Lecture 1: Innovation and Entrepreneurship –
What, Why and How?
Who Am I?
Krithika Randhawa (Krit)
- Senior Lecturer and Researcher in Innovation
- PhD in Open Innovation & Crowdsourcing
- Management Researcher at UTS since 2009
- Global management projects in collaboration with the London School of Economics,
Stanford University & McKinsey 2009-2012
- MBA graduate from MGSM, Macquarie University 2007-2008
- Management experience in the luxury hotel industry 1998-2007
Who Else is in your Teaching Team?
Mike Bellemore
Greg Joachim
• Passionate educators and innovators • Experience in teaching, researching and practicing
innovation and entrepreneurship
Let’s get to know who you are!
Tell us a bit about yourself… via a poll!
What can you expect from this subject?
Learn the ‘what, why & how’ of innovation & entrepreneurship
o What are the different types of innovation & entrepreneurship?
o Why is innovation & entrepreneurship important?
o How can innovation & entrepreneurship be organized and managed?
Understand the fundamental theories and practices of innovation
Recognise classical and contemporary forms of innovation
Develop innovation strategies, structures and processes
Create and pitch your own entrepreneurial strategy as a consultant to a real-world
business/start-up
Subject Structure and Assessment
Let’s jump on Canvas… it’s all there!
What we expect from you?
Have fun…lots of it!
Check Canvas regularly
Be abreast with the updated weekly topics
Keep up with the weekly primers/pre-learning activities
Be engaged in the lecture and tutorials
Page 1
, Read your assignment brief
Work every week on your projects / assignments
What is Innovation?
Write down one word or phrase of what innovation means to you
Name one business or organization you consider to be innovative
Innovation = Invention * Commercialisation
Both invention and commercialisation are necessary for innovation to occur
Innovation balances (market) value creation & (commercial) value capture
Innovation Defined
Joseph Schumpeter considered
5 different aspects:
1. Introduction of a good which is new to consumers, or one of increased quality than was
available in the past
2. Methods of production which are new to a particular branch of industry (might have been
used in other industry sectors)
3. The opening of new markets
4. The use of new sources of supply
5. New form of competition, which lead to re-structuring of
Michael Porter: improvements in technology and better ways of doing things. Can be
manifested in:
Product changes
Process changes
New approaches to marketing
New forms of distribution
New concepts of scope
Everett Rogers: Idea, practice or object that is perceived as new by the individual or other
unit of adoption
Page 2
What, Why and How?
Who Am I?
Krithika Randhawa (Krit)
- Senior Lecturer and Researcher in Innovation
- PhD in Open Innovation & Crowdsourcing
- Management Researcher at UTS since 2009
- Global management projects in collaboration with the London School of Economics,
Stanford University & McKinsey 2009-2012
- MBA graduate from MGSM, Macquarie University 2007-2008
- Management experience in the luxury hotel industry 1998-2007
Who Else is in your Teaching Team?
Mike Bellemore
Greg Joachim
• Passionate educators and innovators • Experience in teaching, researching and practicing
innovation and entrepreneurship
Let’s get to know who you are!
Tell us a bit about yourself… via a poll!
What can you expect from this subject?
Learn the ‘what, why & how’ of innovation & entrepreneurship
o What are the different types of innovation & entrepreneurship?
o Why is innovation & entrepreneurship important?
o How can innovation & entrepreneurship be organized and managed?
Understand the fundamental theories and practices of innovation
Recognise classical and contemporary forms of innovation
Develop innovation strategies, structures and processes
Create and pitch your own entrepreneurial strategy as a consultant to a real-world
business/start-up
Subject Structure and Assessment
Let’s jump on Canvas… it’s all there!
What we expect from you?
Have fun…lots of it!
Check Canvas regularly
Be abreast with the updated weekly topics
Keep up with the weekly primers/pre-learning activities
Be engaged in the lecture and tutorials
Page 1
, Read your assignment brief
Work every week on your projects / assignments
What is Innovation?
Write down one word or phrase of what innovation means to you
Name one business or organization you consider to be innovative
Innovation = Invention * Commercialisation
Both invention and commercialisation are necessary for innovation to occur
Innovation balances (market) value creation & (commercial) value capture
Innovation Defined
Joseph Schumpeter considered
5 different aspects:
1. Introduction of a good which is new to consumers, or one of increased quality than was
available in the past
2. Methods of production which are new to a particular branch of industry (might have been
used in other industry sectors)
3. The opening of new markets
4. The use of new sources of supply
5. New form of competition, which lead to re-structuring of
Michael Porter: improvements in technology and better ways of doing things. Can be
manifested in:
Product changes
Process changes
New approaches to marketing
New forms of distribution
New concepts of scope
Everett Rogers: Idea, practice or object that is perceived as new by the individual or other
unit of adoption
Page 2
