Question

Entrepreneurship generally means that a certain level of innovation is involved. This doesn't mean simply creating new products or services, but it can also be developing new ways of doing existing activities. Innovation is the process of creating, changing, experimenting, transforming, and revolutionizing. It is one of the key distinguishing characteristics of entrepreneurial ventures. IBM has a series of commercials where they are promoting its steps toward new innovation. They have adopted the slogan of "stop talking, start doing" throughout these ads. IBM has acknowledged in these ads that the process of coming up with new ideas and rethinking the way they process and structure things, all revolves around innovation. For this discussion, conduct research and identify a product or service that has taken on the idea of the importance of innovation through entrepreneurial ventures. Explain the product or service and their approach of utilizing innovation in their business strategy. In your response post, explain if the ideas of these products or services are most likely to thrive or go untapped. Explain the reasoning behind your response.

Answer 1

Let us take the example of coca cola Company which adopted innovation model between the team and other entrepreneurs from one side and the company and its consumers from the other. It has establishes a free style dispenser machine which allows user to mix their own flavors and suggest a new flavor for Coca-Cola products. Here the consumer is treated at the heart of the production process as the company uses suggested flavors and process them as a new product line. Initially this innovation boosts guest traffic and beverage sales in restaurants, cinemas, amusement parks, convenience stores and other Coca-Cola customers. Freestyle machines use micro-dosing technology. It is like a marketing asset to the company. It has been come up with the tagline of “Choose Freely”. This innovative technology has been loved by consumers who seek out such experience because they can’t find such type anywhere else.