Innovation, Innovators and Business: Arab World Edition

218 Pages·2023·5.207 MB·English

by  Alexandrina Maria Pauceanu

Innovation,
Innovators
and
Business
Arab World Edition
Alexandrina Maria Pauceanu
Innovation, Innovators and Business
Alexandrina Maria Pauceanu
Innovation, Innovators
and Business
Arab World Edition
Alexandrina Maria Pauceanu
Geneva Business School
Barcelona, Spain
ISBN 978-981-19-7407-6 ISBN 978-981-19-7408-3 (eBook)
https://doi.org/10.1007/978-981-19-7408-3
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature
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Tips to Use This Book
Maintain a book that you can make notes in as you go
Each exercise will challenge you, test your knowledge and help
you build something of your own
Don’t read the book at once, read a chapter or two when you feel
like it, work on the challenges and activities and apply it.
To Vasile Romulus Gica, a very bright and
innovative engineer
Preface
Innovation is an integral aspect of entrepreneurship, intrapreneurship and corporate
entrepreneurship. Firms gain a competitive advantage in the business environment by
being innovative and creating solutions that enhance the experiences of customers and
improves their lives. New business enterprises are likely to be successful when they
offer products and services that effectively meet consumer needs and expectations; on
a long run, businesses need to aim at delighting or exceeding the expectations of their
customers. Therefore, one of the most important steps towards the establishment of a
successful business is the identification of consumer needs and expectations, meaning
that a human-centric problem identification leads to the creation of successful enter-
prises in the marketplace. Entrepreneurs and innovators are problem solvers, an indi-
cation that individuals that can identify opportunities about the problems experienced
by consumers can gain a competitive edge in the business environment.
Entrepreneurial success is also influenced by the adoption of the appropriate inno-
vation methods. The method of innovation employed by a firm depends on the type
of product or service being introduced into the market. For instance, complex tech-
nological innovation such as the development of spaceships cannot use the same
innovation method as the one used for service innovation. The implications of a
spaceship crashing with occupants are more adverse compared to a service innova-
tion failure. Understanding the risks involved in a particular type of innovation thus
influences the innovation method that is used. Apart from the selection of an appro-
priate innovation method, there is a need for business enterprises to always innovate
from the perspective of customer needs and expectations. Focusing on consumer
needs not only ensures that the product developed creates memorable experiences
for users but also enables an organization to outperform competitors because of
creating value for users. Is important to mention that the purpose of each business
should be customers’ delight and profit and/or higher revenue would be a direct effect
of this level of accomplishment.
Business and innovation success is also highly dependent on having the right
type of leadership. Innovation is usually performed by employees, an indication that
there are likely to be conflicts of interest. Leadership efficacy plays an integral role in
reducing these conflicts and creating an environment that supports collaboration and
ix
x Preface
creativity. Charismatic leaders are most suited to lead innovation teams because they
inspire team members and create environments that support creativity and innova-
tion. Such leaders tend to be mindful of the needs and expectations of team members
and this enables them to inspire teams and enhance work engagement. For innova-
tion to thrive in the UAE, firms should focus on having leaders that are capable of
leading innovation teams successfully. In addition to good leadership, organizations
should also ensure that they have the right team and culture to support innovation
(an implementation process that might lead to failure if not supported by talented
and capable individuals). The talents and capabilities of individual team members
determine their ability to think creatively and develop new products. Having the right
team and culture is thus important for entrepreneurial success.
External factors also influence innovation and business success. Entrepreneurs can
benefit from government policies designed to support innovation and entrepreneur-
ship. As seen in the case of the UAE, the availability of funds for innovation from the
government plays an integral role in increasing the rate of innovation in the country.
Government priorities also influence the performance of organizations in the business
environment. The UAE government has focused on technological innovation, and
this has provided an opportunity for technology startups to innovate and enter the
marketplace (from cloud cooking to blockchain technologies). Entrepreneurs also
must be wary of prevailing economic conditions before they make the decision to
