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INNOVATION PROCESS IN ENTREPRENEURSHIP Blue ocean strategies allow firms to make their competitors irrelevant. Select an...

INNOVATION PROCESS IN ENTREPRENEURSHIP

Blue ocean strategies allow firms to make their competitors irrelevant. Select an industry you believe is highly competitive and what you think a firm can do to be innovative in terms of its business model. How, specifically, do you see this changing the industry over the next few years? Why?

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Answer #1

Industry chosen- Smartphones

What firms can do to be innovative in business model?

  • Need to spend hugely on R&D to outlplay competitors and offer high value to customers
  • Use of VR and AI technologies
  • Leverage IoT and cross sell other decives connected to the phone such as refrigerator, air conditioner etc.

How will this industry change over next few years?

  • All innovation will be based on cloud technology
  • Smartphone makers like Oneplus offering high performance at lower prices giving intense competition to established and expensive phones
  • Value of the phone will be driven by software rather than hardware
  • Gadgets parallel to a smartphone might come up
  • Concerns about security and privacy will drive the industry
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