is the practice of embarking on a new business or reviving an existing business by pooling together a bunch of resources in order to exploit new found opportunities

Creating the “New” and destroying the “Old”

An innovator or developer who recognizes and seizes opportunities; converts these opportunities into workable/marketable ideas; adds value through time, effort, money or skills; assumes the risks of the competitive marketplace to implement these ideas; realizes the rewards from these efforts. – (Kuratko & Hodgetts, 2007)

types of entrepreneurs

person that have such a great passion in discovering and developing new products, new ideas and new processes; willing to take risk in every innovation because they enjoy challenges

a person who immediately copy the existing products made by the innovative entrepreneur because there is no such new inventions or new innovations; can come up with the same features and specifications where they just imitate the technology, process and methods pioneered by the others

a type of person that is skeptical about the changes that will be made in the organization; they are not decided to develop new innovations unless they are satisfied with the result or the outcome of the released products in the market; they are not risk- taker as they wanted to anticipate success in the market first before indulging into the next project

reluctant to change as they are happy with the result of their business even if they have financial losses; they are not eager to make any changes in their organization

An entrepreneur who uses cutting-edge technology to develop new business.

Is an entrepreneur who involves himself in technological changes in producing goods and services for his organization.

They are entrepreneurs who used “technology” as their driven factor in transforming resources into goods and services, creating an environment conducive to industrial growth

types of technopreneurs

those who develop unique technology capable of driving a new business (INVENTORS)

those who see a new technology and understand how it can be applied to meet a new market need (INNOVATORS)

It is simply entrepreneurship in a technology intensive context.

It is a process of merging technology prowess and entrepreneurial talent and skills.

A technology-based enterprise is one that derives a competitive advantage from direct or indirect use of technology.

entrepreneurial process

technopreneurial process

invented two fundamental components ij every pc today; the single-chip set and windows graphic accelerator chip. the bill gates of the ph

devcon philippines

founder of paymaya

amazon

tesla motors, spacex, x/twitter

facebook now meta

micorosft

co-found twitter

apple

google

is a process, involving multiple activities, performed by multiple actors from one or several organizations, during which new combinations of means and ends, which are new for a creating and adopting unit, are developed or produced, implemented and transferred to old and new.

is the creation of something that improves the way we live our lives That is the reason why innovation is changing the lives of the people extremely fast and the pacing of the development in technology

types of innovation

- known as routine innovation - happens on an incremental basis, is often a response to customer and market demands, or improvements in technology. - The company obtained feedback from the customers about the product and services rendered to improve and provide greater value to the customers. - Most companies that used the sustaining innovation has been successful in building their businesses and continue improving their offerings in their customers and they have the awareness of the market needs

refers to the innovation that transforms expensive or highly sophisticated products or services—previously accessible to a high-end or more-skilled segment of consumers—to those that are more affordable and accessible to a broader population. This transformation disrupts the market by displacing long-standing, established competitors.

popularized the idea of innovatioj in the book "the innovator's solution" in 1997

- an innovation from inside a company that pushes something to the next level. - It is innovation that opens the company to new markets or changes the way customers interact with the market or the industry, - In this century, the innovation of products is one time, other because af competition and the demands in the market which is very fast.

This type of innovation begins with the discovery of some new phenomenon. ________ is a key driver to innovations as it provides information about a certain problem and derive with possible solutions ▪ The goal of the ________ is to collect information about how nature and people are put together. ▪ It is a process of conducting a study about a specific problem and finding out solutions that benefit companies and industries in lieu with innovation. ▪ An innovation that is practically a basis that will improve a product or a service that will gratify the customers.

principles for sustainable innovation

10 idea presentations

3 steps idea selection

used abc analysis

use dots gluing or rating method

- Conducted to justify the needs of the customers - Quality measurement that demands the data gathered during surveys, interviewers, and market research - consists of systematically gathering data about people or companies – a market – and then analyzing it to better understand what that group of people needs

primary market research tools

Another market research technique is the one-on-one interview with an individual, during which probing questions are posed to better understand that person’s product preferences.

When the researcher gathers information simply by watching how a subject interacts with a product, the technique is observation. This is often used in comparing preferences for several types of products.

Bringing together groups of people with a common characteristic, such as age, hobby, or buying habits, to better understanding their likes and dislikes is a focus group. Focus groups typically consist of 8-12 people with a moderator who poses questions for the group to discuss. They are a useful way of getting feedback on a new product, new features, or new ad campaign.

Asking customers, a series of questions to better understand how they feel about a product’s features, or about the experience they had during their hotel stay, for example, are two possible uses of a survey. Surveys consist of a list of questions that can be shared with an individual by phone, in person, on a card or paper, or online using a survey software.

2 market research methods

first hand information about your specific target audience

existing data that you can use to gain insight into your specific audience

- is the process of determining whether your product is of interest to a given target market. - involves a series of customer interviews with people in your target market, and it almost always takes place before making significant investment in the product/concept

5 steps to determine market validation

decision-making process

The needs of the consumers are the basis or foundation of creating or producing a new product or services in the market.

An innovative leader should be resourceful to think of bright ideas by information search of products and services that will satisfy the needs and wants of the customer.

An innovative leader should provide different choices of products.

After a thorough research and evaluation of the alternatives, an innovative leader should select the best ideas that will be used in the decision-making.

Whatever the company decided is considered the best idea.

Canvas Business Model canvas proposed by?

generally used by startup companies or organization that serve as a guiding tool to think of a better solution on how to generate new innovation ideas and apply the strategies in marketing the products or services.

what are the 9 business model canvas

Who are the customers? What do they think? See? Feel? Do?

what are the three types of customer segments

refers to the value a company promises to deliver to customers should they choose to buy their product. is also a declaration of intent or a statement that introduces a company’s brand to consumers by telling them what the company stands for, how it operates, and why it deserves their business.

describes how a company communicates with and reaches its Customer Segments to deliver the Value Proposition. It is important to understand which pathway (or channel) is best for your company to reach your customers.

includes entities you use to communicate your proposition to your segments, as well as entities through which you sell product and later service customers.

how to reach out to your consumers to introduce the company’s products and services; word of mouth, social media, newspaper, television, flyers

to assess the organization’s value proposition; surveys, interviews, reviews about the product

self-checkouts, payment procedures, credit card, cash on delivery payments on merchants

how customers will be able to get their orders or products?; over-the￾counter or door-to-door delivery

post-purchase customer support; call center, return policy, customer assistance

5 channel phases

is an important aspect if you are doing a business because your customer will be able to interact with you, they can ask questions precisely about the products and services that the company is offering

3 benefits of good customer relationships

is the building block presenting the cash a company generates from each customer segments

amount of money that is brought into a company through various business activities

ways to generate revenue streams

describes the most important things a company must do to make its business model work

key activities

what are the three core business types. These tend to have similar types of Key Resources.

are the strategic assets you need in place, and you need in place to a greater or more targeted degree than your competitors.

key resources types

relationships with other businesses, governmental or non-consumer entities; relationships with suppliers, manufacturers, business partners, etc.

key partnerships - 4 types

All the costs and expenses that your company will incur while operating your business model

focus on minimizing costs of the product or service

create more value in the product itself, not necessarily in producing the product in the lowest possible cost

create more value in the product itself, not necessarily in producing the product in the lowest possible cost