoming a force to reckon with at a time when large corporations are spending billions of dollars to kick-start innovations.

Just as Jeganathan's mission is to cut infant mortality, the common factor for innovation at the grassroots level is the impact they have on a large number of people. Piramal Water is a for-profit business set up under the aegis of the Piramal Foundation. The company provides medium-scale water purification machines to rural franchisees. These franchise owners, in turn, distribute the clean water to the households in the area surrounding the unit. The company has 117 franchises and provides potable water to around 65,000 rural Indians. "We provide the machine, maintenance, and servicing," said Anand Shah, CEO, Piramal Water. The franchise owner pays `2 lakh upfront and 40% of the revenues to Sarvajal. A can of 20 liters of drinking water is made available at just `4. "We are not just providing clean water, we are also trying to create rural entrepreneurs," says Shah. 

Despite so many innovations, only firms like SKEPL have been able to scale up. "For these innovations to scale and reach to a global audience, it is important that ventures are run as for-profit businesses," says Rita Soni, CEO, Nasscom Foundation. Despite all these, India is set to become a hub for grassroots innovations and a test market for MNCs to tap other emerging countries as well. According to NIF's Gupta, large corporations cannot think the way these innovators can, because they are closer to the problem. "They are teaching them new rules. The future is going to be dematerialized economy as it will be driven by knowledge," says Gupta of NIF.

Question 
1. Based on the article, list down the challenges faced by the innovator at the grass-root level. Support your arguments with relevant assumptions. 

2. Primal Water, in the case above, is a classic example of making profit through satisfying the needs of consumers at the bottom of the pyramid. Do a critical analysis of their model with the limited information given in the case. Support your argument with relevant assumptions. 

3. Critically evaluate the statement "Such innovations are finding a market not just in India but also in other emerging markets and even developed nations". Support your answer with examples.

Assignment C

Question No.  1    Marks - 10
Innovation is defined as_________    

Options    
the commercialization of a new product or process    
The invention of a new product or process.    
New product or process idea.    
the implementation of a new production method

Question No.  2    Marks - 10
Process innovation refers to:    

Options    
the development of a new service    
the development of a new product    
the implementation of a new or improved production method    
the development of new products or services

Question No.  3    Marks - 10
Innovation can help to provide a temporary competitive advantage when    

Options    
barriers to entry are high    
barriers to imitation are low and intellectual property rights are difficult to enforce    
there are few other competitors    
barriers to entry are low

Question No.  4    Marks - 10
Following the establishment of dominant design in the product life cycle, what would you expect to happen?    

Options    
Emphasis on product innovation rather than process innovation    
Emphasis on process innovation rather than product innovation    
Competition to increase as new firms enter the industry    
Competition to decrease as more firms exit than enter the industry

Question No.  5    Marks - 10
Established firms relative to new firms are better at:    

Options    
all types of innovation    
the innovation which is competence-enhancing    
the innovation which is competence-destroying    
The disruptive innovation

Question No.  6    Marks - 10
In which markets are network effects likely?    
Options    
Markets subject to increasing returns    
'Multi-level markets    
Hi-tech product markets    
All of the above

Question No.  7    Marks - 10
Which of the following are valuable in a standards war?    
Options    
Competitive advantage    
Late mover advantage    
Early mover advantage    
Technological advantage

Question No.  8    Marks - 10
The fundamental challenge of knowledge transfer in multinational firms is:    
Options    
transferring explicit knowledge across borders    
transferring tacit knowledge across borders    
creating tacit knowledge in overseas subsidiaries    
transferring tacit and explicit knowledge across borders

Question No.  9    Marks - 10
What potential advantages can be gained from involving overseas subsidiaries in R&D activities?    
Options    
Local subsidiaries offer financial advantages such as lower land and labor costs    
Local subsidiaries offer access to local companies    
Local subsidiaries offer access to technical knowledge and skills    
Local subsidiaries offer financial advantages as well as access to local markets, technical knowledge and skills

Question No.  10    Marks - 10
Outsourcing of innovation globally is more likely where    
Options    
Innovations are autonomous    
Innovations are systemic    
Innovations are systemic or autonomous    
Innovations are made by service sector firms

Question No.  11    Marks - 10
Being a manager, with no environmental uncertainty or threat of competitors’ new products, would be simple without ______________.    
Options    
government regulations    
diversity    
cultural differences    
organizational change    

Question No.  12    Marks - 10
Managing change is an integral part of ______________    
Options    
top management’s job    
middle-level management’s job    
the first-line manager’s job    
every manager’s job

Question No.  13    Marks - 10
Which of the following is not an external force of change?    
Options    
marketplace    
government laws and regulations    
economic changes    
workforce

Question No.  14    Marks - 10
Which one of the following is an important source of idea generation due to their familiarity with the needs of the market?    
Options    
Existing products and services    
Distribution channels    
Federal government    
Consumers

Question No.  15    Marks - 10
Which of the following statements about the entrepreneurial climate is (are) true?    
Options    
Trial and error are discouraged    
Resources of the firm need to be available and easily accessible    
A multi-disciplinary approach is discouraged    
Failure is not allowed

Question No.  16    Marks - 10
A patent is granted for a specified amount of time because of the assumption:    
Options    
That during this time firm will cover its development costs    
That firm will earn a sufficient profit during this period    
To limit the monopoly of the firm    
That it will stimulate the idea and development of a better product.    

