1 What was the most important lessons learned about the inno

1. What was the most important lessons learned about the innovative process and what can be learned 1. through the process of learning and failing at an innovative venture?

2. Can a company be competitive if they do not continue to innovate and list an example of a company that has success due to innovation.  

List references with in text citations if applicable

Solution

1. The most important lesons learned about the innovative venture through the process of learning and failure:
(i) Product should speak of its own: We should startup with products having inbound marketing. The users should seek the product, especially in its early days. if the product is not having any market demand then there are chances that its is never going to fly off.

(ii) Never leave the competition: Competitors don\'t kill you. If you leave the competition you commit suicide.And if you fight the competition then you get a piece of your market share.

(iii) Choosing the right VC: A smaller VC fund will give you less funds, make less in fees but would be more aligned with you. By contrast, big VC can write a big check. They are looking for a huge return on their fund. They can fire the CEO and the founders, but they\'ll give more funds to go big.

2. No, a company cannot be competitive if they do not continue to innovate.
GE, LEGO and Samsung are three companies worth looking into not only because of their apparent success with their open innovation initiatives, but also because they seem to be willing to experiment with the innovation processes themselves.
Samsung is more active and open about their efforts on building their innovation capabilities. The below snippet from an interview with Marc Shedroff,VP of samsung open innovation centre would clear the ways samsung wants to innovate with startups.
“OIC has four legs to it, and it’s sort of the continuum of how you would partner with talented entrepreneurs. The first is a partnerships team — think of commercial partnerships between us and a third party. The second is a ventures group, that is, R&D investments in startups. The third is an M&A team; we think there’s an opportunity to acquire small teams, fit them into Samsung, and have them build products as part of the company. The fourth involves accelerators, which we have opened in Palo Alto and New York City.”

“We can take a group of five or six people per team and give them the benefits of a small company, which is autonomy, nimbleness, and the freedom to build the product they want without going through the approval process. Then we give them the benefits of a big company, which provides financial support, extensive distribution, and other resources. After all, we sell 450 million phones a year and 50 million TVs. The end result, we hope, will be game-changing software products that can connect all of our devices.”