enter the market. The Covid-19 pandemic has shown that tough business conditions
can lead to unplanned business losses, an indication that it is important for startups to
consider the right time to enter the market, to have financial resources in savings to be
able to cope with unforeseen economic events as well as re-engineer their business
models and business plans to incorporate digitalization and process automation as
essential elements.
Overall, creativity and innovation are integral to the realization of entrepreneurial
success. The process starts with the entrepreneur or the innovator, the person behind
the scenes. His/her qualities, skills and abilities directly influence the project or the
company and contribute to its success or failure.
As I often say, life is full of surprises (positive or negative) and each innovator
and entrepreneur must be prepared for those. Having a backup plan in place and
financial resources for rainy (or sunny) days are mandatory elements for mitigating
unforeseen events.
To our business success journey!
Barcelona, Spain Alexandrina Maria Pauceanu
Author’s Note
After each global disaster known to humankind (The Black Death, Spanish Flu and
The Great Depression among others), humanity faced a time of creativity, innovation
and economic boom and reinvention. Personally, I believe that we will be experi-
encing the same very soon and we will have the chance to see major discoveries,
shifts and disruptions in many areas and industries.
This book was born from the need to have a holistic approach to innovation
and innovators in business as well as to clarify certain concepts which are often
misunderstood as well as provide a comprehensive guide for innovators. There is
no other book to offer such a perspective or holistic approach to innovation. It also
presents the state of the art tools and perspectives related to innovation in business.
Innovation is a term that is constantly referred to when examining competition
within the business setting and rightly so because enterprises that do not bring some-
thing unique and different find it difficult to compete against rivals within the busi-
ness setting. Most industries and sectors of the global economy are characterized
by intense rivalry as business enterprises seek to meet the ever-changing needs and
expectations of consumers.
Business enterprises embrace innovation to attain a competitive edge in the busi-
ness environment because price reduction is not a sustainable means of achieving
long-term business success. Companies in the contemporary marketplace have placed
a lot of emphasis on innovation because they recognize that with consumers becoming
more informed and selective in how they make purchase decisions, it is critical to
remain innovative to meet their changing needs and expectations. Innovation is thus
necessary to create a need, evolve and improve sustainability.
The importance of innovation is the most emphasized in entrepreneurship where
new entrepreneurs come up with new ideas to establish successful enterprises. Those
entering the business environment face the challenge of providing consumers with
unique products and services to build a customer base and attain success in the market-
place. One of the key reasons why many new businesses fail is that entrepreneurs do
not know how to go about implementing and coming up with innovative ideas. Disrup-
tive innovation enhances entrepreneurial success in a market that is experiencing
rising volatility and changing consumer demands.
xi
xii Author’sNote
The book is designed to create an understanding of innovation in the current
business environment. It is inspired also by author’s business consultancy practices
as well as research and teaching experience in GCC. It aims to be a guide through
your innovation journey, from start until the endgame.
Digital revolution is here to stay, whether we like it or not. Being prepared, embrace
it and make the most out of it is the way to survival and staying ahead of competi-
tion. Smarter, not harder. Great Resignation phenomenon is an opportunity for the
seekers of being own boss and this book comes to provide valuable tools for your
entrepreneurial journey.
The author would like to thank Ms. Pallavi Verma for the book editing and Mr.
Omar Badran for the content improvement suggestions. Also, special thanks go to
Pexels for the images used in this book.
In case you have questions or would like to discuss this, please do not hesitate to
get in touch either via LinkedIn or email at [email protected].
Barcelona, Spain
February 2022
Note from the Editor
Hello, budding entrepreneurs!
We all have that itch to do something more with our lives. Show the world our
capabilities. Add value. Share ideas. Collaborate.
The one question that’s a speed bump in all our daydreams is—How do we start?
This is what ‘Innovation, Innovators and Entrepreneurship’ answers.
It’s not just a book, it’s training.
Read a chapter, finish the exercises and you’ll find yourself thinking differently and
starting your journey toward accomplishing what you want.
Good luck and enjoy!