Lecture

Why innovate?: The essence of innovation

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Description

This lecture delves into the concept of innovation, exploring the definition of an innovative idea as the practical realization of a new method, device, or concept. It also discusses entrepreneurship and intrapreneurship, emphasizing the pursuit of opportunities regardless of current resources. The lecture further examines real-world examples of innovative business models, such as Uber and Airbnb, which challenge traditional paradigms. Additionally, it analyzes the network imperative in the digital age, highlighting different business models' scalability and performance metrics. The discussion extends to the correlation between business models and multipliers, showcasing how companies can achieve high scalability and success through innovative approaches.

In MOOC

IoT Systems and Industrial Applications with Design Thinking

Internet of Things (IoT) and smart connected devices have radically changed the way our world works and how companies operate and create new businesses. Do you want to learn about IoT fundamentals? This is a course for you! In this course we provide an overview of the underlaying IoT technologies and its business applications. This course is an introduction to IoT and explains why it is a continuously evolving concept with many industrial applications. You will learn the fundamental building blocks of IoT

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Related concepts (11)

Entrepreneurship

Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones. An entrepreneur is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as "entrepreneurship".

Social entrepreneurship

Social entrepreneurship is an approach by individuals, groups, start-up companies or entrepreneurs, in which they develop, fund and implement solutions to social, cultural, or environmental issues. This concept may be applied to a wide range of organizations, which vary in size, aims, and beliefs. For-profit entrepreneurs typically measure performance using business metrics like profit, revenues and increases in stock prices. Social entrepreneurs, however, are either non-profits, or they blend for-profit goals with generating a positive "return to society".

Business process modeling

Business process modeling (BPM) in business process management and systems engineering is the activity of representing processes of an enterprise, so that the current business processes may be analyzed, improved, and automated. BPM is typically performed by business analysts, who provide expertise in the modeling discipline; by subject matter experts, who have specialized knowledge of the processes being modeled; or more commonly by a team comprising both. Alternatively, the process model can be derived directly from events' logs using process mining tools.

Business model

A business model describes how an organization creates, delivers, and captures value, in economic, social, cultural or other contexts. The process of business model construction and modification is also called business model innovation and forms a part of business strategy. In theory and practice, the term business model is used for a broad range of informal and formal descriptions to represent core aspects of an organization or business, including purpose, business process, target customers, offerings, strategies, infrastructure, organizational structures, sourcing, trading practices, and operational processes and policies including culture.

Information Age

The Information Age (also known as the Computer Age, Digital Age, Silicon Age, New Media Age, or Media Age) is a historical period that began in the mid-20th century. It is characterized by a rapid shift from traditional industries, as established during the Industrial Revolution, to an economy centered on information technology. The onset of the Information Age has been linked to the development of the transistor in 1947, the optical amplifier in 1957, and Unix time, which began on January 1, 1970.

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