MGT607 Innovation, Creativity & Entrepreneurship Case Study Sample
Context:
Innovation, creativity and entrepreneurship can come in many different forms and be successful for many reasons. As such, being able to recognise these will broaden your understanding and appreciation for the important role of entrepreneurship and innovation in society today.
This assessment requires students to critically analyse a case study utilising the theory learnt in Module 1 and Module 2. It is important you draw on the concepts of innovation, creativity and entrepreneurship and link them to the case study to support your discussion and any recommendations you may have.
Instructions:
You must select ONE of the following three case studies below for your assessment. These case studies provide different examples of entrepreneurship and innovation.
1. Majora Carter: 3 stories of local eco-entrepreneurship
https://www.ted.com/talks/majora_carter_3_stories_of_local_ecoactivism#t-186688
2. Krista Donaldson: The $80 prosthetic knee that’s changing lives
https://www.ted.com/talks/krista_donaldson_the_80_prosthetic_knee_that_s_changing_lives#t 434865
3. Navi Radjou: Creative problem solving in the face of extreme limits
https://www.ted.com/talks/navi_radjou_creative_problem_solving_in_the_face_of_extreme_limits#t-500868
You will be required to watch the video and prepare a business style report. You must ensure that you incorporate the theories, which you learn in Module 1 and Module 2 to support your discussion.
Specifically some of the questions you should be considering are:
• How does the case specifically demonstrate an entrepreneurial mindset?
• How does the case adopt theories of creativity to solve the specific problem?
• How does the case show an innovative approach to meeting a customer need?
Solution
Introduction
Globalisation and technological innovation have brought revolutionary changes within the modern-day world as it allows demonstrating public-centric entrepreneurship spirit and innovation-seeking creativity in resolving contemporary social challenges. For University Assignment Help As poverty, social inequalities, resources inaccessibility and supply chain disruptions continue to impose comprehensive limitations to mitigate social challenges, creative entrepreneurs must consider techno-centric visionaries, social causes and problem-solving abilities to improve livelihoods. The second case study involving Krista Donaldson’s discussion on tedtalks regarding the development of a prosthetic knee has been taken into account for evaluation within this study (ted.com, 2013).
As lifetime healthcare costs for people with limb loss is $509275 and more than 1 million annual limb amputations are required globally, the development of re-motion knee is a revolutionary innovation to mitigate disabilities for underprivileged people. Krista Donaldson perfectly aligned creativity and imagination into re-motion knee development programs and distribution channels to maximize its usability, accessibility and sustainability while considering amputees as a prominent social challenge. This exploratory study is intended to demonstrate entrepreneurial spirit and its implications on users while considering creativity theories and holistic innovation approaches.
Discussion
Technology has changed the world and brought enormous positive changes within a modernised contemporary society by bringing social entrepreneurship spirit and innovation-seeking creativity into product-based design and manufacturing principles to optimize structural transformation towards sustainability and continual improvement (Crum & Hines, 2019, p.8). Through the re-motion knee development program, social entrepreneur Krista Donaldson has leveraged economic factors, sustainability-conscious development policies and problem-solving entrepreneurship skills to articulate permissible visionaries and usability of the fibre-infused prosthetic knee for people in need. She creatively crafted workmanship in prosthetic knee development and engaged with multiple agencies and establishments to provide cutting-edge solutions for people with amputees and walk disabilities. In essence, she considered the core principles and competencies of altruistic entrepreneurship and combined commerce and distinct social issues to improve the lives of millions of people connected to the cause. Inevitably, she put affordability and reliability as the core foundation of the product and confined an earned income business model to reach out to poor and underprivileged people worldwide. She also predominantly focused on the value-creating processes while recognising and resourcefully pursuing ample opportunities to create social values and a centralised notion of change. During participating in the development process of re-motion knees, she demonstrated an innovation-seeking entrepreneurship spirit and a result-focused business model to maximize organizational competencies and adaptability properties to ensure productive livelihoods and infrastructure for people with limb amputation. However, as accessibility, acceptability and supply chain issues have created significant bottlenecks to establish strong brand awareness, she perfectly demonstrated distinct characteristics of social entrepreneurship including decisiveness, confidence, accountability, resilience and humility to stay focused and centred and leverage service-oriented activities and continuous improvement plans to move forward with innovative products and customization policies.
