Entrepreneurship: Innovative Organisations

Description

Description: Entrepreneurship and Innovation is important in all areas of business and plays a crucial role in the economy. An

understanding of the relationship between entrepreneurship and innovation is essential for identifying new opportunities,

allocating resources efficiently and for achieving sustainable competitive advantage. Therefore, it is imperative that decision makers understand the key concepts of entrepreneurship and innovation and be able to apply this knowledge effectively to create solutions to consumer, market, environmental and social problems.

This course features dynamic and engaging video with audio narration, infographics and short quizzes to test your knowledge.

Background: Entrepreneurship and innovation are increasingly important in all areas of business and government. Established organisations innovate to respond to their competition or to have a competitive advantage. In the public-sector innovation is needed to develop effective policies to deal with the new economic, technological or social challenges. Innovation and entrepreneurship are recognised as key building blocks of competitive and dynamic economies. There are many different definitions of what innovation is, for example Rogers defines innovation as an idea, practice, or object that is perceived as new by an individual or other unit of adoption, while Kline and Rosenberg defines innovation as an exercise in the management and reduction of uncertainty. The latter definition includes uncertainty as a key concept: in fact, innovation is defined as an “exercise in the management and reduction of uncertainty”. Uncertainty relates to two aspects: the technical performance of the innovation and the market response to its introduction. However, one can also define the process leading to the “discovery” of the invention as generating uncertainty, which decreases along the development, production and distribution phases.