Question No.  17    Marks - 10
Which one of the following is a barrier to news product creation and development?    
Options    
Trial and error    
Opportunity parameter    
Opportunity cost    
Intrapreneurship culture

Question No.  18    Marks - 10
 Which are the balance points of Entrepreneurship?    
Options    
Means of social changes    
Increase in employment opportunities    
Optimum utilization of resources    
All of the above

Question No.  19    Marks - 10
Which of the following techniques is an excellent method for initially screening ideas and concepts in addition to generating new ideas?    
Options    
Focus group    
Brainstorming    
Problem inventory analysis    
Reverse brainstorming

Question No.  20    Marks - 10
Which one of the following is NOT an intrapreneurial leadership characteristic?    
Options    
Understands environment    
Encourage the teamwork    
Not flexible    
Persistent

Question No.  21    Marks - 10
Which is the part of the concept of Entrepreneurship?    

Options    
High achievement capacity    
Organization building    
Group level reaction    
All of the above

Question No.  22    Marks - 10
Which is the cause of the emergence of Entrepreneurship?    

Options    
Environmental factors    
Socio-cultural factors    
Individual factors    
All of the above

Question No.  23    Marks - 10
_____________ is the practice of starting new organizations or revitalizing mature organizations particularly new business generally in response to identified opportunities.    

Options    
Partnership    
Marketing    
Research Management    
Entrepreneurship

Question No.  24    Marks - 10
The decision to start a new business is taken when one perceives that forming a new business is    

Options    
Possible    
Desirable    
Accurate    
Both (a) and (b)

Question No.  25    Marks - 10
The entrepreneurial experience becomes increasingly important as    

Options    
Workload increases    
The complexity of venture increases    
The complexity of work increases    
None of the above

Question No.  26    Marks - 10
Individuals who help the entrepreneur in business activities are called    

Options    
Role models    
Moral support networks    
Professional support networks    
Business support networks    

Question No.  27    Marks - 10
Which are types of creativity?    

Options    
Creativity by serendipity    
Exploratory creativity    
Normative creativity    
All of the above

Question No.  28    Marks - 10
Which statement is true?    

Options    
Forecasting enables the Entrepreneur to develop plausible projections for the future
Assessing the environment is the most difficult and important of the four tasks of environmental analysis    
Stakeholder analysis helps the entrepreneur identify which groups and interests are friendly to the new venture and which are hostile    
All of the above

Question No.  29    Marks - 10
Developing a new idea through inquiry and testing is called    

Options    
Heuristics    
Forced relationship    
Scientific method    
Value analysis

Question No.  30    Marks - 10
Which of the following firm achieves modest growth    

Options    
High potential growth firm    
Foundation firm    
Life style    
Public company

Question No.  31    Marks - 10
The entrepreneur utilizes the resources through    

Options    
Identifying and evaluating the opportunity    
Developing a business plan    
Implementing the business plan    
Manage the enterprise

Question No.  32    Marks - 10
Which are the objects of Entrepreneurial Development Programmes?    

Options    
Promotion of self-employment    
Promotion of cottage and small scale industries    
Promotion of first-generation businessmen    
All of the above

Question No.  33    Marks - 10
Which is the advantage of product layout?    

Options    
Smooth production without any interruption    
The mechanization of material handling    
Low cost of material handling    
All of the above

Question No.  34    Marks - 10
Which of the following contains a large number of new ideas?    

Options    
Files of the Patent office    
Official Gazette    
Government patent Board    
All of the above

Question No.  35    Marks - 10
Analysis of the business environment includes    

Options    
Forecasting to project the future    
Monitoring to track development    
Scanning to detect a change    
All of the above

Question No.  36    Marks - 10
A typical inventor is usually    

Options    
Highly creative & in love with the invention    
Does not encourage change    
Willing to modify the invention to augment the commercial benefit    
None of the above

Question No.  37    Marks - 10
All of the following are essential to maintain secrecy EXCEPT    

Options    
Train employees to refer sensitive questions to one person    
Discuss business in a public place    
Provide escorts for all office visitors    
Use simple security such as locked file cabinets

Question No.  38    Marks - 10
Which one of the following is a sound strategic option for an entrepreneur when synergy is present?    
Options    
Merger    
Joint venture    
Minority interest    
Majority interest

Question No.  39    Marks - 10
The activity which occurs when the new venture is started is called    
Options    
Motivation    
Business skills    
Departure point    
Goal orientation

Question No.  40    Marks - 10
Which of the following is the most important for the entrepreneur, while starting a new venture, to assess?    
Options    
Risk    
Profit    
Market    
Competitors