Creativity and imagination capabilities are directly related to the practical implications of fact-driven resource utilisation schemes and competency-based brainstorming ideas into reality to resolve generic consumer needs and maintain supply-demand dynamics (Engel, 2018, p.41). The source of creativity lies in strategic planning and fact-driven decision-making processes alongside individualistic mindsets and external factors including social issues, mega-trends and mainstream transformation need to sustainability and continual improvement. In the current scenario, Krista Donaldson significantly attempted to ensure usability and scalability of the adoption of the prosthetic knee at affordable cost and reliability to showcase her creative insights and abilities to bring revolutionary changes for people with limb amputation requirements. As creativity and innovation are such diverse and dynamic concepts, adequate alignment of theoretical perspectives of creativity is significantly important to understand core competencies and insights of a distinctive product.
As Krista Donaldson extensively focuses on the all-around development and implementation process of business, Guilford's structure of intellect model and model for creativity is a relevant perspective to define her creative insights. According to the theory, each mental task is made up of three dimensions: an operation, a content and a product (Sternberg, 2020, p.230). According to the Theory, Krista Donaldson elaborated her divergent thinking capabilities and considered a divergent production model to demonstrate the relevance and importance of technology in resolving distinct social issues. The author explained that individualistic craftsmanship, aesthetic values and personal experience are the foundation of creativity. In contrast, Krista Donaldson has experienced difficulties and gained first-hand experience from her duties in Iraq and encompassed different types of fluency including ideational fluency, associational fluency, expressional fluency alongside spontaneous flexibility and adaptive flexibility to deliver the product. She also demonstrated the two core factors of the Unpacking creativity model such as problem type and motivation.
According to the unpacking creativity model, she considered expected creativity, contributory and proactive factors of creativity to resolve limb amputation issues. Moreover, as a holistic innovation approach, she focused on for-profit business operations with minimal profit margins and ROI standards. Additionally, a systematic and organized supply chain network was also considered to leverage customer-centric visionaries, improved market value propositions and sustainability-consciousness to secure productive growth and economic development through creating job opportunities for regional areas (Schramm, 2017, p.17). As she intends to reach globally, such high robustness of innovation and technology-driven approaches have assisted her to reach an enormous scale of people ranging from Asian territories to African countries.
Recommendations/Conclusion
Creativity and imagination capabilities are significantly important to understand and counteract social problems with problem-solving attributes and goal-oriented entrepreneurial spirit. In the current study, social entrepreneur Krista Donaldson has created a prosthetic knee for improving millions of lives worldwide who are suffering from amputees at affordable prices and top-notch quality assurance. She has effectively demonstrated social entrepreneurship skills and practices to minimise the psychological and physiological effects of limb amputation. The study also found that, rather than focusing on government subsidy schemes and free distribution of prosthetic knees, organisations must consider a proactive research framework and streamlined R&D pipelines and supply chain networks to aid greater flexibility and market value of distinct products. However, affordability, eco-friendly credentials and aesthetic values of such products should be demonstrated by leveraging techno-capitalism perspectives and empathic entrepreneurship spirit.
Entrepreneurs are directly responsible for economic development, job creation, innovation and philanthropic activities which attempt to make the world a better place. She explained business as a prominent arena and social issues as a prominent source of motivation and inspiration for creating value-adding products with top-notch quality assurance and security measures. She perfectly demonstrated that creating a centralised manufacturing practice and production-distribution framework is distinctive to reach out to people with disabilities globally which can trigger creativity and imaginations. Based on the study findings, the researcher found that the company can implement cutting-edge technologies including artificial intelligence, IoT, automation and robotics to improve quality and forecast demands and consider merger and acquisition policies to emphasize global expansion and growth opportunities.
Reference List
Crum, J., & Hines, S. S. (Eds.). (2019). Supporting entrepreneurship and innovation. ProQuest Ebook Central. Retrieved on 20th June 2021 from https://ebookcentral-proquest-com.torrens.idm.oclc.org/lib/think/reader.action?docID=5751485
Engel, A. (2018). Practical creativity and innovation in systems engineering. ProQuest Ebook Central. Retrieved on 20th June 2021 from https://ebookcentral-proquest-com.torrens.idm.oclc.org/lib/think/reader.action?docID=5478990
Schramm, L. (2017). Technological innovation: An introduction. ProQuest Ebook Central Retrieved on 20th June 2021 from https://ebookcentral-proquest-com.torrens.idm.oclc.org/lib/think/reader.action?docID=5157324
Sternberg, R. J. (2020). Creativity from Start to Finish: A “Straight?A” Model of Creative Process and Its Relation to Intelligence. Journal of Creative Behavior, 54(2), 229–241. Retrieved on 20th June 2021 from https://doi-org.torrens.idm.oclc.org/10.1002/jocb.223
Ted.com, (2013) The $80 prosthetic knee that’s changing lives Retrieved on 20th June 2021 from https://www.ted.com/talks/krista_donaldson_the_80_prosthetic_knee_that_s_changing_lives#t-434865
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