Introduction To Innovation And Entrepreneurship

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Innovation,

POSTED

May 23, 2022

In this day and age, most people are content with the mundane, the ordinary, but there are few whose ions have no limits. Our innovation courses are meant for brilliant students who want to create change through their thinking, the ones influenced by the future technologies and trends, and those who strive to establish themselves and leave a mark in the political, social, and technological disciplines. These visionaries have bold ideas and wish to shake up the status quo.

The innovators of tomorrow are building a future today, and we must provide them with the resources and the guidance to carve the path that is meant for them. This general introduction to innovation and entrepreneurship will allow curious young minds to explore their ideas and open opportunities for them.

 

What exactly are Innovation and Entrepreneurship?

Innovation and Entrepreneurship are two common concepts found in political discussions as they are aspects of economic growth and sustainable development. There is often uncertainty regarding these terms and what the connection between them exactly is. An entrepreneur is an innovator in Schumpeter, and this definition establishes the most distinction between entrepreneurship, innovation, and economic growth. ‘Innovation’ has been defined as implementing and executing a new or significantly improved product. Innovation can be about a process, a new marketing method, or a new organizational method in workplace organization or external relations and how these innovations are enacted and administered.

To understand the role of innovation in entrepreneurship, take a look at our article.

Entrepreneurship and innovation are essentially two sides of the same coin and can be defined through their relation. Innovative phenomena require some form of entrepreneurial behavior and practices. The implementation of innovative ideas is significant to a successful entrepreneur. Besides this introduction to innovation and entrepreneurship, you can learn more about these phenomena by checking out Peter F. Drucker’s classic book Innovation and Entrepreneurship. It has been described as the first book that acknowledges innovation and entrepreneurship as a purposeful and systematic discipline. It also analyzes the challenges and opportunities of an entrepreneurial economy.

 

Innovation and Entrepreneurship for Profitable Development

Studies after studies have shown that enthusiastic and ambitious entrepreneurial practices manifest into rapid growth for gazelle companies. The gazelles accounted for over 10 percent of the growth in GDP in the last period, 2004-2007. These 10 percent of companies together account for the entire increase in employment and between 65 and 100 per cent of the growth in added value regarding the period. The smallest gazelle companies are responsible for the majority of the employment growth, and the same is true of the youngest companies. An established pattern and significant studies demonstrate that innovative practices are effective in the success trend of gazelle companies. The economic effect of innovations is visible when viewed with secondary innovations. In general, radical innovations are very important to expand and establish new markets. An article by NITI Aayog talks about how India must promote entrepreneurship and startups to generate growth, prosperity, and well-being. It talks about creating a holistic innovation and entrepreneurial ecosystem in our educational institutes. We at MIT ID Innovation share a similar belief.

 

MIT ID Innovation aims to Introduce Innovation and Entrepreneurship to Young India

MIT Institute of Design was set up to establish deeper connections and ensure quality in all academic processes and outcomes. The institute's vision is to create a holistic ecosystem that prepares today’s young minds to be design leaders who contribute to industry and society. MIT ID focuses on leading the way in creative and experimental practices by young innovators. MIT ID Innovation has new pedagogical approaches and meaningful collaborations with diverse academic, industry, research, and professional organizations. With a diverse student group and excellent staff, our learners are presented with the best space for intellectual growth.

Enroll in our Innovation focussed courses and upskill for tomorrow. Build your innovation capability today.

 

References:

https://www.niti.gov.in/innovation-and-entrepreneurship-sustainable-growth

https://www.tillvaxtanalys.se/in-english/publications/reports/reports/2009-01-20-entrepreneurship-and-innovation.html

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